Transactions confirmation.

[Btcdeybodi]

I noticed that in every transaction I performed, I have to wait till after the transaction have surpassed 6 confirmation or rather 6 blocks before it can be mined by miners, so does it mean that it is necessary to wait till after the 6 confirmation before one could be comfortable with the transaction?

[Charles-Tim]

Only one 1 confirmation is needed for a transaction to be confirmed. But if it is high amount of bitcoin, you can wait for more confirmation because the more the confirmation, the difficult it becomes for the transaction to be reversed.

[Zaguru12]

The first confirmation actually means that the block in which the transaction is has already been mined by the miners. Yes the 6 confirmations is actually subjected to either the exchange or the wallet that the transaction is received in. There are other wallets or exchanges or even marchants that actually set there confirmations limit to 3 before the transaction can be accepted fully


The 6 confirmation protocol by those entities is simply to avoid double spending attack. This principle works on the protocol of the longest chain. The longer the chain the difficult it is to actually replaces a transaction or block in the blockchain

[Findingnemo]

I noticed that in every transaction I performed, I have to wait till after the transaction have surpassed 6 confirmation or rather 6 blocks before it can be mined by miners, so does it mean that it is necessary to wait till after the 6 confirmation before one could be comfortable with the transaction?

1 confirmation means your transaction is already included in a block by the miners and it is irreversible anymore.

If I am not wrong you are depositing funds to an exchange or casino or some other platform which has its own number of confirmations required before the balance appears and the number varies from one platform to another generally it will be 2/3/6. More the confirmation the difficulty of the transaction being reversed increases if there is any incident like a 51% attack so some platforms prefer the most to ensure there is no foul play.

[Charles-Tim]

1 confirmation means your transaction is already included in a block by the miners and it is irreversible anymore.

Not common but it can be reversed. This can happen when two miners mine the same block at the same time. Although, the transactions on the blocks that the miners mined will likely be the same, and there should not be a problem, but if there are transactions on the block that become orphaned and not on the block that become the longest chain, the transaction will become unconfirmed again and make its way back to the mempool. But likely the transaction will become confirmed again as a miner will later include it in a block. But what if the fee used is low and the mempool suddenly become congested in a way that the transaction would be dropped from mempool. It is better to wait for more confirmation if the amount is high.

[Helena Yu]

If you want to feel safe, you need to wait for 25 confirmations because the chance of double spend attack to happen is only 0.01%.

Remember, double spend attack needs money, if you only spend small amount of coins, 1 confirmation is enough. Read this thread How many Bitcoin confirmations is enough?

[Antotena]

I noticed that in every transaction I performed, I have to wait till after the transaction have surpassed 6 confirmation or rather 6 blocks before it can be mined by miners, so does it mean that it is necessary to wait till after the 6 confirmation before one could be comfortable with the transaction?

6 confirmation means your transaction has been mined into a block and more blocks has been mined after that and that makes it impossible to be reverse at that point, this is the general and opinion of the bitcoin community but from wallet to exchange might not be the same. I think if you are sending a transaction from wallet to Binance, you need to have 2/2 of comfirmation before your transaction will become spendable and withdraw and on kucoin, you need to have 3/3 before you can spend the bitcoin.

Just for safety, I think you should allow 6/6 confirmation of transactions to avoid explaining later to any person you are doing transaction with, don't rush and make sure to never complete a deal if a transaction is still pending. Some people are evil and can use this to cheat you when making deals. Don't trust, ways verify and that is always verify that the transaction is comfirm.

[Sandra_hakeem]

I noticed that in every transaction I performed, I have to wait till after the transaction have surpassed 6 confirmation or rather 6 blocks before it can be mined by miners, so does it mean that it is necessary to wait till after the 6 confirmation before one could be comfortable with the transaction?

it depends on the volume of coin for the said transaction... A single confirmation would do - and a mail is immediately sent to you (assuming your receiving wallet is linked to your email)... Sometimes, you may not be able to move the fund or manipulate them yet until it's totally confirmed from the receiving wallet( mostly happens in centralized Wallets)

Only one 1 confirmation is needed for a transaction to be confirmed. But if it is high amount of bitcoin, you can wait for more confirmation because the more the confirmation, the difficult it becomes for the transaction to be reversed.

There isn't any possibilities of reversing the transaction even at one confirmation so how's that the reason?

If you want to feel safe, you need to wait for 25 confirmations because the chance of double spend attack to happen is only 0.01%.

funny enough, it keeps confirming with or without your consent so I don't see any need of waiting that long...
Edit:

For 1 confirmation, the probability is 56.66%. The more than confirmation, the lesser the possibility.

Charles, if you didn't misquote, you would have understood that I wrote - THERE ISN'T ANY POSSIBILITY* OF REVERSING THE TRANSACTION...(by yourself) not, there ISN'T any possibility* of the transaction getting reversed... There are two different statements.
Thanks for the objection!

Sandra 🧑‍🦰

[Charles-Tim]

There isn't any possibilities of reversing the transaction even at one confirmation so how's that the reason?

You can read more about chain reorg: https://learnmeabitcoin.com/technical/chain-reorganisation

There is a link posted by Helena Yu: https://jlopp.github.io/bitcoin-confirmation-risk-calculator/

You can see on the link that Foundry USA has the highest mining hashrates of 27%, using it to determine the possibility of a transaction that has been confirmed to get back to the mempool and become unconfirmed. For 1 confirmation, the probability is 56.66%. The more than confirmation, the lesser the possibility.

[hd49728]

I noticed that in every transaction I performed, I have to wait till after the transaction have surpassed 6 confirmation or rather 6 blocks before it can be mined by miners, so does it mean that it is necessary to wait till after the 6 confirmation before one could be comfortable with the transaction?

Your transaction first will be broadcasted by you if you use non custodial wallet, or by an exchange if you submit a withdrawal on that exchange.

Then it will be Pending and wait for a first confirmation. The waiting time can be few seconds to 10 minutes (a block time is average 10 minutes) or 60 minutes or many hours or days. It depends on how high or low your transaction fee rate is compares to other Pending transaction in mempools.

Miners will pick transactions with as highest fee rates and transaction fees as possible and they will choose Pending transaction from tip of mempools.

I don't know 6 confirmations in your post is a required confirmation number from an exchange to credit that deposit to your account and allow you to start trading or it is pending time of your transaction before its first confirmation. Usually exchanges only ask for 1 up to 3 confirmations to make credit.

[FinneysTrueVision]

It is not necessary to wait for 6 confirmations. Some wallets even allow you to spend unconfirmed coins. The amount of confirmations is an indication of how secure it is to accept a payment. If you are a business it is best to wait for at least 1 confirmation to avoid getting ripped off by a double spending attempt. Unconfirmed transactions can always be reversed by replacing the original transaction with one paying a higher fee. With 1 or more confirmations it is still possible to reverse through a chain reorganization but very unlikely and practically impossible after a certain amount.

[PrivacyG]

In theory a Bitcoin Transaction is confirmed as soon as it is included in a Block.  There are risks however and for this reason most of us consider a Bitcoin Transaction to be confirmed only after 3 confirmations.

For much larger amounts of Bitcoin, it is highly recommended to wait for even more.  If I had to receive a million Dollars in Bitcoin, I would wait for at least 10 confirmations before considering it a properly confirmed Transaction.

What you are referring to is likely correlated to the Software or Service you are using.  Exchanges apply the same Security measures for the same reasons.  This is why some Shit Coins require over 100 Confirmations for Exchanges to consider it a done deal.  Their Security is much worse than Bitcoin, which makes it more likely for even 10 confirmations to be considered risky.

Some Wallets also consider the Transaction confirmed only after a specific amount of confirmations.  Until then, they show a Pending status.  This was the case with Unstoppable Wallet a while ago, I do not know if they still practice this.

Keep in mind.  It is a generally accepted thing that Bitcoin Transactions are only considered confirmed once they reach at least three confirmations.  The more you get however, the better and the more strong evidence it is that the recipients have received the Coins.

[Yamane_Keto]

The question will always be related to the amount of risk versus the price, as the higher the price, the more waiting to ensure that the transaction is confirmed is a good thing, especially since we assume that the mining pools do not want to do anything bad.
Here, 1 confirmation is sufficient, and there is a small possibility of a reorg occurring. Therefore, in a normal situation, 1 confirmation is sufficient and 3 for large transactions.

If there is any doubt about the AntPool mining pool (as it is the largest), then 6 confirmations are sufficient. The more decentralized the network (no pool has a high hashrate percentage), the fewer confirmations are needed, and vice versa. Meaning, if AntPool reaches 49%, more confirmations will be necessary (assuming their intention is bad).