Bitcoin Forum

Other => Beginners & Help => Topic started by: yadda on August 09, 2012, 04:06:03 PM



Title: minconf value
Post by: yadda on August 09, 2012, 04:06:03 PM
I haven't been able to find this information anywhere.

What is a high enough commonly accepted minconf value for ensuring that a transaction is permanent or isn't going to get reversed?

Thanks.


Title: Re: minconf value
Post by: Stephen Gornick on August 09, 2012, 07:26:47 PM
I haven't been able to find this information anywhere.

What is a high enough commonly accepted minconf value for ensuring that a transaction is permanent or isn't going to get reversed?

Thanks.

The right value will vary for each service depending on risk tolerance.

The widely agreed upon value is 6 confirmations.  Some services accept on 3 confirmations.  Others as little as 1 or 0 even, because they either aren't worried about double spends or operate in a way that protects against double spends.

If you are an exchange or anything like that, 6 is the number to use.   If you have a service that would benefit from faster confirmations it is a risk/reward determination.  Ecommerce sites might be fine with 3 confirmations.  If you have a service that has high margins and would benefit from giving credit for bitcoin payments instantly, then you might consider 0, though you'ld want to take the recommended precautions to prevent a race attack.

When in doubt, pick 6.

 - http://en.bitcoin.it/wiki/Double-spending