How does the transaction confirmation process work in the bitcoin network?

1 answers

• Dec 30, 2021 · 3 years ago
  The transaction confirmation process in the bitcoin network is a crucial aspect of the cryptocurrency's functionality. When a transaction is initiated, it is first broadcasted to the network and picked up by nodes. These nodes validate the transaction by checking the sender's balance and ensuring that the transaction adheres to the rules of the bitcoin protocol. Once the transaction is validated, it is included in a block. Miners then compete to solve a mathematical puzzle, and the first miner to solve it adds the block to the blockchain. This process not only confirms the transaction but also secures the network by making it computationally expensive to alter past transactions. The time it takes for a transaction to be confirmed can vary depending on factors such as network congestion and transaction fees. Generally, it takes around 10 minutes for a transaction to be confirmed, but it can take longer during periods of high network activity.
  955478