Many friends have recently asked about Bitcoin, so I’ll address the questions here to enhance everyone’s understanding of the Bitcoin network.
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Is Bitcoin’s block time 10 minutes?
Theoretically, it’s 10 minutes, but in practice, it’s normal for blocks to take up to an hour.
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Does mining become easier over time?
The difficulty adjusts every 2016 blocks. If the total network hash rate increases and the average block time falls below 10 minutes, the difficulty will increase in the next adjustment. Conversely, if the total hash rate decreases and the average block time exceeds 10 minutes, the difficulty will decrease in the next adjustment.
Note: The mathematical principle of mining is like this—for example, if you’ve mined for 8 minutes, does that mean you only have 2 minutes left to find the right number and finish? No, it’s still 10 minutes. Even if an hour passes without finding a block, the expected time remains 10 minutes. It’s unrelated to how long you’ve already been stuck.
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What does it mean for a Bitcoin transaction to be "fully confirmed" in one hour?
Six confirmations (blocks) mean it theoretically takes one hour for full confirmation. This refers to the idea that after six blocks, it becomes very difficult to alter the blockchain information. In practice, transactions don’t actually take this long.
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51% hash rate attack—doesn’t having 51% allow a double-spend attack?
In reality, even with over 51%, an attack is still very difficult—it’s just a possibility. This has never happened before.
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Which organization is most likely to attack the Bitcoin network? If it were to be cracked, what technology would be used? Quantum technology?
a. Within my limited knowledge, the only person currently capable of breaking the Bitcoin network is Academician Wang Xiaoyun.
b. Quantum computing involves algorithmic changes, not brute-force cracking, and currently cannot attack the Bitcoin network.
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How does the complexity of the Bitcoin network compare to Ethereum, Polkadot, and others?
Bitcoin, Bitcoin Cash, and other Bitcoin forks are roughly similar in complexity. Ethereum is far more complex. If you can truly understand Ethereum’s technical principles and economic model, you’ll be able to grasp most projects on the market.
