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Topic: 1 confirmed transaction (Read 355 times)
Hartisinle
(OP)
Newbie
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Activity: 43
Merit: 0
1 confirmed transaction
October 14, 2017, 06:24:26 PM
#1
why most escrow service and sites wait till 1 confirmed transaction Done ?
bitcoin can’t refund after send
jshark
Newbie
Offline
Activity: 40
Merit: 0
Re: 1 confirmed transaction
October 14, 2017, 06:26:35 PM
#2
The concern is double spending, read here for a detailed explanation.
https://en.bitcoin.it/wiki/Irreversible_Transactions
DannyHamilton
Legendary
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Activity: 3430
Merit: 4681
Re: 1 confirmed transaction
October 14, 2017, 06:34:57 PM
#3
Quote from: Hartisinle on October 14, 2017, 06:24:26 PM
why most escrow service and sites wait till 1 confirmed transaction Done ?
bitcoin can’t refund after send
If the transaction is not confirmed, it can become invalid.
If it becomes invalid, then the escrow service or sites won't receive the bitcoins.
MARK 777
Jr. Member
Offline
Activity: 52
Merit: 10
Re: 1 confirmed transaction
October 14, 2017, 07:31:49 PM
#4
Quote from: DannyHamilton on October 14, 2017, 06:34:57 PM
Quote from: Hartisinle on October 14, 2017, 06:24:26 PM
why most escrow service and sites wait till 1 confirmed transaction Done ?
bitcoin can’t refund after send
If the transaction is not confirmed, it can become invalid.
If it becomes invalid, then the escrow service or sites won't receive the bitcoins.
what happen for invalid transactions ??
refunded ?
DannyHamilton
Legendary
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Activity: 3430
Merit: 4681
Re: 1 confirmed transaction
October 14, 2017, 07:34:50 PM
#5
Quote from: MARK 777 on October 14, 2017, 07:31:49 PM
Quote from: DannyHamilton on October 14, 2017, 06:34:57 PM
Quote from: Hartisinle on October 14, 2017, 06:24:26 PM
why most escrow service and sites wait till 1 confirmed transaction Done ?
bitcoin can’t refund after send
If the transaction is not confirmed, it can become invalid.
If it becomes invalid, then the escrow service or sites won't receive the bitcoins.
what happen for invalid transactions ??
They are invalid. That means they don't exist in the system anymore.
Quote from: MARK 777 on October 14, 2017, 07:31:49 PM
refunded ?
They don't need to be refunded. They don't exist.
monkeydominicorobin
Full Member
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Activity: 294
Merit: 104
✪ NEXCHANGE | BTC, LTC, ETH & DOGE ✪
Re: 1 confirmed transaction
October 15, 2017, 05:58:59 AM
#6
Quote from: Hartisinle on October 14, 2017, 06:24:26 PM
why most escrow service and sites wait till 1 confirmed transaction Done ?
bitcoin can’t refund after send
It is in escrow so don't worry to much about that. The confirmation is for the escrow account. Not for the whole transaction.
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raoulsergia
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Offline
Activity: 322
Merit: 101
Re: 1 confirmed transaction
October 15, 2017, 07:19:53 AM
#7
If the txn isnt confirmed, you can still spend the coins by sending it to another address with a higher fee and the miner may process this first rendering the first transaction as a double spend
thats why min confirmations are a must, infact many exchanged require as much as 6 confirmations before they let you trade the coins
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