Why Should people wait for confirmation of Bitcoin?

[wxa7115]

~

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.

No problem man, that is why we are in the forum in the first place, to exchange information about bitcoin and the related services, I use that service every time I’m going to send a transaction and also as an indirect way to see how busy is the network.

[1715620262]

1715620262

[1715620262]

1715620262

[1715620262]

1715620262

[1715620262]

1715620262

[MingLee]

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.

I've never understood the reasoning behind having more than one confirmation, or at least more than 2 or 3. It's not like you can really double-spend after a few blocks have gone through, and it's nearly impossible to reverse a transaction.

I haven't read any papers or gone and looked into why that works in the way it does, but just seems alien to me.

[shinratensei_]

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.

I've never understood the reasoning behind having more than one confirmation, or at least more than 2 or 3. It's not like you can really double-spend after a few blocks have gone through, and it's nearly impossible to reverse a transaction.

For preventing the double spending, every merchant or store was giving a rule about the minimum of confirmation have needed by them(at least 2). Get the validation from the block.

[wdnj]

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 want to say only one thing when we make every day transfers, when we go to the bank does the bank says wait a bit until the transaction get listed on the system?
Also when we make international transaction, shouldn't we wait for few days until it gets "confirmed" that's with bitcoin transaction too.

[blackmachinegun]

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 want to say only one thing when we make every day transfers, when we go to the bank does the bank says wait a bit until the transaction get listed on the system?
Also when we make international transaction, shouldn't we wait for few days until it gets "confirmed" that's with bitcoin transaction too.

yeah I think it's also happening in the world including many transactions in the bank, but when I do transfer in the bank, I do not need to wait for hours for the money it was acceptable? but in bitcoin might be waiting a long time?

[mace15]

Everytime I made a transactions I always see to it to check the
confirmations of bitcoin. To ensure also that I did not double
send the amount. So this is really important to check in sending
btc to anyone.

[HaXX0R1337]

it is pretty fun that your transaction may be declined, however that happens really extremely rare.
You can wait even up to 7 days, and you dont know if it is accepted or anything, no sign at all

[ranochigo]

An unconfirmed transaction is relatively hard to reverse if:
1. There is enough fee attached to it and it probably would get confirmed very soon.
2. The transaction has propagated through the entire network and big miners has seen it.
3. Opt-IN RBF flag is not enabled.

It is safe to accept such transactions if:
1. It is of a relatively small amount.
2. Your business can take the risk.

Ideally, 6 confirmations is the minimum for it to be VERY hard to reverse. The block re-organisation aren't that big and it is very unlikely that 6 blocks would be orphaned. Double spending is still possible if there is a fork and the merchant would lose money if he is on the wrong fork. 51% attacks are extremely hard to pull off and it would have little to no financial benefits.

The reason for many gambling sites to require at least a confirmation is due to the fact that the risk of users double spending is high and they cannot afford to lose any coins.

As long as there is 1 confirmation, you are probably quite safe.

[ukasyah]

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?

Even though the possibility of a double spend is very low, some small rest of risk always exists.
That's why we are told to wait for confirmation.If however you have 100% trust to your other party, because you know him for many years and everything always went smooth and fine you don't need to wait of course.

did you mean that we do not need to wait if we send our coins to someone we know for years and we trust him almost 100%? so how do we send those coin without taking too long for waiting? how could it be? probably you can give some explanation or tutorial because I think another OP's purpose asking that question is he wants to know whether any other way to send coins without waiting. cmiiw.

[ranochigo]

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?

Even though the possibility of a double spend is very low, some small rest of risk always exists.
That's why we are told to wait for confirmation.If however you have 100% trust to your other party, because you know him for many years and everything always went smooth and fine you don't need to wait of course.

did you mean that we do not need to wait if we send our coins to someone we know for years and we trust him almost 100%? so how do we send those coin without taking too long for waiting? how could it be?

If you trust the other party, you can probably finish the transaction without waiting for any confirmation. You have to trust the other party to not double spend it and you can rebroadcast the transaction yourself from time to time.

The waiting time for confirmation cannot be shortened if they did not include enough fees.

[R3ffun]

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?

because for verification , bitcoin have a safe security . so this is just make sure you or maybe hacker