Why Should people wait for confirmation of Bitcoin?

[beerlover]

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

The transaction cannot be lost even if the node become dead for a while,. As the transaction distribute in nodes therefore if one node fell down the other will conform your transaction, in very few cases we have seen that the transaction lost for some other reason but mostly it become confirmed.

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[wxa7115]

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.

There is not much we can do about confirmation time except sending an even bigger fee, but I find that even now the transactions are faster than a wire transfer and if you really need a fast transaction then adding a generous fee will be enough to get confirmation in minutes.

[franky1]

May I ask franky1, shorena, how some casino are able/willing to accept deposits without confirmations?
How do you think they know for sure that the coins were really sent/no double transact?
Is it really just because they control the withdraw process so they can afford the no confirm for deposits? Or are there any other reasons?
Also, do you know of any way one might be able to calculate the transaction size?

(sorry bout my questions ^^)

sorry for late reply.

to mitigate risks.
when the casino accepts zero confirms.. they do a few things.

1. they know that when you deposit. your then playing in their house. so while the tx is confirming they can make you lose yor game or hold ot on the withdrawal until the deposit confirms.

2. while unconfirmed, they look at the inputs (where you got the funds) for tell tell signs of risk of it not confirming. EG low fee. or spotting you simultaneously writing a second transaction using the same inputs. opting for RBF, seeing if in the inputs if there was any sign of you trying to double spend before. etc etc.
but point number one is usually the case.. dont pay out unless deposit confirms

[uname]

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.

certainly bitcoin safe to transact, but everyone when they transact with someone they had to wait until the transaction is confirmed as to avoid losses on certain parties,

[krishna1]

irriversable transactions does not means that a user do not have to pay the fees. its the reason for being transactions confirmed but the most importantly it helps us to avoid the problems like double spending and it also makes the avoidation from hackers stronger

[Babayega31]

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.

There is not much we can do about confirmation time except sending an even bigger fee, but I find that even now the transactions are faster than a wire transfer and if you really need a fast transaction then adding a generous fee will be enough to get confirmation in minutes.

This is very important in every bitcoin transaction because it serves as your document incase there is a problem that would happen with your online activities. Online sites handling these specially our online wallets making this more secure in order for the members to gain trust and they became more comfortable as bitcoin is concerned.

[acroman08]

~

sorry for late reply.

to mitigate risks.
when the casino accepts zero confirms.. they do a few things.

1. they know that when you deposit. your then playing in their house. so while the tx is confirming they can make you lose yor game or hold ot on the withdrawal until the deposit confirms.

2. while unconfirmed, they look at the inputs (where you got the funds) for tell tell signs of risk of it not confirming. EG low fee. or spotting you simultaneously writing a second transaction using the same inputs. opting for RBF, seeing if in the inputs if there was any sign of you trying to double spend before. etc etc.
but point number one is usually the case.. dont pay out unless deposit confirms

Thanks for replying Franky.
So, it really was like that. ^^

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.

I had no idea there was a service like this.
I always worry when setting my own fees since I have no idea if it would confirm or for how long(hours/days). Which is why I usually end up going with the one suggested(could be costly sometimes,I was once charged $1 for a $35 transaction.) I really wanted to know how to calculate tx size but this service would do.
Thank you for the link.

[ufaiz50]

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?

one of them prevents double spend, all bitcoin transactions are processed by the network blockchain.
during this time I did not must long to wait

[stark101]

Why should people wait for the confirmation of bitcoin? well, to know if their transactions are successfully done or proof that it is already processed. Also confirmation is important because maybe it may become the way or serves as the documentation if what happen to your transactions especially if your first time buying online.

[leowonderful]

The main reason is to stop double spends, which can be executed far more easily than most people think. It's not done often, but it's a huge problem for bitcoin payment processors. Zero confirmation is done by a select few sites, but those sites always check inputs for confirmations, TX fee, and various things about the transaction. Although it's indeed a long wait for most people to wait for a transaction, it's nothing if you want security.

[AicecreaME]

We should wait for the confirmation because it is a proof that the payment has been already sent to us or to someone who is going to receive a certain amount of bitcoin. It is a proof that we have already paid by someone or we already paid someone, if this confirmation failed, we have to resend the payment that we are going to send to someone because it is really important if we don't want to have any trouble.

[error08]

What I know is that bitcoin transactions are irreversible. Then why is it that you have to wait for the confirmation before initiating anything?

bitcoin transactions are only irreversible AFTER confirmation.

writing a transaction. you can validate the transaction by checking the inputs and checking the balance is available to spend and the signature belongs to the inputs. but until the transaction is confirmed into a block you dont yet have the funds to spend yourself and the transaction can be rejected.

there are a few ways to write a transaction announcing you as the destination. making you see the unconfirmed transaction. but then write another transaction using the same original input funds to move the funds elsewhere and getting that transaction accepted into a block before the one you were hoping for. thus making the one you were hoping for get rejected.

so until the transaction you were hoping for is confirmed (irreversible) dont trust it. especially ones with insufficient fee

I'm sorry does not follow well enough, but it can't be happen if there are sufficient fees right?
Which mean only miners that can be rejected your transaction, and as long as you send enough fee the transaction could consider done?

[hawkins]

if the transaction bitcoin you sent is not confirmed, you will not be able to use bitcoin that, you also can not do transactions if bitcoin you sent has not been confirmed, so we have to wait until the first of at least confirm that bitcoin mu can be used, that's the reason why we must wait for confirmation

[coynedterm]

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?

The time that is attached with confirmation depends upon the fee but the length of time to confirm your deposit at gambling site or exchange is totally depends upon the programming of sites . So its a matter of programme script not of bitcoin payment rule .

[serjent05]

if the transaction bitcoin you sent is not confirmed, you will not be able to use bitcoin that, you also can not do transactions if bitcoin you sent has not been confirmed, so we have to wait until the first of at least confirm that bitcoin mu can be used, that's the reason why we must wait for confirmation

I think you can resend the coin to other address thus for the double spend.  It was clearly stated few post above you.

(qouted it to make sure you can see)

~snipped

2. while unconfirmed, they look at the inputs (where you got the funds) for tell tell signs of risk of it not confirming. EG low fee. or spotting you simultaneously writing a second transaction using the same inputs. opting for RBF, seeing if in the inputs if there was any sign of you trying to double spend before. etc etc.
but point number one is usually the case.. dont pay out unless deposit confirms

This is the reason why establishment wait for at least 2 to 3 confirmation before the amount is credited.

[dothebeats]

Though a hard thing to do, still the act of double spendig coins is still possible on any transaction, that's why most establishments or online aervices that accepts bitcoin as a payment need to wait for at least 2 or 3 confirmations on the network before crediting the coins on the account. However there are some cases in which sites, especially those related to gambling, do not require to see a skngle confirmation on a tx—they constantly check for the inputs on the tx to ensure that no double spending occurs.

[croutonhexagon]

Yes of course we have to wait for confirmation because bitcoin is automated system and there more confirmation means more security. If of someone enter something and try to modify blockchain database then that would be very disappointed.

[bitbunnny]

Confirmation of transactions is some kind of security trigger. Bitcoin system is just functioning that way and this is good to my opinion, that is what makes Bitcoin system one of the safest and prevents double spending. Sometimes is annoying to wait for the needed number of confirmation but we have to accept that.

[Rinder]

Confirmation of transactions is some kind of security trigger. Bitcoin system is just functioning that way and this is good to my opinion, that is what makes Bitcoin system one of the safest and prevents double spending. Sometimes is annoying to wait for the needed number of confirmation but we have to accept that.

We can accept those as long those transactions doesnt take days to complete, its something i do believe bitcoin can improve, and i do expect when the mines ends it can be faster, if not on the next years, i do expect bitcoin to be like the credit and debit cards, take few seconds to get confirmed atleast 2 confirmations thats is the most required number to get credited.

[calkob]

Until a transaction has at least 1 confirmation it is not included in the blockchain, and it is good practise to wait at least 6 for more expensive items.