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BTCBinary
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October 28, 2015, 05:37:53 PM |
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Hello,
how many confirmations should a Bitcoin transaction have in order to be sure that the transaction could not be resolved?
Many exchanges use 6 confirmations to be sure that it is not a duplicate transaction. However there are other services that only use 3 and other only use 1 confirmation. But to be sure I guess you'll need 6 |
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CasioK
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October 28, 2015, 07:14:32 PM |
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Hello,
how many confirmations should a Bitcoin transaction have in order to be sure that the transaction could not be resolved?
Many exchanges use 6 confirmations to be sure that it is not a duplicate transaction. However there are other services that only use 3 and other only use 1 confirmation. But to be sure I guess you'll need 6 Even 1 conformation also accepted in some services. It's solely dependent on how much risk you're ready to take. I believe waiting for 3 confirmation are moderate policy for both the parties. |
INVALID BBCODE: close of unopened tag in table (1)
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VirosaGITS
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Activity: 1302
Merit: 1068
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October 28, 2015, 09:39:31 PM |
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Hello,
how many confirmations should a Bitcoin transaction have in order to be sure that the transaction could not be resolved?
Many exchanges use 6 confirmations to be sure that it is not a duplicate transaction. However there are other services that only use 3 and other only use 1 confirmation. But to be sure I guess you'll need 6 Even 1 conformation also accepted in some services. It's solely dependent on how much risk you're ready to take. I believe waiting for 3 confirmation are moderate policy for both the parties. When i buy games or stuff online, it typically go through instantly, but if you end up scamming them, you're the one in trouble since they have your personal information. I understand for anonymous services, waiting for confirmation is an absolute must, however. |
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Hugroll
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October 28, 2015, 09:44:07 PM |
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Hello,
how many confirmations should a Bitcoin transaction have in order to be sure that the transaction could not be resolved?
1 confirmation is usually enough,however if you are dealing with very large numbers id be on the safe side and wait for atleast 3 confirmations. |
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sana9821
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October 28, 2015, 09:54:07 PM |
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i believe that 2 confirmations might be enough for counting the deposit as it would be really hard to fake something with 2 confirms
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TTMNewsMJ
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October 29, 2015, 01:05:24 AM |
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It will be 6 confirmations to be 100% sure.
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iram66680
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October 29, 2015, 02:55:48 AM |
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Hello,
how many confirmations should a Bitcoin transaction have in order to be sure that the transaction could not be resolved?
Many exchanges use 6 confirmations to be sure that it is not a duplicate transaction. However there are other services that only use 3 and other only use 1 confirmation. But to be sure I guess you'll need 6 Even 1 conformation also accepted in some services. It's solely dependent on how much risk you're ready to take. I believe waiting for 3 confirmation are moderate policy for both the parties. When i buy games or stuff online, it typically go through instantly, but if you end up scamming them, you're the one in trouble since they have your personal information. I understand for anonymous services, waiting for confirmation is an absolute must, however. Most don't actually require valid information, you can easily just input a fake information and most would just accept it. It isn't a must for most sites, in physical stores, waiting for confirmations is rarely seen. |
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VirosaGITS
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October 29, 2015, 04:44:44 PM |
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Hello,
how many confirmations should a Bitcoin transaction have in order to be sure that the transaction could not be resolved?
Many exchanges use 6 confirmations to be sure that it is not a duplicate transaction. However there are other services that only use 3 and other only use 1 confirmation. But to be sure I guess you'll need 6 Even 1 conformation also accepted in some services. It's solely dependent on how much risk you're ready to take. I believe waiting for 3 confirmation are moderate policy for both the parties. When i buy games or stuff online, it typically go through instantly, but if you end up scamming them, you're the one in trouble since they have your personal information. I understand for anonymous services, waiting for confirmation is an absolute must, however. Most don't actually require valid information, you can easily just input a fake information and most would just accept it. It isn't a must for most sites, in physical stores, waiting for confirmations is rarely seen. In that case, i assume they are dealing with something like Coinbase which i assume cover them in case of a double spending attack? However the website that i use and give the good immediately, previously obtained my personal information. I guess one way or another they are protected. For instance if its physical product, the transaction will most likely have been confirmed by the time the packaging is ready to be shipped. If its virtual good, like a game on steam, then the code could be perhaps invalidated. |
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coinyoo
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★YoBit.Net★ 350+ Coins Exchange & Dice
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October 29, 2015, 08:05:40 PM |
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When i started to use Bitcoin i had a similar question. Someone told me that 7 confirmation is a must, but better when you wait until it has 20 confirmation as minimum.
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silverleafy
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October 29, 2015, 08:09:43 PM |
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When i started to use Bitcoin i had a similar question. Someone told me that 7 confirmation is a must, but better when you wait until it has 20 confirmation as minimum.
7 is a bit too much. 20 is super overkill. 20 is completely unnecessary in most cases. Of course, there are exceptions like when there was a major fork back in July. But that is easily remedied by keeping your software up to date. |
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98problems
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October 29, 2015, 08:11:39 PM |
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i believe that you need something like 1 confirmation as people usually cant double spend bitcoins with it
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Anmol_Verma
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October 31, 2015, 05:04:25 AM |
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Bitcoin transactions need atleast 3 confirmations by bitcoin network to be fully trusted and confirmed  |
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Amph
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October 31, 2015, 10:49:52 AM |
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When i started to use Bitcoin i had a similar question. Someone told me that 7 confirmation is a must, but better when you wait until it has 20 confirmation as minimum.
above 6, is not needed at all, in most case 3 are sufficient, and in some other case even 1 is okois usually i do it based on the amount that i'm spending, the more big the more confirmations, up to six |
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quadriple7
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October 31, 2015, 02:41:10 PM |
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i believe that you might be safe with one confirmation
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crairezx20
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October 31, 2015, 05:22:37 PM |
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I think 4 or 5 confirmation before we know and sure the transaction arrive soon in your wallet address.. before i got only 3 confirmation but i didnt recieve it. and its rejected by a blockchain then the bitcoin 4 day or more before the bitcoin came back to a sender...
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CIYAM
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Ian Knowles - CIYAM Lead Developer
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October 31, 2015, 05:25:55 PM |
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You can't be 100% certain of a Bitcoin tx until a "checkpoint" has been published (which unfortunately is a centralised thing controlled by the devs).
A blockchain "re-org" (where a better chain replaces the current one) can actually go as far back as the last checkpoint (which could be thousands of blocks).
It is extremely unlikely that such a "re-org" could happen (and has never happened so far) but re-orgs of more than 3 blocks have occurred before (the worst such problem was around 6 blocks from memory).
So you basically have to decide upon the risk you want to take in accordance to the amount you are risking.
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VirosaGITS
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October 31, 2015, 07:11:11 PM |
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You can't be 100% certain of a Bitcoin tx until a "checkpoint" has been published (which unfortunately is a centralised thing controlled by the devs).
A blockchain "re-org" (where a better chain replaces the current one) can actually go as far back as the last checkpoint (which could be thousands of blocks).
It is extremely unlikely that such a "re-org" could happen (and has never happened so far) but re-orgs of more than 3 blocks have occurred before (the worst such problem was around 6 blocks from memory).
So you basically have to decide upon the risk you want to take in accordance to the amount you are risking.
This is why 6 blocks is rock solid. Even 1 block is relatively secure since the odds of anything being redone is low, and also why 3 blocks is standard. Waiting for 6 block is the sweet spot where it does not take *too* long but it is very safe. Although at this point i am not sure what kind of event that could invalidate 6 blocks old transaction. |
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StratusOakmont
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October 31, 2015, 07:34:04 PM |
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i think 3+ confirmations is enough to be sure about a transaction ( higher amount ) otherwise if you are transacting low amount then 1+ should be pretty much to be sure with the transaction. |
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idyu
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October 31, 2015, 07:36:17 PM |
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3 should be very safe, i remember before localbitcoins needed 5 confirmations to confirm the deposit and that was really to much and sometimes took long.
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Mickeyb
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October 31, 2015, 11:11:03 PM |
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3 should be very safe, i remember before localbitcoins needed 5 confirmations to confirm the deposit and that was really to much and sometimes took long.
This is what I hate about Kraken. They require 6 confirmations. I don't know why they don't lower this a bit. It takes forever to send your coins to the exchange. Then again they are very security prone. I guess that's why they still keep 6 confirmations. |
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