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Author Topic: Confirmation time  (Read 812 times)
threebuddies
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July 29, 2011, 04:21:13 AM
 #1

How many confirmations does it take for a transaction to complete?
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nafai
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July 29, 2011, 04:45:22 AM
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It is the choice of whoever you are transacting with.  Newly mined coins are only considered "totally" confirmed after 120 blocks, but this is way way overkill and nobody uses that many confirmation for regular bitcoin transactions.  You are quite safe in assuming a transaction is legit after 4 or 5 confirmations.  There has never been a block split and reorganization more than 3 blocks long if I recall correctly...   I think a 3 block reorg only happens naturally every couple hundred years (unless there is something fishy going on like if a single mining pool were to obtain >51% of the hashing power and try to manipulate the system by doublespending because of it, or some such)

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July 29, 2011, 05:28:58 AM
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7?
threebuddies
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July 29, 2011, 06:21:41 PM
 #4

Well one of them has 512 confirmations and the other one has 896.
nafai
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July 29, 2011, 08:20:30 PM
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Then the transaction is complete, a long time ago.  A "confirmation" just means the transaction was included in a block in the official blockchain.  The number of confirmations never stops going up, as more blocks are added to the blockchains confirmations for old transactions keep appearing.

A transaction in my wallet from 6/29 (a month ago) currently has 4820 confirmations.

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threebuddies
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July 30, 2011, 03:18:52 AM
 #6

Oh ok
SHlFT
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July 30, 2011, 04:34:14 AM
 #7

I have one with 10000 Confirmations.

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July 30, 2011, 02:19:57 PM
 #8

im up to 13,660 Smiley
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