Sure, why not. 3 confirmations a very and there's only a slim chance for it to get reverse if only there's a huge hashpower to do that.
Most site always say 1 confirmation or 2 confirmations.
Topic: after 3 confirmations, the bitcoin is 100% mine? (Read 230 times)
I also believe that after 3 confirmation, Bitcoin is completely safe I didn't trade Bitcoin until now If I ever do a transaction then it is completely safe to do 3 places. There are many Exchange Side that you need to trust when exchanging I will have to work hard. Take care and spend a lot of time so you can be successful in business.
In the beginning 6 confirmations were deemed safe enough to consider the payment confirmed, nowadays more exchanges use 3 confirmations.
When accepting a payment you can be safe in a relative way with just 1 confirmation, if the amount is high just wait for 3.
When accepting a payment you can be safe in a relative way with just 1 confirmation, if the amount is high just wait for 3.
normally any exchange always asks for 3 confirmations only and not more than that, if I make a bitcoin deposit just waiting for 3 confirmations, that means it's safe enough in my opinion not to worry about that
Yes, but exchanges have a different risk profile to an average user. If someone deposits $50,000 to Coinbase and then successfully double spends it, it would barely even make a dent on their daily profits, let alone their annual profits. If someone sends $50,000 to OP and then successfully double spends it, it could be life changing for OP to lose that amount of money.Just as the "safe" number of confirmations for each individual should change depending on the value of the transaction, the "safe" number of confirmations for one person is not necessarily the same for another person, given the same value of transaction.
Having said all that, for a transaction of $1,000, I'd be happy with 3 confirmations, with the proviso that pooya87 has highlighted above - not your keys, not your bitcoin.
Most of the time it isn't even necessary to wait for one confirmation as long as you can verify the TX has been broadcast and the appropriate miners' fee is included. But every confirmation adds security and trust so it really depends on how much you're getting. what you have to ask yourself is, it's worth the time, effort and resources for someone to commit a double spend for this or not.
I'd never publicly claim that it's okay to accept 0 conf transactions...
If the tx is opt-in rbf, it's pretty easy to doublespend the output used as input for the 0 conf tx. If the tx isn't opt-in rbf, doublespending is still possible (but less likely).
It's also possible that a tx with insufficient fees stays unconfirmed untill most nodes prune it from their mempool. Somebody accepting the 0 conf tx will have to keep rebroadcasting the tx every couple of days untill it gets confirmed.
It's easyer and safer to require at least 2 confirmations before sending the goods... If the buyer cheaps out on the fees, he'll have to worry about getting his tx confirmed aswell.
Yeah same here. I'm happy to confirm on a regular buyer as soon as the tx is propagated (0 confirmation), but with a first time buyer on a significant amount of money, I wait for 2. I've seen 1 confirmation happen often enough get the tx returned (orphaned maybe for example not necessarily RBF). It's really not much longer anyway once you've got 1 confirmation, the 2nd one is formality. It's getting that 1st confirm that can be a bitch at times (if fees aren't enough).
P.S. Nothing is ever, theoretically, 100%;)
Most of the time it isn't even necessary to wait for one confirmation as long as you can verify the TX has been broadcast and the appropriate miners' fee is included. But every confirmation adds security and trust so it really depends on how much you're getting. what you have to ask yourself is, it's worth the time, effort and resources for someone to commit a double spend for this or not.
I'd never publicly claim that it's okay to accept 0 conf transactions...
If the tx is opt-in rbf, it's pretty easy to doublespend the output used as input for the 0 conf tx. If the tx isn't opt-in rbf, doublespending is still possible (but less likely).
It's also possible that a tx with insufficient fees stays unconfirmed untill most nodes prune it from their mempool. Somebody accepting the 0 conf tx will have to keep rebroadcasting the tx every couple of days untill it gets confirmed.
It's easyer and safer to require at least 2 confirmations before sending the goods... If the buyer cheaps out on the fees, he'll have to worry about getting his tx confirmed aswell.
I am getting payments with Paxful. After 3 confirmations, the bitcoin is 100% mine and I can give my buyer the goods?
Most of the time it isn't even necessary to wait for one confirmation as long as you can verify the TX has been broadcast and the appropriate miners' fee is included. But every confirmation adds security and trust so it really depends on how much you're getting. what you have to ask yourself is, it's worth the time, effort and resources for someone to commit a double spend for this or not. normally any exchange always asks for 3 confirmations only and not more than that, if I make a bitcoin deposit just waiting for 3 confirmations, that means it's safe enough in my opinion not to worry about that
Yes, but exchanges have a different risk profile to an average user. If someone deposits $50,000 to Coinbase and then successfully double spends it, it would barely even make a dent on their daily profits, let alone their annual profits. If someone sends $50,000 to OP and then successfully double spends it, it could be life changing for OP to lose that amount of money.Just as the "safe" number of confirmations for each individual should change depending on the value of the transaction, the "safe" number of confirmations for one person is not necessarily the same for another person, given the same value of transaction.
Having said all that, for a transaction of $1,000, I'd be happy with 3 confirmations, with the proviso that pooya87 has highlighted above - not your keys, not your bitcoin.
normally any exchange always asks for 3 confirmations only and not more than that, if I make a bitcoin deposit just waiting for 3 confirmations, that means it's safe enough in my opinion not to worry about that
i don't know how "Paxful" works but if you are receiving bitcoin in an account that you have there then the answer to your question is NO, even if the transaction has a million confirmation the bitcoin is not 100% yours it is Paxful's because they own and control the private keys and you only have an account in their centralized database which could be closed at any time if they decided you are not complying with their terms of services.
I agree with this opinion, now security is Paxful's business and they are responsible if there is an OP money problem 
i don't know how "Paxful" works but if you are receiving bitcoin in an account that you have there then the answer to your question is NO, even if the transaction has a million confirmation the bitcoin is not 100% yours it is Paxful's because they own and control the private keys and you only have an account in their centralized database which could be closed at any time if they decided you are not complying with their terms of services.
3 confirmation in my opinion is safe enough, maybe because I have never had a large transaction, but if I make a large transaction I might wait for more than 3 confirmations to ensure that the transaction is truly successful, so far I have never had a problem in bitcoin transactions.
The more confirmations the transaction gets and the lower it gets the probability of a successful double spend.
So yes 3 confirmations are safe enough.
So yes 3 confirmations are safe enough.
I am getting payments with Paxful. After 3 confirmations, the bitcoin is 100% mine and I can give my buyer the goods?
Yes, without doubt the bitcoin is yours after three or more confirmations. When you deal this on business transaction have patience for at least five confirmations, because at times there arises complications of double spending. Later you can give away the goods for which the particular amount in terms of bitcoin is being transacted. No. It isn't 100% yours.
Can you give the buyer the goods? That depends on how much money is involved and what you see as an acceptable risk. What's the chance of a transaction with 3 confirmations being overturned? Very, very small, but not 0%. Someone with 36% of the hashpower has a 50% chance of being able to reverse 3 confirmations. Someone with 9% of the hashpower has a 1% chance.
Operating this amount of hashpower is very expensive. Is it worth the cost to a potential attacker to try to double spend their transaction? For $100, definitely not. For $1,000,000, maybe.
3 confirmations is fine for smaller amounts. For larger amounts, I would be waiting for at least 6, but the more the safer.
Can you give the buyer the goods? That depends on how much money is involved and what you see as an acceptable risk. What's the chance of a transaction with 3 confirmations being overturned? Very, very small, but not 0%. Someone with 36% of the hashpower has a 50% chance of being able to reverse 3 confirmations. Someone with 9% of the hashpower has a 1% chance.
Operating this amount of hashpower is very expensive. Is it worth the cost to a potential attacker to try to double spend their transaction? For $100, definitely not. For $1,000,000, maybe.
3 confirmations is fine for smaller amounts. For larger amounts, I would be waiting for at least 6, but the more the safer.
Thank you. Its all about 1000$.
I understand. Thanks
No. It isn't 100% yours.
Can you give the buyer the goods? That depends on how much money is involved and what you see as an acceptable risk. What's the chance of a transaction with 3 confirmations being overturned? Very, very small, but not 0%. Someone with 36% of the hashpower has a 50% chance of being able to reverse 3 confirmations. Someone with 9% of the hashpower has a 1% chance.
Operating this amount of hashpower is very expensive. Is it worth the cost to a potential attacker to try to double spend their transaction? For $100, definitely not. For $1,000,000, maybe.
3 confirmations is fine for smaller amounts. For larger amounts, I would be waiting for at least 6, but the more the safer.
Can you give the buyer the goods? That depends on how much money is involved and what you see as an acceptable risk. What's the chance of a transaction with 3 confirmations being overturned? Very, very small, but not 0%. Someone with 36% of the hashpower has a 50% chance of being able to reverse 3 confirmations. Someone with 9% of the hashpower has a 1% chance.
Operating this amount of hashpower is very expensive. Is it worth the cost to a potential attacker to try to double spend their transaction? For $100, definitely not. For $1,000,000, maybe.
3 confirmations is fine for smaller amounts. For larger amounts, I would be waiting for at least 6, but the more the safer.
I am getting payments with Paxful. After 3 confirmations, the bitcoin is 100% mine and I can give my buyer the goods?
Jump to: