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  • Business - Your Money
  • Updated: May 18, 2022

BTC Transaction Validation Requires A Long Wait

When Bitcoin was created, its informative document made several features known to users. One of which is that between the confirmation of a block and the one that follows, at least 10 minutes will pass, which tells us from now on that an operation will never be instantaneous. Visit at: bitcoinsmarter.org

It should be known that the transactions have to be confirmed by the miners in charge of the network, which is because they have the responsibility to assume if a transaction is valid or if it should be rejected; when the transactions are accurate, they are included as a record in the corresponding blockchain.

Every 10 minutes, a block is propagated where the transactions that occupy it end in the blockchain.

Bearing in mind that every time the block where the transaction has been registered is linked to another block, generating the confirmation of said operation.

Making this aspect known is significant for our security because, in Bitcoin, the minimum number of secure confirmations that a transaction must have to be considered valid is 3.

Complications in bitcoin transactions

But this mechanism frames a minor inconvenience for Bitcoin since this cryptocurrency assumes transactions consecutively and stores them in the mempool; once there, it is the obligation of the miners to determine which transactions must be confirmed.

Therefore, if the number of transactions that reach the miners is gigantic, it will give rise to a saturation; that is, a queue of transactions awaiting processing will be formed, which is defined as excess waiting time, which in many Sometimes it usually causes inconvenience to users.

 An aspect that should also be pointed out because it is essential is the mining commissions, which deserve to be addressed.

Miners earn bonuses or commissions as a bonus and incentive for their work.

Due to this, users who make transactions in bitcoin must inform the amount destined to cancel for this aspect of the negotiation.

Therefore, users who pay a much higher commission enjoy greater interest and better attention from miners.

To make it more transparent, if the higher commission is provided, the faster the transaction will be processed, leaving aside those who pay a lower commission.

The above is one of the reasons for obtaining current information on the statistical indicators provided by websites specialized in cryptographic markets by those users who use digital wallets to carry out financial transactions.

The preceding is to verify the volume of transactions processed by cryptocurrency networks at a given time.

Detailed information on the average paid to these networks as bonuses is also known as the estimated time it takes for cryptocurrency networks to respond to the validation of operations.

Aspects That Affect the Confirmation Of Transactions

As it is already known, the time it takes for the miners to verify and validate a block and add it to the blockchain, plus the following block to be confirmed, will be 10 minutes.

In the same way, on the other hand, a transaction can be declared as valid and irreversible at the moment that it has three confirmations; in this way, the person who has carried out the transaction must receive a secure confirmation message in the following 30 minutes after of carrying out the respective operation, as long as the network is not congested.

The speed and cryptocurrencies can perform transactions depend on the following factors:

Priority should be taken into account the volume of transactions managed by the network at a given time; the time for the issuance of an average confirmation between one block and another used by the web; the rise or fall of the power and determination of the network miners; and finally the average in commissions that are paid to the miners.

Conclusion

The efficiency and speed of carrying out the transactions lie mainly in the payment given by the users by commission so that the miners attend to them quickly and immediately.

These answers are almost immediate; even if there are many in the queue to be processed, the first ones are the ones that pay the best commission.

This cryptographic market offers excellent benefits since it can be operated at any time and from any place, without third-party determinations, which is only achieved with the decentralization that cryptocurrencies offer today and in the future.

 

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