Understanding Bitcoin's Block Intervals

Bitcoin's Block Interval Explained

Ripple's Chief Technology Officer recently addressed a common confusion regarding Bitcoin's block intervals. The average block time is often cited as 10 minutes, which refers to the typical duration it takes for a new block to be mined. However, this figure is based on a specific calculation method.

The Role of Averaging in Block Time Perception

The concept of averaging is crucial to understanding the apparent contradiction in Bitcoin's block times. When individuals mention a 10-minute interval, they are typically referencing an average calculated over multiple blocks. This average does not necessarily mean a block is mined every 10 minutes consistently. Instead, it signifies the average time taken for a block to be discovered when observed over a prolonged period.

Analogies to Clarify Averaging

The explanation can be compared to evaluating buses and passengers. If you average over buses, considering each bus equally, the average is lower because less crowded buses reduce the average. In contrast, averaging over passengers, where each passenger is equally considered, results in a higher average due to the impact of crowded buses.

Expert Insights and Speculations

Schwartz, an expert in cryptography, has been speculated to be Satoshi Nakamoto, Bitcoin's mysterious creator. These speculations arise from his extensive expertise, dating back to his 1991 patent for a decentralized computer system. Despite these rumors, Schwartz has consistently denied any connection, stating he only learned of Bitcoin in 2011.