Aug 23, 2017 · 1 min read
Correct me if I am wrong but this is the process whereby a transaction gets confirmed:
- Lite(spv) and full nodes broadcast transactions to the network.
2. Miners gather transactions into a block and begin solving the previous blocks hash puzzle.
3. Once solved they add the solution to the block of transactions and broadcast to the network.
4. Nodes confirm the block and also the puzzle solved and add to the block chain.
If this is correct then when the block gets enough confirmations then the transactions are valid regardless of what your node says, bitcoin was built on game theory and newly generated (solved) confirmed blocks form the consensus and the longest chain wins. If you want to play the game (i.e have a voice in the consensus) then you need (significant) hash power.