put their wallet address used for the transaction in here - http://blockexplorer.com/ and it will show all the transactions on that account p.s. my consultation fee currently stands at 1 bitcoin
Someone please correct me if I'm wrong but my understanding of what bitcoin mining is actually doing is verifying the integrity of the network. For their services the network creates new coins for the miners and the miners make sure transactions are processed correctly. There isn't really a way to intercept the bitcoins on their way to the recipient without owning more than 50% of the network mining capacity.. SO Basically as long as you put in the correct address they get there... I believe it usually takes less than 10 minutes... You should also be able to verify the transaction by asking the network You should be able to put in the transaction ID here http://blockchain.info/ and the network will tell you
That's how I understand it 2ds. The concept is they're mining for themselves, but the reality is that they're performing the heavy lifting of the system... the calculations they perform aren't just cracking a complex code to release bitcoins for their own use, more like, the calculations are verifying the transactions (and their place in the blockchain) for which they are regularly rewarded for their 'service' with bitcoins.
So what could cause the btc not to show in the counter parties account then, assuming the transactional evidence suggests otherwise? I remember my first transaction took ages because I hadn't synced my wallet?
Ah, the transaction has occurred, your wallet just doesn't know it as it hasn't read the part of the block chain where the transaction has occurred.
Is it someone new to Bitcoin? If so, that's probably the answer. Confirmation times are quite large at the moment. How long are we talking?
Does that mean that if someone correlates Bitcoin addresses with personal details, say, that they can re-create, review, monitor, etc. peoples transactions? Edit: And look at their wallet balance?
If the transaction did not include any fee, it may be floating around the network still waiting for a miner to pick it up. You could check here: http://blockchain.info/unconfirmed-transactions Since miners get to keep fees, you should include something -- even a paltry .0001 -- to add incentive for faster confirmations.
