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Author Topic: i am coding a coin,what is better 2 confirmations or 6?  (Read 263 times)
silverstar0
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February 22, 2017, 04:38:25 PM
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and anyone know where i can change that?i couldnt find
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brituspol
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February 22, 2017, 04:42:03 PM
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Let me ask you good sire, can you give me whatever it is that you're smoking? Because it seems like some pretty crazy stuff
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February 22, 2017, 04:45:14 PM
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and anyone know where i can change that?i couldnt find
Two is better if you are trying to steal the coins away, 6 is better if you are trying to prevent people from stealing those coins.

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silverstar0
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February 22, 2017, 05:11:46 PM
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and anyone know where i can change that?i couldnt find
Two is better if you are trying to steal the coins away, 6 is better if you are trying to prevent people from stealing those coins.

but litecoin has also 3 confirms or? it will be a scrypt coin
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February 22, 2017, 05:25:38 PM
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Neither.
You should first understand what confirmation means.
1 confirmation means the transaction is included in a block
>1 confirmation means the transaction is deep

For bitcoin when we say a number of confirmation more than 1 we are referring to "double spend possibilities" and it says when transaction is deep the chances of it being double spent is lower and eventually can be considered zero.

For some altcoins this number is up to 100+ confirmation to prevent this kind of things since they have much more orphaned blocks.
There are a couple of factors involved in this, that I am not getting into because I am not so sure about them! but you can find resources online to read more.

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February 22, 2017, 05:27:17 PM
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and anyone know where i can change that?i couldnt find
Two is better if you are trying to steal the coins away, 6 is better if you are trying to prevent people from stealing those coins.

but litecoin has also 3 confirms or? it will be a scrypt coin

You will not find it anywhere because it is simply a convention.

When receiving bitcoins, some people consider the transaction complete with no confirmations, some wait for at least 1 confirmation, and for larger amounts, many wait for at least 3 confirmations. Six confirmations is considered super-safe.

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February 22, 2017, 11:24:14 PM
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If you are coding some sort of Digital Currency that is based off Bitcoin -it depends on your goal. What is the value of the coin and what is the maximum amount of coins that will be available?

If you have a coin that has 6 Confirmations then the odds are that the people that hold onto it won't want to spend it as much because it probably won't be fast enough.

With only 2 of the confirmations, the coin transfers will be completed quickly and the coin could get spent from more people.

So it all depends on your goal of the Project.

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