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Transactions

Transactions

Why I have to wait for confirmation?

Receiving bitcoin payment almost instantly. However, there is a small delay before the network begins to confirm your transaction, including her in the block and before you are able to spend bitcoins which you have received. Confirmation means that in network the consensus that bitcoins which you have received haven’t been already sent someone to another was established and are considered as your property from now on. As soon as your transaction is included in one block, it will continue to receive confirmations from each subsequent block that will demonstrate strengthening of this consensus and will reduce risk of cancellation of transaction. Each transaction borrows between several seconds and 90 minutes, with average lasting 10 minutes. Each user is free in the choice of at what stage to consider transaction confirmed, but 6 confirmations usually admit so safe, as well as 6 months to term for transaction on the credit card.

How many will the transaction commission make?

Transactions can be made without the commissions, but the attempt make free transaction can slow down the translation considerably. And though the commission can increase eventually, it, as a rule, makes the tiny sum. By default, all bitcoin purses, specified Bitcoin.org, select the suitable commission and give the chance to reconsider it before transaction commission.

The commissions on transaction are used to be protected from the users doing transactions to overload network and as a payment method to mayner for their work in support of safety of network. More exact mission of work of the commissions, is still developed and will change over time. As the commission isn’t tied to quantity of the sent bitcoins, it can seem incredibly small, or unusually high. The commission is determined by parameters, such as data sent with transaction and repeatability of transaction. For example, if you receive a large number of the small sums, then the sending commission will be more. If your activity uses transactions in traditional style, you shouldn’t pay extraordinary high commission.

What will occur if I receive bitcoins when my computer is switched off?

Everything will be as it should be. You will see bitcoins next time when you start the program purse. Actually, bitcoins don’t come to the program on your computer, and are added to the public register which is on all devices entering into network. If have sent you bitcoins when your program purse isn’t started and you after it start, it will load blocks and will see all transactions about which I didn’t know yet, and bitcoins eventually will appear as though they have been just received. Your purse has to be surely started only when you need to spend bitcoins.

What is meant by «synchronization» and why it takes so much time?

Long synchronization is required only for full-fledged knots of network, such as Bitcoin Core. From the technical point of view, synchronization is a process of loading and check of all previous bitcoin transactions in network. Some the bitcoin clients to count total balance of your purse, and to make new transactions, is required to be aware of all previous transactions. Synchronization can demand many computer resources, the corresponding speed of an Internet channel and the sufficient place on a disk to contain the full volume of a chain of blocks. In order that the Bitcoin remained safe, enough people should use full bitcoin knots because they carry out a task of check and relaying of transactions.

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