- What happens in the bitcoin network when two miners solve a block at the same time?
2 chains both become valid until the larger chain emerges that becomes the consensus block on the network
- What is a stale block?
A stale block is a block that was valid but did not get enough confirmations to become part of the larger block chain.
- How do stale blocks occur?
Stale block occur when a valid block is mined, but becomes attached to a smaller chain on the network. Thus invalidating that chain and pushes those transactions back into the mempool.
- Why is it important to wait for more than one block to be confirmed when sending or receiving a transaction? It is import to wait for multiple blocks to be confirmed so that it gives the network time to catch up and make sure that the majority of the network is working off the same chain.