Theoretically, once you get a certain amount of confirmations it will be theoretically impossible to change anything, so adding on another 1000 won't effect it too much beyond a certain point. What others have said, considering confirmations as block depth is a better way of thinking about it.
That's true unless you hack every chain, and today, it's impossible—no sense in trying to do anything with it. I do like it better as block depth, which is directly proportional to the current block right now. I'm curious about what others look at it as well. 
Topic: About the confirmation of Bitcoin transaction (Read 587 times)
Some old transactions(5 years ago) have more than 260000 confirmations, and they are still increasing daily.
Is there any maximum limit of confirmation count?
example:
https://btc.com/1HB5XMLmzFVj8ALj6mfBsbifRoD4miY36v?page=330
Is there any maximum limit of confirmation count?
example:
https://btc.com/1HB5XMLmzFVj8ALj6mfBsbifRoD4miY36v?page=330
pooya87 nailed it when it comes to explanation and i would give out another old wallet that really had that very very old transaction which is this one.
https://www.blockchain.com/btc/tx/e67a0550848b7932d7796aeea16ab0e48a5cfe81c4e8cca2c5b03e0416850114
It do had Confirmations 521,875 and number will surely continue as long bitcoin do exist and there are indeed transactions.
If you dont have much idea on whats a block then this one is worth to read This one.
To answer the question without giving the details required. There's a limit once new blocks have stopped being generated, and depending on your predictions of Bitcoin that could vary greatly.
Theoretically, once you get a certain amount of confirmations it will be theoretically impossible to change anything, so adding on another 1000 won't effect it too much beyond a certain point. What others have said, considering confirmations as block depth is a better way of thinking about it.
I look at it this way, if a transaction has a large number of confirms, it's stronger in the chain. No hacks can be done or something. The older the block more confirmation.
The genesis block is currently at 632,971 at this time in posting
https://www.blockchain.com/btc/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b
The genesis block is currently at 632,971 at this time in posting
https://www.blockchain.com/btc/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b
Theoretically, once you get a certain amount of confirmations it will be theoretically impossible to change anything, so adding on another 1000 won't effect it too much beyond a certain point. What others have said, considering confirmations as block depth is a better way of thinking about it.
Every depth block will cost computation power, am I right?
If the amount of transaction is very small, and the depth is infinite, will it become a burden to whole bitcoin system?
"block depth" does not consume computation power but adding blocks that include your transaction in blockchain does. what you are referring to is "mining".If the amount of transaction is very small, and the depth is infinite, will it become a burden to whole bitcoin system?
The bitcoin network is maintained because of the capabilities of miners in securing the whole network by solving complex mathematical algorithms (guesswork). By doing so, miners are being rewarded of 6.25 BTC (as of now) in which they can use to sustain their equipment and to profit as well. Moreover, the transaction fees also helps in maintaing the bitcoin network if however the maximum supply of bitcoin has been mined.
Every depth block will cost computation power, am I right?
If the amount of transaction is very small, and the depth is infinite, will it become a burden to whole bitcoin system?
If the amount of transaction is very small, and the depth is infinite, will it become a burden to whole bitcoin system?
yes, it is the "work" miners do in bitcoin because of its "proof of work" algorithm to find a new block. that work takes computation power which increases/decreases based on difficulty which then adjusts based on how many miners (ore more accurately how much hashrate) is going into mining bitcoin.
it is not a burden, it is how bitcoin works. the chain will continue growing just like it has been growing for the past 11 years (ie. the entire lifetime of bitcoin).
keep in mind that the transaction and its block are verified only once when the node receives them.
a better term to be used instead of confirmation that would also remove the confusion you have is "depth". when you say a transaction has 260000 confirmation you are really saying that this transaction is 260000 blocks deep. or in other words there were 260000-1 blocks found after the block that included that transaction.
so no there is no maximum limit for that number, as long as bitcoin exists and its blockchain is growing that number is increasing for any transaction.
so no there is no maximum limit for that number, as long as bitcoin exists and its blockchain is growing that number is increasing for any transaction.
Every depth block will cost computation power, am I right?
If the amount of transaction is very small, and the depth is infinite, will it become a burden to whole bitcoin system?
It is really just the age of the transaction --the number of blocks since the transaction was included in the block chain. Once a block is added, nothing more is done with it. It costs no more to store a block on your computer than it costs to store a photo.
a better term to be used instead of confirmation that would also remove the confusion you have is "depth". when you say a transaction has 260000 confirmation you are really saying that this transaction is 260000 blocks deep. or in other words there were 260000-1 blocks found after the block that included that transaction.
so no there is no maximum limit for that number, as long as bitcoin exists and its blockchain is growing that number is increasing for any transaction.
so no there is no maximum limit for that number, as long as bitcoin exists and its blockchain is growing that number is increasing for any transaction.
Every depth block will cost computation power, am I right?
If the amount of transaction is very small, and the depth is infinite, will it become a burden to whole bitcoin system?
It is called "block depth" which means it is the number of block attached after the block where your transaction is included, the concept is similar to how "stack"works in programming, like for example, the genesis block, there is a total of 632,974 (at the time of writing this) confirmations which means there is a 632,973 blocks above the block in question.
More resources here!
[1] https://en.bitcoin.it/wiki/Confirmation
More resources here!
[1] https://en.bitcoin.it/wiki/Confirmation
I look at it this way, if a transaction has a large number of confirms, it's stronger in the chain. No hacks can be done or something. The older the block more confirmation.
The genesis block is currently at 632,971 at this time in posting
https://www.blockchain.com/btc/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b
The genesis block is currently at 632,971 at this time in posting
https://www.blockchain.com/btc/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b
a better term to be used instead of confirmation that would also remove the confusion you have is "depth". when you say a transaction has 260000 confirmation you are really saying that this transaction is 260000 blocks deep. or in other words there were 260000-1 blocks found after the block that included that transaction.
so no there is no maximum limit for that number, as long as bitcoin exists and its blockchain is growing that number is increasing for any transaction.
so no there is no maximum limit for that number, as long as bitcoin exists and its blockchain is growing that number is increasing for any transaction.
Some old transactions(5 years ago) have more than 260000 confirmations, and they are still increasing daily.
Is there any maximum limit of confirmation count?
example:
https://btc.com/1HB5XMLmzFVj8ALj6mfBsbifRoD4miY36v?page=330
Is there any maximum limit of confirmation count?
example:
https://btc.com/1HB5XMLmzFVj8ALj6mfBsbifRoD4miY36v?page=330
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