Information about transactions with Bitcoin
- Why do I have to wait 10 minutes?
- How much will the transaction fee be?
- What if I receive a Bitcoin when my computer is powered off?
Why do I have to wait 10 minutes?
Receiving a payment is virtually instant with Bitcoin. Still, the network begins to confirm your transaction by including it in a block and before you can spend the Bitcoins you receive there is a delay of around 10 minutes.
A confirmation means that there is a agreement on the network that the Bitcoins you received haven’t been sent to anyone else and are thought of your property. Once your transaction has been included in one block, it’ll continue to be buried beneath each block after it, which will exponentially consolidate this consensus and reduce the risk of a reversed transaction. every user is able to decide for himself at what point the transaction as confirmed, just to clarify for your understanding : 6 confirmations is by many considered to be as safe as waiting 6 months on a credit card transaction.
How much will the transaction fee be?
People are encouraged to pay a very small fee (but do not have to) this to receive faster confirmation of their transactions and to remunerate miners. When there is a fee thou the amount will be much smaller than any other regular payment method.
Transaction fees are there for the protection of the network as it creates a buffer against users sending transactions to overload the network.
The exact way in which the fees are going to work is something that is still under development and will change over time. The fee is defined by attributes such as data in transaction and transaction recurrence. For example, if you are receiving a large number of tiny amounts, then fees for sending will be higher. The fee is not connected to the amount of Bitcoins that are being transferred.
What if I receive a bitcoin when my computer is powered off?
this will not be a problem , the next time you open your wallet the new Bitcoins will be there the Bitcoins are not received by the application on your computer or mobile but on the network. The application just enters your wallet stored there.
If you are sent Bitcoins when your wallet client program is not running and you later launch it, it will download blocks and catch up with any transactions it did not already know about, and the Bitcoins will eventually appear as if they were just received in real time. Your wallet is only needed when you wish to spend Bitcoins.