Key information about Bitcoin Transactions
Why do I have to wait for confirmation?
Receiving notification of a payment is almost instant with Bitcoin. However, there is a delay before the network begins to confirm your transaction by including it in a block. A confirmation means that there is a consensus on the network that the bitcoins you received haven’t been sent to anyone else and are considered your property.
Once your transaction has been included in one block, it will continue to be buried under every block after it. Each confirmation takes between a few seconds and 90 minutes, with 10 minutes being the average. If the transaction pays too low a fee or is otherwise atypical, getting the first confirmation can take much longer. Every user is free to determine at what point they consider a transaction sufficiently confirmed, but 6 confirmations are often considered to be more than sufficient.
How much will the transaction fee be?
Although fees may increase over time, normal fees currently only cost a tiny amount. By default, all Bitcoin wallets add what they think is an appropriate fee to your transactions; most of those wallets will also give you the chance to review the fee before sending the transaction. The fee is not related to the number of bitcoins being sent, but Instead, the fee is relative to the number of bytes in the transaction. If your activity follows the pattern of conventional transactions, you won’t have to pay unusually high fees.
What if I receive a bitcoin when my computer is powered off?
This works fine. The bitcoins will appear next time you start your wallet application. Bitcoins are not actually received by the software on your computer, they are appended to the blockchain that is shared between all the devices on the network. If you are sent bitcoins when your wallet client program is not running, it will download blocks and catch up with any transactions it did not already know about, and the bitcoins will eventually appear.
Helpful sites to check Bitcoin transaction data:
Knightsbridge Incorporations and Bitcoin
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