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Title: how will you define conform transaction...? Post by: mynameisdon on March 02, 2016, 09:04:36 AM i just want to know meaning or definition of conform transaction. if transaction is not confirmed so what is gonna happed.so why confirmation of transaction is required? tell me
thanks! Title: Re: how will you define conform transaction...? Post by: BiTJack on March 02, 2016, 09:31:38 AM Confirmations are simply blocks that have been generated after the block that contains your transaction.
Because there is no central authority that can be consulted to be sure a transaction will be committed, recipients use the number of confirmations as a way of protecting against double-spend attacks. Source (http://bitcoin.stackexchange.com/questions/146/what-are-bitcoin-confirmations/160) - Give this one a good read, you'll understand. You should also check out the official bitcoin wiki (https://en.bitcoin.it/wiki/Confirmation) if you have doubts like this. Title: Re: how will you define conform transaction...? Post by: Amph on March 02, 2016, 02:57:10 PM confirmation can be seen as the approvation of a new law, when a new law it is approved it passes through many policy areas, before it is actually approved
this is the same you need 6 blocks to make sure that the transaction is legit, so 1 hours as average Title: Re: how will you define conform transaction...? Post by: n0ne on March 03, 2016, 04:40:42 PM confirmation can be seen as the approvation of a new law, when a new law it is approved it passes through many policy areas, before it is actually approved this is the same you need 6 block to make sure that the transaction is legit, so 1 hours as average On an average you will get confirmations within hour. At times it may vary based on the fee provided and the blocksize. Title: Re: how will you define conform transaction...? Post by: Snorek on March 03, 2016, 05:11:40 PM After a transaction is broadcast to the Bitcoin network, it may be included in a block that is published to the network.
When that happens it is said that the transaction has been mined at a depth of 1 block. With each subsequent block that is found, the number of blocks deep is increased by one. To be secure against double spending, a transaction should not be considered as confirmed until it is a certain number of blocks deep. More at: https://en.bitcoin.it/wiki/Confirmation (https://en.bitcoin.it/wiki/Confirmation) Also you can check this article: http://www.coindesk.com/information/how-do-bitcoin-transactions-work/ (http://www.coindesk.com/information/how-do-bitcoin-transactions-work/) This is probably everything you need to know about confirmation. This is definition from official bitcoin.org FAQ: https://bitcoin.org/en/vocabulary#confirmation (https://bitcoin.org/en/vocabulary#confirmation) |