Validate bitcoin transaction

However, and this is where things get tricky, mining pools are not going to allow setups that are accepting low fee transactions.

This means you are only going to be able to do this as a solo miner. As a solo miner unless you have tens of millions of US dollars sitting around to creating your own mining farms, you are almost assuredly never going to actually mine a block. This is because there are countless miners that compete to solve an equation and the first to solve it wins the rewards. If you are not the person to solve it, and your fee's are too low its not getting accepted into the block.

So you would have to try and try again Also understand there is what's called "Exclusive mining" and "Conformations as a service". So this should answer both "how can I" and why "you aren't going to be able to".

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How can I verify my bitcoin transaction independently? Ask Question.

Asked 10 months ago. Active 8 days ago. Viewed times. I am newbie in cryptocurrencies, and sorry if my question is really stupid. Transactions are verified by miners or more accurate by the code that runs on those machines. The idea is to keep the data valid by having at least x miners confirm it is valid. Without that mechanism, invalid data could be added to the chain. So, no, you can not validate your own transaction. It would be like you send a transfer request to your bank, and tell the employee they don't have to check anything, coz you already did.

I understand, but can I be that miner, but for myself? For example, can I use some software for mining, and verify my transaction here? If I have hash of transaction for example. You are missing the concept of blockchain, what is in a block and why and how validation is done. When you are a miner, it could happen you are the one mining a block that contains one or more of your own transactions. But you can't decide to validate your own transactions. What would happen if you create a transfer from my account to yours and validate that yourself?

Remember, a reward is given out to whoever gets to add their block to the chain. So should Bob get it? Or should Joe? How about both of them? Adding both of them would be ideal, right?

They both get rewards. And all the transactions get included onto the chain. Everybody wins! If we let Joe and Bob both include their blocks, Alice will end up paying Jennifer 20 bitcoins two transactions of 10 btc each when she intended to pay her only 10!

Furthermore, Alice may only have 10 bitcoin - so the second payment would be invalid. As you can see, we can add only one of the blocks. And we need to agree upon which one. But how do we do that? Miner Bob and Miner Joe both want their blocks included in the chain — they both want the reward. But only one of them can be picked. Whoever solves it first, gets to add their block to the chain.

Food for thought: What if they solve it at the same time - or around the same time? And the bitcoin protocol resolves these occurrences as well.

Bitcoins exist as records of bitcoin transactions

More on that later. A coin is randomly picked from the jar. If it belongs to Bob, Bob gets to add his block. If it belongs to Joe, Joe gets to add his block instead. Once the block is added, the process repeats. Both miners will listen to the network for pending transactions and create a new block. The competition goes on and on. Validation of the transactions is initially handled by the miner before they are added to the block. And then once more by the rest of the Blockchain Validators when a block winner is picked. The miners add the block, and the Blockchain Validators verify that the block is valid.

If Consensus is reached, then the network successfully moves on to the next block. More on that in future posts. Get my upcoming eBook for Free!

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