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Author Topic: minconf value  (Read 619 times)
yadda (OP)
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August 09, 2012, 04:06:03 PM
 #1

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.
Stephen Gornick
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August 09, 2012, 07:26:47 PM
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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

Unichange.me

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