Zero Confirmation Transactions are no longer science-fiction - by AmseeThe very basis of bitcoin transactions – the blockchain – has always relied on miner confirmations to determine whether a bitcoin transfer was indeed valid. For most bitcoin users, confirmations are essential to prevent double-spending, a scam where one bitcoin is spent at two different places at the same time. For the most part, this verification system is highly reliable, and usually 6 confirmations guarantee that a transaction was indeed valid. While verification was not so much of the problem in the past, recently, bitcoin has experienced an overflow of blockchain transactions, resulting in tremendous delays of up to days in magnitude. These delays simply reduce the chances of bitcoin becoming a currency of common use.
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