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Author Topic: BITCOIN CONFIRMATION  (Read 309 times)
el kaka22
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July 17, 2019, 06:36:24 AM
 #21

You will be still getting the same amount of bitcoin no matter what, when someone sends you 1 bitcoin and that bitcoin worths 11 thousand dollars it will reach you in whatever time and you will still have 1 bitcoin and it will worth whatever it worths when reaching to you, it has nothing to do with dollar in itself, we are the ones giving it a dollar value.

So, all in all you will always receive the amount of btc you were sent and not the dollar worth of it, if you get sent 1 bitcoin it will reach as 1 bitcoin, if you receive 0.5 you will get 0.5, doesn't matter how much it will always be same amount of bitcoin. Will the worth of that bitcoin you receive change until it reaches to you? Sure the dollar value of it will change but that is not only until it comes to you, it will always change until you cash it out, so as soon as you are sent money it is considered yours and an investment.

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July 19, 2019, 11:53:26 PM
 #22

~ or the network will record the current value when it dropped. i.e bitcoin value of 0.009 equivalent to $90 when it was sent, but it got delayed for 6 hours and by the time it dropped, bitcoin was already $12000 making the value now about $130, would i receive $90 or $130?
the $ value you are seeing only exist in local wallet or blockchain explorer records
it doesn't get recorded with transaction data on bitcoin network or blockchain data level
so the value shown will be depending on the software/explorer you use, whether value at transaction or confirmation time
I think most are using transaction time to determine $ value,
that's why some merchants give price quote that valid only for certain time limit,
for eg payment must be sent and confirmed within 1 hour or order will be cancelled

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July 20, 2019, 04:58:02 AM
 #23

Hello, i would like some gurus to clarify me on this issue of network confirmation. Let us assume that someone sent me btc of 0.009 and the value BTC  as at the time the transaction was done is $10200, and it took over 6 hours for the btc to drop into my wallet because of the confirmation it has to go through, if  at the time the BTC eventually dropped, bitcoin had increased to $12000, would i be receiving the dollar equivalent when it was $10200, or the network will record the current value when it dropped. i.e bitcoin value of 0.009 equivalent to $90 when it was sent, but it got delayed for 6 hours and by the time it dropped, bitcoin was already $12000 making the value now about $130, would i receive $90 or $130?

When someone sends bitcoin to another bitcoin address, the recipient will always get bitcoin, not dollars. An equivalent dollar value is only a reminder of the possibility of fiat money you can get at the current time if you want to sell it. Btw, you won't get dollar when someone send you bitcoin. To convert it into dollar, you have to trade it first.
I would like to stress out that the basis of bitcoin is only at dollar rate. We can never know the price of bitcoin if we did not look for usd convertion. However, we bitcoin is different from usd. And if a sender send bitcoins, recepient will also receive bitcoin and not dollars. Again, that is only a confirmation that bitcoin goes up and down. We can never get dollars if bitcoin will be sent to us.

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July 23, 2019, 07:45:41 AM
 #24

if you are worried about the fiat value of a payment you receive then you have to discuss it with the sender before the payment is sent. you can come up with an agreement about the price and the cases where it has a sudden change but remember that it can cut both ways for example if you were paid when price was $10k and price went up to $13k then you will have to pay back the excess fiat that you received! $3000 per bitcoin!
depending on the size of the payment, the agreement can be a simple verbal one for small amounts or if it is large it can be a legal contract. it needs to address where you get the price from, the time frame the transaction has to be confirmed and the price change percentage that would require extra actions.

but others are correct, you are receiving bitcoin not fiat so you shouldn't even be concerned about fiat value of it. 1BTC is equal to 1BTC regardless of its price.
Ha ha ha, you are a very funny man,  whereon earth is this done, how can he return the extra because he got higher dollar value, it was bitcoin that rewarded him for using its payment system to receive payment,, and he has no business with the payer, if the value had dropped as against the increase op talked about, would the sender had balanced him up if they have certain dollar amount they agreed on?

What if he decided to keep the coin in the wallet for 10 years, and within those 10 years, the value grows to give him like $10000 extra, are you saying he will still have to send it back to sender? I don’t think this is a wise idea, no matter the contract signed, the sender did not over pay, he paid him exactly what he needed to pay him, and that is his own luck if it grows higher.
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