Block

Block (Bitcoin Block)

What is a Block (Bitcoin Block)

Bitcoin Block is a set of new unique transactions recently made in the Bitcoin network. Blocks connect all transactions together. Afterwards transactions are combined into single blocks and are verified every ten minutes through mining. It means that miners enter the unconfirmed transactions pool, take this transaction and others alike and check their validity. Each following block strengthens the verification of the previous blocks, making it impossible to double spend Bitcoin transactions. 

Each time a new block is built it means that the older blocks get confirmed again (since they are also checked in the process). The more confirmations transaction gets, the harder it will be for someone to manipulate the system and remove the block containing information about it from the wall (or blockchain) since it’s buried under the other blocks that were confirmed.

BREAKING DOWN Block (Bitcoin Block)

The Bitcoin network faces a great deal of transaction activity. Maintaining a record of these transactions helps users track what was paid to and by whom. The transactions executed during a given period of time are recorded into a file called a block.

To make it clear, let’s compare ordinary banking transactions to transactions over the Bitcoin network. Banks and accounting systems use ledgers to track and timestamp transactions. The difference is that the blockchain is completely decentralized and open source. This means that people do not have to rely on or trust the central bank to keep track of the transactions. The peer-to-peer blockchain technology can keep track of all the transactions without the fear of having them erased or lost.   

A block represents the ‘present’ and contains information about its past and future. Each time a block is completed it becomes part of the past and gives way to a new block in the blockchain. 

This is how it works: miners with specialized computers compete to solve mathematical puzzles with other computers, and once they solve a puzzle they are awarded with 12.5 BTC (Bitcoin currency symbol), but they also add a “block” of completed transactions to the blockchain for future viewing and verifiability. Once a block is added to the chain the cycle repeats itself, and the computers continue to compete to solve these difficult problems. It is the difficulty of the mathematical problem that regulates the creation rate of new Bitcoins since new blocks can’t be submitted to the network without the answer. Based on the fact that it takes around 10 minutes on an average to solve the problem, approximately 12.5 new Bitcoins are minted every 10 minutes. 

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2021-10-19 • Updated

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