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improved explanation of confirmations

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identifying that the additional blocks must be removed first
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Lornestar 2014-08-23 19:28:12 +08:00
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@ -198,7 +198,7 @@ If Alice has a smartphone or laptop with her, she will also be able to see the t
.Confirmations
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At first, Alice's address will show the transaction from Joe as "Unconfirmed". This means that the transaction has been propagated to the network but has not yet been included in the bitcoin transaction ledger, known as the blockchain. To be included, the transaction must be "picked up" by a miner and included in a block of transactions. Once a miner has discovered a solution to the Proof-of-Work algorithm for this block (in approximately 10 minutes), the transactions within the block will be accepted as "confirmed" by the network and can be spent. The transaction is seen by all instantly, but it is only "trusted" by all when it is included in a newly mined block. The more blocks mined after that block, the more trusted it is, as more and more computation is "piled" on top of it.
At first, Alice's address will show the transaction from Joe as "Unconfirmed". This means that the transaction has been propagated to the network but has not yet been included in the bitcoin transaction ledger, known as the blockchain. To be included, the transaction must be "picked up" by a miner and included in a block of transactions. Once a miner has discovered a solution to the Proof-of-Work algorithm for this block (in approximately 10 minutes), the transactions within the block will be accepted as "confirmed" by the network and can be spent. The transaction is seen by all instantly, but it is only "trusted" by all when it is included in a newly mined block. As more blocks are mined after that block, the lower the risk that block can be removed or modified because the additional blocks must be removed first requiring additional computational power.
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Alice is now the proud owner of 0.10 bitcoin which she can spend. In the next chapter we will look at her first purchase with bitcoin and examine the underlying transaction and propagation technologies in more detail.