Blockchain refers to a chain of blocks. A
block is a collection of cryptocurrency transactions and serves as the unit of mining.
Mining occurs approximately every 10 minutes, and new blocks containing multiple transactions are added to the blockchain. When a block is generated, Bitcoin is created as a reward for the miner.
The accumulation of these blocks forms the blockchain. By tracing the blockchain, one can verify the entire transaction history. Since this transaction history is shared among all cryptocurrency users, reliability is maintained through a system where all users manage the network collectively, without the need for a central authority such as a government or central bank to oversee it.
Since transactions are added to the blockchain only after being confirmed, transactions that do not yet belong to any block remain in an unconfirmed state. To obtain
confirmation quickly, users often pay higher transaction fees to miners who are working to add blocks. Since
transaction fees can be freely set by each user based on certain criteria, setting a higher fee is expected to speed up the process of incorporating the transaction into the blockchain.
