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Author Topic: Bitcoin for Merchants  (Read 664 times)
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July 14, 2011, 11:52:31 PM

My staff writer, Vitalik Buterin concluded that a really strong payment system is key to Bitcoin's success.


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Alex Beckenham
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July 15, 2011, 12:47:20 AM

0/unconfirmed - the transaction has spread through the network to the destination. This happens almost instantly.
1/unconfirmed - a block passed while the transaction was unconfirmed. Reversing a transaction at this stage is extremely difficult. This takes 10 minutes.
X confirmations - a miner put the transaction into a signed block, and the transaction is official and irreversible. This takes 10 minutes to over an hour, although if a transaction fee is used the transaction will almost certainly be included in the first block.

I'm pretty sure 1/unconfirmed means a miner 'put the transaction into a signed block'.

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