Why do I have to wait 10 minutes?

2019-11-15T18:50:44-08:00November 15th, 2019|Categories: |

Receiving a payment is almost instant with Bitcoin. However, there is a 10 minutes delay on average before the network begins to confirm your transaction by including it in a block and before you can spend the bitcoins you receive. A confirmation means that there is a consensus on

How much will the transaction fee be?

2019-11-15T18:51:24-08:00November 15th, 2019|Categories: |

Most transactions can be processed without fees, but users are encouraged to pay a small voluntary fee for faster confirmation of their transactions and to remunerate miners. When fees are required, they generally don't exceed a few pennies in value. Your Bitcoin client will usually try to estimate an

What does “synchronizing” mean and why does it take so long?

2019-11-15T18:52:24-08:00November 15th, 2019|Categories: |

Long synchronization time is only required with full node clients like Bitcoin Core. Technically speaking, synchronizing is the process of downloading and verifying all previous Bitcoin transactions on the network. For some Bitcoin clients to calculate the spendable balance of your Bitcoin wallet and make new transactions, it needs

What does increasing the block size limit mean?

2019-11-15T18:53:05-08:00November 15th, 2019|Categories: |

TheĀ blocksize limitĀ is what ensures everyone can participate in the Bitcoin network, and it ensures everyone can participate anonymously should they choose too. Some people want to remove this protection to make Bitcoin scale, but we can have the best of both worlds: high transaction volume and true decentralization with

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