Bitcoin Forum
July 23, 2017, 05:10:27 AM *
News: Due to BIP91, it would starting now be prudent to require 5x more confirmations than usual before trusting transactions.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Confirming Payment ... 1 block, 2 blocks, 6 blocks?  (Read 1437 times)
Stephen Gornick
Legendary
*
Offline Offline

Activity: 2212



View Profile
November 28, 2010, 03:14:14 AM
 #1

I sent a 1 BTC payment to MyBitcoin.  At about 10 minutes later I got the Payment Notification email acknowledging the transfer.  But my own client still showed unconfirmed.

When I logged into MyBitcoin ..., my Balance showed the 1.0 BTC.

Is the number of blocks needed before "confirming" a transaction something that is subjective?  I.e., why does the Bitcoin client wait until a different number .. (6 confirmations, I think ... ) to change to Confirmed, than what MyBitcoin uses?


Decentralized search
Search for products or services and get paid for it
pre-sale Token CAT
25 July 50% discount
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1500786627
Hero Member
*
Offline Offline

Posts: 1500786627

View Profile Personal Message (Offline)

Ignore
1500786627
Reply with quote  #2

1500786627
Report to moderator
theymos
Administrator
Legendary
*
Offline Offline

Activity: 2730


View Profile
November 28, 2010, 03:34:11 AM
 #2

MyBitcoin probably considers a transaction confirmed after 1 block. The more confirmations, the more difficult it is for the sender to reverse a transaction. 6 is almost impossible (and never profitable), but 1 is still extremely difficult. Even 0 is quite difficult. The last few pages of the Bitcoin paper have probability calculations for this.

Maybe MyBitcoin requires more confirmations when you deposit larger amounts of BTC.

1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
Stephen Gornick
Legendary
*
Offline Offline

Activity: 2212



View Profile
November 29, 2010, 07:07:25 AM
 #3

A nice thread on Confirmations from today as well:
  http://bitcointalk.org/index.php?topic=1994.0

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!