antoine (OP)
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December 02, 2011, 08:57:57 AM |
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I made an account on Flexcoin and sent $0.005 bitcoins to it. It shows up in "recent transactions" and the "total balance", but not "available balance" which means I cannot sent them out yet. The following is a section in their TOS: Availability of Funds: Any bitcoins deposited into your Flexcoin account will become available to transfer after FIFTEEN (15) confirmations on the bitcoin network. While you must wait for 15 confirmations before transferring these coins to an external bitcoin address or another flexcoin user, the incoming bitcoins will show on your recent transactions page almost immediately, and their sum will be added into your total balance at that time. ALL COINS in the Flexcoin system will follow this rule, and will not be available to any user until they have reached 15 or more confirmations. But what does that mean? How can I get confirmations?
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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antoine (OP)
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December 02, 2011, 09:15:22 AM |
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Awesome! So it's just a matter of time then? How long does it typically take for 15 confirmations? I need to have a good idea because I plan to use this account for political purposes and certain payments can be time sensitive. I decided to go with flexcoin because it's secure and offers cold-storage, but perhaps there's a better eWallet out there?
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Eveofwar
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December 02, 2011, 09:24:28 AM |
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Awesome! So it's just a matter of time then? How long does it typically take for 15 confirmations? I need to have a good idea because I plan to use this account for political purposes and certain payments can be time sensitive. I decided to go with flexcoin because it's secure and offers cold-storage, but perhaps there's a better eWallet out there? A block is set to be mined at a 10 minute average pace, this is an average, so it can be faster or slower. I manage my own wallet. Look around the forums though and https://bitcointalk.org/index.php?action=search
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antoine (OP)
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December 02, 2011, 09:38:26 AM |
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Awesome! So it's just a matter of time then? How long does it typically take for 15 confirmations? I need to have a good idea because I plan to use this account for political purposes and certain payments can be time sensitive. I decided to go with flexcoin because it's secure and offers cold-storage, but perhaps there's a better eWallet out there? A block is set to be mined at a 10 minute average pace, this is an average, so it can be faster or slower. I manage my own wallet. Look around the forums though and https://bitcointalk.org/index.php?action=searchThanks you very much! You're all quite welcoming people So I suppose it would take 2 1/ 2 hours for 15 blocks. Or do they mean 15 confirmations of 6 blocks which would take 15 hours? :S I really really hope it's the 1st one. If not, I'll switch to someone else. My own computers aren't secure enough to manage my own wallet, haha. In fact, I keep my PGP keys on several secured USB thumb drives. Perhaps I could do the same, but this is money we're talking about... not access to sensitive information. If I lose my PGP keys, then I'll simply revoke my key (in the SSL cloud) and use a new one. You can't do that with bitcoin (so far as I know).
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Eveofwar
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December 02, 2011, 09:39:53 AM |
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Awesome! So it's just a matter of time then? How long does it typically take for 15 confirmations? I need to have a good idea because I plan to use this account for political purposes and certain payments can be time sensitive. I decided to go with flexcoin because it's secure and offers cold-storage, but perhaps there's a better eWallet out there? A block is set to be mined at a 10 minute average pace, this is an average, so it can be faster or slower. I manage my own wallet. Look around the forums though and https://bitcointalk.org/index.php?action=searchThanks you very much! You're all quite welcoming people So I suppose it would take 2 1/ 2 hours for 15 blocks. Or do they mean 15 confirmations of 6 blocks which would take 15 hours? :S I really really hope it's the 1st one. If not, I'll switch to someone else. My own computers aren't secure enough to manage my own wallet, haha. In fact, I keep my PGP keys on several secured USB thumb drives. Perhaps I could do the same, but this is money we're talking about... not access to sensitive information. If I lose my PGP keys, then I'll simply revoke my key (in the SSL cloud) and use a new one. You can't do that with bitcoin (so far as I know). 1 block = 1 confirmation = every 10 minutes
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antoine (OP)
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December 02, 2011, 09:44:07 AM |
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1 block = 1 confirmation = every 10 minutes Oh thank goodness!
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