This guide explains the concept of the Blockchain and how network traffic affects Bitcoin transaction confirmation times.
What is the Blockchain?
The Blockchain functions as a public ledger that Bitcoin travels on. It acts as a permanent record system where all verified transactions are stored.
Key Features
- Verification: All transactions must be verified before they are added to the Blockchain.
- Transparency: The ledger allows anyone to look up information regarding a specific wallet address or transaction history.
Network Load and Delays
Transaction speeds depend on current network activity. When the Blockchain network load increases, your transaction may take longer than usual to confirm.
