There is no question that the current clogged confirmation problem of Bitcoin is the one that can really hurt the currency resulting into many analysts questioning if Bitcoin should be the vehicle that carry us into the future. This problem has been predicted and has been going on since many years ago but the Bitcoin community is so divided on this aspect that it took them a long time to finally sit down and decide on what to do.
Right now, we are waiting on what can happen in August 1 but many are optimistic that the problem can be solved by then even if not wholly. Will there be a split? I am personally trusting that there would be none and at the end the interests of the many will prevail.
Topic: [2017-06-18] Zero Confirmation Transactions are no longer science-fiction (Read 3118 times)
June 19, 2017, 03:31:44 AM
June 18, 2017, 01:05:26 PM
Zero Confirmation Transactions are no longer science-fiction - by Amsee
The very basis of bitcoin transactions – the blockchain – has always relied on miner confirmations to determine whether a bitcoin transfer was indeed valid. For most bitcoin users, confirmations are essential to prevent double-spending, a scam where one bitcoin is spent at two different places at the same time. For the most part, this verification system is highly reliable, and usually 6 confirmations guarantee that a transaction was indeed valid. While verification was not so much of the problem in the past, recently, bitcoin has experienced an overflow of blockchain transactions, resulting in tremendous delays of up to days in magnitude. These delays simply reduce the chances of bitcoin becoming a currency of common use.
Read more at: https://www.crypto-news.net/zero-confirmation-transactions-are-no-longer-science-fiction/
The very basis of bitcoin transactions – the blockchain – has always relied on miner confirmations to determine whether a bitcoin transfer was indeed valid. For most bitcoin users, confirmations are essential to prevent double-spending, a scam where one bitcoin is spent at two different places at the same time. For the most part, this verification system is highly reliable, and usually 6 confirmations guarantee that a transaction was indeed valid. While verification was not so much of the problem in the past, recently, bitcoin has experienced an overflow of blockchain transactions, resulting in tremendous delays of up to days in magnitude. These delays simply reduce the chances of bitcoin becoming a currency of common use.
Read more at: https://www.crypto-news.net/zero-confirmation-transactions-are-no-longer-science-fiction/
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