Bitcoin uses an asymmetric encryption algorithm to ensure the security of every transaction.
No it does not.
"Encryption" is when you have a message that only you know and turn it into an output that nobody can read or decrypt except the one with the private key.
What bitcoin uses is digital signatures using elliptic curves (ECDSA). In this scheme, everyone knows the message (ie. the transaction) and the public key and they everyone can verify that the produced signature is produced for that message from that key.
Data encrypted with the private key can only be decrypted with the public key, and data encrypted with the public key can only be decrypted with the private key.
This is also know how Asymmetric Encryption aka Public-Key Cryptography works either.
You encrypt messages using "public" key and the encrypted message can only be decrypted using the "private" key.
If you encrypt something with the private key that would be symetic cryptography because it will need the
private key to be decrypted again.
We need to first build a transaction structure as shown below:
txid hash version size vsize locktime vin vout hex blockhash confirmations time blocktime etc.
This is NOT the transaction structure.
https://developer.bitcoin.org/devguide/transactions.htmlThe basic unit of storage in the distributed database of Bitcoin is a block, and the block is connected by a hash pointer to form a tree.
This is wrong.
The definition is in the name itself: block
chain which means it is not a tree but a chain.
Let all nodes in the network reach a consensus on the content of the next block is a key issue that Bitcoin needs to solve.
Nodes do not need to reach consensus for the "contents of the next block" a single miner (or a mining pool) that finds that block is deciding what to put in that block. The nodes are just enforcing the consensus rules so that these blocks are valid.
This is what we usually call the Byzantine generals problem
https://en.bitcoin.it/wiki/The_Byzantine_Generals_ProblemIn most blockchain networks, transactions that have just been added to the blockchain network are unconfirmed.
There is no such thing as "blockchain network" there is only the temporary "memory" of nodes (each having its own) known as mempool where transactions reside until they are included in a block or become invalid (such as double spending). These transactions are unconfirmed and is the same in all cryptocurrencies relying on blockchain.
As long as a sufficient number of blocks are appended to these blocks, the The transaction will be confirmed.
Wrong. The transaction is confirmed the moment the block containing that transaction is mined. Then it will have 1 confirmation. From that point the depth of this block increases as more blocks are built on top of it.
What you have in mind is "cost of reversing confirmed blocks" which increases exponentially with the depth.
The number of transaction confirmations in Bitcoin is 6,
There is no fixed number of confirmations because it depends on a bunch of factors.
A tx with only 1 confirmation can be considered irreversible while in certain scenarios (network disturbance such as during a hard fork) more than 100 confirmation may be required.