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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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