What is a Block?


Block is a collection and storage of transactions for sending Bitcoin (BTC) and other cryptocurrencies.

The system is designed to accumulate one block every 10 minutes. A chain of new blocks becomes a blockchain.

Additions to the block are not made in the order of the time the transactions were made, but according to the height of the fee offered to the miner. The higher the fee, the faster the block will be added.

A single block can contain not only a single user’s transactions, but also multiple transactions grouped together within a 1GB data limit and a time limit.

When a new block is added to the blockchain, which is also the history of transactions made so far, a coin base will be generated at the same time to reward the miners.

Copied title and URL