Whats the Significance of Network Propagation in Bitcoin Transaction.
Just be specific to the point , dont tell the meaning of network propagation , do let me know its significance in confirmation of a transaction.
I just see few terms like : poor , good , high priority ...
In order for a transaction to be confirmed a solo miner, or mining pool, need to:
- Know about your transaction
- Choose to include your transaction in the block they are attempting to solve
- Successfully solve the block before any miner that is not including your transaction in their block
If your transaction is not well propagated, then it reduces the number of miners, or mining pools, that have heard about the transaction. Therefore, it reduces amount of hash power that is working on confirming your transaction in the next block that is solved. This in turn, increases the chances that a block will be solved that does not include your transaction.
Q2. whats the maximum time a transaction can take to confirm?
It is possible for a transaction to never be confirmed. As an extreme example, disconnect a wallet from the internet and create a transaction. Then destroy the wallet without re-connecting to the internet. That transaction will never confirm.
As a less extreme example, send a transaction that does not propagate well. If it hasn't confirmed after a few days, peers will begin to drop it from their memory pool to make room for other transactions. If you and the recipient both don't bother to re-broadcast the transaction, it is possible that the entire network will forget about the transaction without it becoming confirmed. It is also possible that a new transaction that does propagate well will be created that uses the exact same bitcoins. If that new transaction confirms, then the old one will never be able to.
