Understanding Bitcoin Block Confirmation
Bitcoin block confirmation is a crucial process in the Bitcoin network. When a transaction is made, it is grouped into a block. Miners then compete to solve a complex mathematical problem to add this block to the blockchain. Each confirmation represents the addition of another block on top of the initial one, making the transaction more secure and irreversible.Typically, users wait for multiple confirmations to ensure the transaction is valid. For small amounts, one confirmation might suffice, but for larger transactions, six or more confirmations are recommended to prevent double-spending attacks.
This process helps maintain the integrity and trustworthiness of the Bitcoin system, ensuring that all participants can rely on the transaction history without central authority.
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