Why Should people wait for confirmation of Bitcoin?

[betohell]

From what i read previously, it is due to avoid something called double spend, even i am not sure how is it work, but its something like in the olden days where ATM in Location A and Location B is not centralized and sync, so people can withdraw their initial deposit twice.

I think its something like that if i am not mistaken

I never get bitcoin twice in a row and within 1 day I did not get any confirmation, and the transaction to fail, it may be referred to must wait until the transaction is getting at least one confirmation only

[topesis]

To prevent double spend, I have never experience it or seen anybody affected by double spend. The issue with double spend is not common again but I was to it was a big issue during Bitcoin formative years

[kiklo]

Bitcrap is now up to 16 hours for 1 guy without a confirmation.

https://bitcointalk.org/index.php?topic=1689151.0

What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?

view the queue length here
https://blockchain.info/unconfirmed-transactions

 

[hisuka]

The best answer for this is for security purposes also. Before
we could transact again we ensure that their is no double
spending. Thus, need for confirmation in every transactions.

[Qartersa]

Because sometimes Bitcoins transaction might not push through because there are times the memory pool of the nodes suddenly clears for some reason. So the transaction gets lost and has to be repeated to get the money. Also, some of them need more than one confirmation; this is really to secure the transaction

[prabowo96]

To avoid scams.

Bitcoin is based on blockchain, miners have to confirm the transactions so in this way the transactions will be there forever and none can change it anymore, if isn't confirmed, can be an attempt of fraud.

[requester]

Of course we can't relay on only 1 system for verification of our payment may be he might do some hack and something else to take away my money or if he have full knowledge then he could do anything with my bitcoin so more and more confirmation is good for us.

[TechnologyExplorer]

Hello,

The answer is simple. In order to make your transaction get into the ledger books of bitcoin miners, certain amount of time is needed. If the transaction goes unrecorded then people may not know who has sent the bitcoins to whom and as a result most of the unconfirmed transactions get dropped out of the network.

[qiman]

My wife has 4 transactions stuck in the blockchain since this morning so she can't progress at all in her day to day activities, this is a bit mind bogging and I hope they clear the blockchain soon. So she can't spend anything now.

[Ayers]

From what i read previously, it is due to avoid something called double spend, even i am not sure how is it work, but its something like in the olden days where ATM in Location A and Location B is not centralized and sync, so people can withdraw their initial deposit twice.

I think its something like that if i am not mistaken

it's not only about double spend or 51% attack, there are other attacsk that can be done at 4 or 5 confirmations and lower, i think it was called the finney attack in his memory, so to avoid this bitcoin has 6 depth confirmation

[cryp24x]

From what i read previously, it is due to avoid something called double spend, even i am not sure how is it work, but its something like in the
 olden days where ATM in Location A and Location B is not centralized and sync, so people can withdraw their initial deposit twice.

I think its something like that if i am not mistaken

it's not only about double spend or 51% attack, there are other attacsk that can be done at 4 or 5 confirmations and lower, i think it was called the finney attack in his memory, so to avoid this bitcoin has 6 depth confirmation

I have read mostly the 51% attack but i think this is the first time I read about this finney attack.   So I googled it and see this result. This is kinda tricky because it does not need 51% of the hashrate to do the attack.  For explanation you can read this.  http://bitcoin.stackexchange.com/questions/4942/what-is-a-finney-attack

Some of the notable description on that link

Code:

The Finney attack is named after Hal Finney, who suggested it in this comment. (Hal happens to be the first recipient of a Bitcoin 
transaction, and  AFAICT the first person to comment on Bitcoin.)

It is a double spending attack with the following features:

It only works if the merchant accepts unconfirmed transactions.
It still works, however, if the merchant waits a few seconds to verify that everyone in the network agrees he was paid.
It requires the attacker to be mining and controlling the content of his blocks; however, he can in theory do this with any hashrate,
 in particular significantly less than 50% of the network hashrate

[wxa7115]

Bitcrap is now up to 16 hours for 1 guy without a confirmation.

https://bitcointalk.org/index.php?topic=1689151.0

What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?

view the queue length here
https://blockchain.info/unconfirmed-transactions

 

If you send a very small fee then the confirmation time can be extremely long for some people but we must remember that we can adjust the rate of our fee so if we need a fast transaction we can always send a bigger fee and get confirmation in minutes.

[Tanic]

Well, I have never meet something like that face to face. This days I make my bitcoins only from the campaing where i am and they transfer me bitcoins buy fact. For example I will get payment for this comment already in some minutes, maximum a hour. Isn't it great?!

[aarons6]

Bitcrap is now up to 16 hours for 1 guy without a confirmation.

https://bitcointalk.org/index.php?topic=1689151.0

What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?

view the queue length here
https://blockchain.info/unconfirmed-transactions

 

If you send a very small fee then the confirmation time can be extremely long for some people but we must remember that we can adjust the rate of our fee so if we need a fast transaction we can always send a bigger fee and get confirmation in minutes.

by guessing.. since there is no real way to know how much fee you should add.. unless you just add some huge amount.


i sent a tx with .0003 fee and its been 9 hours.. that should have been enough fee for a few minutes, at least it has been in the past..

[groll]

To avoid scams.

Bitcoin is based on blockchain, miners have to confirm the transactions so in this way the transactions will be there forever and none can change it anymore, if isn't confirmed, can be an attempt of fraud.

Yes i agree!bitcoin transaction confirmation plays an important role in every transactions. The reciever can not cancelled the recieving amount and sender could not also cancelled the transactions. Confirmation from blockchain also makes transaction dlow now. Confirmation use to locate if the person really sends bitcoins to the recievers addres.

[wxa7115]

Bitcrap is now up to 16 hours for 1 guy without a confirmation.

https://bitcointalk.org/index.php?topic=1689151.0

What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?

view the queue length here
https://blockchain.info/unconfirmed-transactions

 

If you send a very small fee then the confirmation time can be extremely long for some people but we must remember that we can adjust the rate of our fee so if we need a fast transaction we can always send a bigger fee and get confirmation in minutes.

by guessing.. since there is no real way to know how much fee you should add.. unless you just add some huge amount.


i sent a tx with .0003 fee and its been 9 hours.. that should have been enough fee for a few minutes, at least it has been in the past..

There is a site that allows you to see with 90% confidence how long your transaction could take depending in the fee you send, I don't post the link because I wont click on a link posted by someone I don't trust, but you can find it very easily by looking for: bitcoin fee transaction.

[Yakamoto]

In a best-case world we wouldn't have to wait at all for transactions to get confirmed, however there is a time between confirmations which is similar (in fact exactly the same) to the time per block in the blockchain. The blocks take time to get confirmed because miners have to find the block. Every block is a confirmation (essentially). The only way to fix this is through shorter block times; which isn't a good idea.

[simplelisten]

I just thought about this today. Every time you are transacting with bitcoin, you will be told that you have to wait for bitcoin confirmation. This is common with bitcoin gambling sites. What I know is that bitcoin transactions are irreversible. Then why is it that you have to wait for the confirmation before initiating anything?

I think because it is need to mine first before it's completed, well if you don't want to wait longer then put a high fee instead of medium fee.

Bitcrap is now up to 16 hours for 1 guy without a confirmation.

https://bitcointalk.org/index.php?topic=1689151.0

What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?

view the queue length here
https://blockchain.info/unconfirmed-transactions

 

If you send a very small fee then the confirmation time can be extremely long for some people but we must remember that we can adjust the rate of our fee so if we need a fast transaction we can always send a bigger fee and get confirmation in minutes.

by guessing.. since there is no real way to know how much fee you should add.. unless you just add some huge amount.


i sent a tx with .0003 fee and its been 9 hours.. that should have been enough fee for a few minutes, at least it has been in the past..

There is a site that allows you to see with 90% confidence how long your transaction could take depending in the fee you send, I don't post the link because I wont click on a link posted by someone I don't trust, but you can find it very easily by looking for: bitcoin fee transaction.

Oh, I would like to know that site, can you please post it here since a lot of people wants to know that or pm me if you want to private it.

[wxa7115]

Since two people asked for it I'm posting the link which is the next.

https://bitcoinfees.21.co/

The site right now is saying that the fastest and cheapest transaction is 0.0009 mBTC/byte the site tells to you in average the range of time and blocks your transaction may take.

[Doamader]

At the moment bitcoin its the most safe platafform to buy and sell or send and receive funds, besides the low fees associated to the size of the transaction, the hash does protect all the transactions, if i have to wait some minutes, that recently is taking hours to get confirmed, i will wait, but are some people that are unhappy with the recent waiting time.