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Author Topic: How long does it takes to confirm a transaction?  (Read 1634 times)
knight22
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July 14, 2012, 05:39:21 PM
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How long does it takes to confirm a transaction?

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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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Raoul Duke
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July 14, 2012, 05:45:09 PM
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As soon as a miner includes it in a block.

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July 14, 2012, 05:47:49 PM
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As long as it takes to put it in a block by miner that solved it. Usually around 10 minutes.
Could take longer if you haven't paid a fee (no incentive for miners to process it).
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July 14, 2012, 05:49:31 PM
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So for what I understand now is that I cannot make another transaction before the last one have been confirmed?

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July 14, 2012, 05:54:53 PM
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So for what I understand now is that I cannot make another transaction before the last one have been confirmed?

If you have no other funds, no. Coins need to be confirmed if you want to send them out.
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July 14, 2012, 05:56:54 PM
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But blockchain.net/wallet doesn't allow me to make a transaction actually, and for what I see, the transaction just before to the same wallet is not confirmed

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July 14, 2012, 06:16:35 PM
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So for what I understand now is that I cannot make another transaction before the last one have been confirmed?
If you have no other funds, no. Coins need to be confirmed if you want to send them out.
By protocol you can send unconfirmed coins and the two transactions can appear in the same block, whether the client will allow you to do this depends on the particular client (the standard client doesn't).

But blockchain.net/wallet doesn't allow me to make a transaction actually, and for what I see, the transaction just before to the same wallet is not confirmed
I suppose you mean blockchain.info. Presumably it's waiting for a confirmation or several before allowing spending, but I'm not very familiar with it.

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July 15, 2012, 10:39:44 AM
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The answer is six Bitcoin transaction blocks. The official Bitcoin client considers newly received bitcoins to be "trustworthy" (and then marked as confirmed and added to the account balance) after the payment is included in a block, and then five further block chain blocks have been built upon the one containing the transaction. It takes an average of about 10 minutes for a new transaction block to be generated, so about an hour. However, with the current resilience and high mining difficulty, after a transaction has been included in the first block, there are few scenarios that would make the payment invalid or prevent the transaction from being permanently included in the block chain, and these would take a significant double-spend attack attempt by the sender.

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July 15, 2012, 10:50:27 AM
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The answer is six Bitcoin transaction blocks. The official Bitcoin client considers newly received bitcoins to be "trustworthy" (and then marked as confirmed and added to the account balance) after the payment is included in a block, and then five further block chain blocks have been built upon the one containing the transaction.
No, the term "confirmed", and inclusion in the balance in the standard client, are after just 1 block.

What the standard client does do is put a nice "V" icon near a 6-confirmations transaction. Ascribing magical properties to the 6-confirmations mark is archaic, it really depends on the nature of the transaction. 2 is enough for almost all transactions.

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