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Title: Flexcoin Post by: antoine on December 02, 2011, 08:57:57 AM I made an account on Flexcoin and sent $0.005 bitcoins to it. It shows up in "recent transactions" and the "total balance", but not "available balance" which means I cannot sent them out yet. The following is a section in their TOS:
Quote Availability of Funds: Any bitcoins deposited into your Flexcoin account will become available to transfer after FIFTEEN (15) confirmations on the bitcoin network. While you must wait for 15 confirmations before transferring these coins to an external bitcoin address or another flexcoin user, the incoming bitcoins will show on your recent transactions page almost immediately, and their sum will be added into your total balance at that time. ALL COINS in the Flexcoin system will follow this rule, and will not be available to any user until they have reached 15 or more confirmations. But what does that mean? How can I get confirmations?Title: Re: Flexcoin Post by: Eveofwar on December 02, 2011, 09:04:46 AM https://en.bitcoin.it/wiki/Confirmation
Most exchanges only require 6, but I guess Flexcoin requires 15. Just have to wait for the network to solve more blocks, or start hashing ;) Title: Re: Flexcoin Post by: antoine on December 02, 2011, 09:15:22 AM https://en.bitcoin.it/wiki/Confirmation Awesome! So it's just a matter of time then? How long does it typically take for 15 confirmations? I need to have a good idea because I plan to use this account for political purposes and certain payments can be time sensitive. I decided to go with flexcoin because it's secure and offers cold-storage, but perhaps there's a better eWallet out there?Most exchanges only require 6, but I guess Flexcoin requires 15. Just have to wait for the network to solve more blocks, or start hashing ;) Title: Re: Flexcoin Post by: Eveofwar on December 02, 2011, 09:24:28 AM https://en.bitcoin.it/wiki/Confirmation Awesome! So it's just a matter of time then? How long does it typically take for 15 confirmations? I need to have a good idea because I plan to use this account for political purposes and certain payments can be time sensitive. I decided to go with flexcoin because it's secure and offers cold-storage, but perhaps there's a better eWallet out there?Most exchanges only require 6, but I guess Flexcoin requires 15. Just have to wait for the network to solve more blocks, or start hashing ;) A block is set to be mined at a 10 minute average pace, this is an average, so it can be faster or slower. I manage my own wallet. Look around the forums though and https://bitcointalk.org/index.php?action=search Title: Re: Flexcoin Post by: antoine on December 02, 2011, 09:38:26 AM https://en.bitcoin.it/wiki/Confirmation Awesome! So it's just a matter of time then? How long does it typically take for 15 confirmations? I need to have a good idea because I plan to use this account for political purposes and certain payments can be time sensitive. I decided to go with flexcoin because it's secure and offers cold-storage, but perhaps there's a better eWallet out there?Most exchanges only require 6, but I guess Flexcoin requires 15. Just have to wait for the network to solve more blocks, or start hashing ;) A block is set to be mined at a 10 minute average pace, this is an average, so it can be faster or slower. I manage my own wallet. Look around the forums though and https://bitcointalk.org/index.php?action=search Thanks you very much! You're all quite welcoming people :) So I suppose it would take 2 1/2 hours for 15 blocks. Or do they mean 15 confirmations of 6 blocks which would take 15 hours? :S I really really hope it's the 1st one. If not, I'll switch to someone else. My own computers aren't secure enough to manage my own wallet, haha. In fact, I keep my PGP keys on several secured USB thumb drives. Perhaps I could do the same, but this is money we're talking about... not access to sensitive information. If I lose my PGP keys, then I'll simply revoke my key (in the SSL cloud) and use a new one. You can't do that with bitcoin (so far as I know). Title: Re: Flexcoin Post by: Eveofwar on December 02, 2011, 09:39:53 AM https://en.bitcoin.it/wiki/Confirmation Awesome! So it's just a matter of time then? How long does it typically take for 15 confirmations? I need to have a good idea because I plan to use this account for political purposes and certain payments can be time sensitive. I decided to go with flexcoin because it's secure and offers cold-storage, but perhaps there's a better eWallet out there?Most exchanges only require 6, but I guess Flexcoin requires 15. Just have to wait for the network to solve more blocks, or start hashing ;) A block is set to be mined at a 10 minute average pace, this is an average, so it can be faster or slower. I manage my own wallet. Look around the forums though and https://bitcointalk.org/index.php?action=search Thanks you very much! You're all quite welcoming people :) So I suppose it would take 2 1/2 hours for 15 blocks. Or do they mean 15 confirmations of 6 blocks which would take 15 hours? :S I really really hope it's the 1st one. If not, I'll switch to someone else. My own computers aren't secure enough to manage my own wallet, haha. In fact, I keep my PGP keys on several secured USB thumb drives. Perhaps I could do the same, but this is money we're talking about... not access to sensitive information. If I lose my PGP keys, then I'll simply revoke my key (in the SSL cloud) and use a new one. You can't do that with bitcoin (so far as I know). 1 block = 1 confirmation = every 10 minutes :) Title: Re: Flexcoin Post by: antoine on December 02, 2011, 09:44:07 AM 1 block = 1 confirmation = every 10 minutes :) Oh thank goodness! :D |