bitcoin transaction

hiho

hiho

Active Member
Silver Stacker
Is there a way of finding out if a counter party has received their bitcoins?
 
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?
 
hiho said:
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?
Click to expand...

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.
 
2ds said:
hiho said:
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?
Click to expand...

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.
Click to expand...

Yes thats right but I am thinking the same has occurred at the other end also
 
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?
 
markj113 said:
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 :P
Click to expand...

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?
 
So effectively one could play dumb on a transaction, stalling delivery of purchased goods?
 
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