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Author Topic: coin verification time  (Read 1113 times)
scepticus
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July 20, 2010, 01:14:43 PM
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The FAQ talks about how some coin recipents may want to wait long enough for "a few blocks to be verified' before accepting the coins.

Can anyone enlighten me what sort of time frame we are talking about here? millseconds, seconds, minutes? The FAQ didn't quantify this from what I could see.

its seems a rather vital attribute to me, when thinking about the competition with traditional POS technology.

Thanks.
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Gavin Andresen
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July 20, 2010, 01:31:26 PM
 #2

See the "Bitcoin snack machine" discussion.

Real-world, ordinary-sized transactions should wait a few seconds for the transaction to propagate across the network.


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July 20, 2010, 01:40:11 PM
 #3

See the "Bitcoin snack machine" discussion.

Real-world, ordinary-sized transactions should wait a few seconds for the transaction to propagate across the network.



What happens in those few seconds if the coin was double spent? Are you notified before the next block comes in?

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July 20, 2010, 04:59:48 PM
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What happens in those few seconds if the coin was double spent? Are you notified before the next block comes in?
I'm not personally notified, no...  Wink   But if I have a Bitcoin client connected to the network then yes, it (along with all the other connected clients) should be sent every transaction shortly after they happen.  It has to-- it might be generating blocks, and the whole point of block generation is to record the valid transactions the client has seen that haven't been included in a previous block.

There's a discussion in this thread of how likely it is that an attacker could "split the network" to successfully double-spend coins.

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