If the txn isnt confirmed, you can still spend the coins by sending it to another address with a higher fee and the miner may process this first rendering the first transaction as a double spend
thats why min confirmations are a must, infact many exchanged require as much as 6 confirmations before they let you trade the coins
Topic: 1 confirmed transaction (Read 352 times)
why most escrow service and sites wait till 1 confirmed transaction Done ?
bitcoin can’t refund after send
bitcoin can’t refund after send
It is in escrow so don't worry to much about that. The confirmation is for the escrow account. Not for the whole transaction.
why most escrow service and sites wait till 1 confirmed transaction Done ?
bitcoin can’t refund after send
bitcoin can’t refund after send
If the transaction is not confirmed, it can become invalid.
If it becomes invalid, then the escrow service or sites won't receive the bitcoins.
what happen for invalid transactions ??
They are invalid. That means they don't exist in the system anymore.
refunded ?
They don't need to be refunded. They don't exist.
why most escrow service and sites wait till 1 confirmed transaction Done ?
bitcoin can’t refund after send
bitcoin can’t refund after send
If the transaction is not confirmed, it can become invalid.
If it becomes invalid, then the escrow service or sites won't receive the bitcoins.
what happen for invalid transactions ??
refunded ?
why most escrow service and sites wait till 1 confirmed transaction Done ?
bitcoin can’t refund after send
bitcoin can’t refund after send
If the transaction is not confirmed, it can become invalid.
If it becomes invalid, then the escrow service or sites won't receive the bitcoins.
The concern is double spending, read here for a detailed explanation. https://en.bitcoin.it/wiki/Irreversible_Transactions
why most escrow service and sites wait till 1 confirmed transaction Done ?
bitcoin can’t refund after send
bitcoin can’t refund after send
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