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Author Topic: how will you define conform transaction...?  (Read 534 times)
mynameisdon (OP)
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March 02, 2016, 09:04:36 AM
 #1

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!

BiTJack
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March 02, 2016, 09:31:38 AM
 #2

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 - Give this one a good read, you'll understand. You should also check out the official bitcoin wiki if you have doubts like this.
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March 02, 2016, 02:57:10 PM
Last edit: March 03, 2016, 05:02:06 PM by Amph
 #3

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
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March 03, 2016, 04:40:42 PM
 #4

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.

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March 03, 2016, 05:11:40 PM
 #5

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

Also you can check this article: 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
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