Network verification for Bitcoin and altcoins
The purpose of transaction confirmation is to prevent the repeated spending of the same funds. Immediately after the transfer of funds by the sender, the transaction enters the Bitcoin/altcoins network for execution, as well as inclusion in the block. The procedure for adding a transaction to the found block is called a transaction confirmation. In this case, one block contains one confirmation. After receiving confirmation of your transaction, Bitcoin/altcoins coins will become available for their subsequent use.
Confirmation speed is affected by various factors. Among them is the size of the commission indicated during the transfer, the workload of the Bitcoin/altcoins network, the speed of the Internet, the technical serviceability of the resource on which your wallet is located, etc.
The Bitcoin blockchain consists of blocks complete with information about transactions on the network (this includes the amount, transfer time, sender and recipient wallet addresses, commission, etc.). All information is encrypted using hash functions, each subsequent block creates a new hash with the addition of the cipher of the previous link.
The block has a limited size, i.e. capacity. So the Bitcoin blockchain is limited by the developer Satoshi Nakamoto to 1 MB, which means that when a certain amount of data is entered, a new link is created. Making entries and finding new blocks occurs due to the computing power of the equipment of network participants, called miners.
Confirmation of a transaction in the blockchain network is possible after the miners have added six new blocks. But there are exceptions, for example, when using multi-signature. Prior to this, the transaction is listed as not confirmed, and the payment is listed as not received on the recipient's wallet. The number of blocks after which you can transfer is not chosen by chance, but for security purposes - to protect against fraud and double spending. With such a systеm, at least 10% of the computing power of the systеm is needed to simultaneously hack and change 6 blocks.
All transactions not processed and not confirmed by miners are stored in the memory of nodes in the pool (mempool) — https://blockchain.info/ru/charts/mempool-count. While they are stored there, they are not visible through the Blockchain Explorer (https://blockexplorer.com/ , https://blockchain.info).
In some cases, the transaction is stored in the pool (mempool) from 6 to 48 hours. The average transaction confirmation time is from 30 minutes to several hours. However, if the Bitcoin/altcoins network is congested, this procedure may take from 2 days to 2 weeks. When sending Bitcoin, we pay a commission, which is recommended by the Blockchain.info service. We have no influence on the speed and time of confirmation of transactions within the Bitcoin/altcoins network.