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Topic: 6 confirmations questions - page 2. (Read 560 times)

legendary
Activity: 2464
Merit: 3878
Hire Bitcointalk Camp. Manager @ r7promotions.com
September 11, 2020, 03:19:48 PM
#7
Is there any person that lost lots of money by waiting for only 1 confirmation?
Not sure how much it will cost in the computing power but to reverse a tx with only 1 confirmation it will cost good amount of money. So maybe it's not worth to try for few bitcoin.

Quote
Because I've heard that a 51% attack has never happened before.


This is where we stand. Source : https://btc.com/stats/pool?pool_mode=all
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
September 11, 2020, 03:12:42 PM
#6
If you are dealing with lots of money, wait for 6 confirmations. For standard transactions or transactions with a lower amount (less than a few thousands), 1-3 confirmations are absolutely fine.

Is there any person that lost lots of money by waiting for only 1 confirmation? Because I've heard that a 51% attack has never happened before.
copper member
Activity: 2002
Merit: 1693
Top Crypto Casino
September 11, 2020, 02:33:11 PM
#5
The average time for each bitcoin block confirmation is 10 minutes but the block confirmation time is in actual sense random.
Have a look at this block explorer to see how random it is; https://mempool.space

Here's a little overview of the last 7 mined blocks at the moment, notice how random the time interval is between the mined blocks

legendary
Activity: 1624
Merit: 2481
September 11, 2020, 02:05:33 PM
#4
If it takes 6 blockchain confirmations to confirm a transaction to the network and each confirmation is about 10 minutes,  how come sometimes When I  recieve bitcoin it came faster like 30 min or less?


A transaction is confirmed once it has been included into a block.
Each subsequent block adds 1 confirmation to that transaction. A bitcoin transaction is considered to be completely irreversible after 6 confirmations.
If you are dealing with lots of money, wait for 6 confirmations. For standard transactions or transactions with a lower amount (less than a few thousands), 1-3 confirmations are absolutely fine.

Regarding your second question.. the target (and therefore the difficulty) is chosen so that on average(!) there is a block each 10 minutes.
It is very well possible that we have 3 blocks within 10 minutes, or 2 blocks withon 60 minutes. After all it is pretty random, but the average will be ~10 minutes.
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
September 11, 2020, 12:20:35 PM
#3
It doesn't need 6 confirmations for your transaction to get confirmed from the network. It gets confirmed from the 1st confirmation.

What 6 confirmations do:
Practically impossible for someone to exclude your transaction from the blockchain. The procedure of changing the way a block has been submitted to the network is called 51% attack.

Quote
how come sometimes When I  recieve bitcoin it came faster like 30 min or less?

As I mentioned, you get your bitcoins since the transaction has 1 confirmation. Imagine that the 6 confirmations secure your transaction that will not change or get removed in the future.
legendary
Activity: 2464
Merit: 3878
Hire Bitcointalk Camp. Manager @ r7promotions.com
September 11, 2020, 12:19:42 PM
#2
You only need 1 confirmation to claim the coins that it's yours. Bitcoin transactions are technically reversible but it cost enormous amount of computing power that once a tx receives 6 confirmation it becomes impossible to reverse. The money that costs to do it is not just reasonable.
member
Activity: 464
Merit: 29
September 11, 2020, 11:47:46 AM
#1
Guys,  I am learning technical side of bitcoin blockchain, I am confused about something.


If it takes 6 blockchain confirmations to confirm a transaction to the network and each confirmation is about 10 minutes,  how come sometimes When I  recieve bitcoin it came faster like 30 min or less?
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