BITCOIN CONFIRMATION | Bitcointalksearch.org

barbara44

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Quote from: Pursuer on July 16, 2019, 05:43:20 AM

if you are worried about the fiat value of a payment you receive then you have to discuss it with the sender before the payment is sent. you can come up with an agreement about the price and the cases where it has a sudden change but remember that it can cut both ways for example if you were paid when price was $10k and price went up to $13k then you will have to pay back the excess fiat that you received! $3000 per bitcoin!
depending on the size of the payment, the agreement can be a simple verbal one for small amounts or if it is large it can be a legal contract. it needs to address where you get the price from, the time frame the transaction has to be confirmed and the price change percentage that would require extra actions.

but others are correct, you are receiving bitcoin not fiat so you shouldn't even be concerned about fiat value of it. 1BTC is equal to 1BTC regardless of its price.

Ha ha ha, you are a very funny man, whereon earth is this done, how can he return the extra because he got higher dollar value, it was bitcoin that rewarded him for using its payment system to receive payment,, and he has no business with the payer, if the value had dropped as against the increase op talked about, would the sender had balanced him up if they have certain dollar amount they agreed on?

What if he decided to keep the coin in the wallet for 10 years, and within those 10 years, the value grows to give him like $10000 extra, are you saying he will still have to send it back to sender? I don’t think this is a wise idea, no matter the contract signed, the sender did not over pay, he paid him exactly what he needed to pay him, and that is his own luck if it grows higher.

Nellayar

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Quote from: emberbekas on July 15, 2019, 02:34:35 PM

Quote from: Lawrenzoo on July 15, 2019, 09:44:42 AM

Hello, i would like some gurus to clarify me on this issue of network confirmation. Let us assume that someone sent me btc of 0.009 and the value BTC as at the time the transaction was done is $10200, and it took over 6 hours for the btc to drop into my wallet because of the confirmation it has to go through, if at the time the BTC eventually dropped, bitcoin had increased to $12000, would i be receiving the dollar equivalent when it was $10200, or the network will record the current value when it dropped. i.e bitcoin value of 0.009 equivalent to $90 when it was sent, but it got delayed for 6 hours and by the time it dropped, bitcoin was already $12000 making the value now about $130, would i receive $90 or $130?

When someone sends bitcoin to another bitcoin address, the recipient will always get bitcoin, not dollars. An equivalent dollar value is only a reminder of the possibility of fiat money you can get at the current time if you want to sell it. Btw, you won't get dollar when someone send you bitcoin. To convert it into dollar, you have to trade it first.

I would like to stress out that the basis of bitcoin is only at dollar rate. We can never know the price of bitcoin if we did not look for usd convertion. However, we bitcoin is different from usd. And if a sender send bitcoins, recepient will also receive bitcoin and not dollars. Again, that is only a confirmation that bitcoin goes up and down. We can never get dollars if bitcoin will be sent to us.

Thirdspace

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Quote from: Lawrenzoo on July 15, 2019, 09:44:42 AM

~ or the network will record the current value when it dropped. i.e bitcoin value of 0.009 equivalent to $90 when it was sent, but it got delayed for 6 hours and by the time it dropped, bitcoin was already $12000 making the value now about $130, would i receive $90 or $130?

the $ value you are seeing only exist in local wallet or blockchain explorer records
it doesn't get recorded with transaction data on bitcoin network or blockchain data level
so the value shown will be depending on the software/explorer you use, whether value at transaction or confirmation time
I think most are using transaction time to determine $ value,
that's why some merchants give price quote that valid only for certain time limit,
for eg payment must be sent and confirmed within 1 hour or order will be cancelled

el kaka22

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You will be still getting the same amount of bitcoin no matter what, when someone sends you 1 bitcoin and that bitcoin worths 11 thousand dollars it will reach you in whatever time and you will still have 1 bitcoin and it will worth whatever it worths when reaching to you, it has nothing to do with dollar in itself, we are the ones giving it a dollar value.

So, all in all you will always receive the amount of btc you were sent and not the dollar worth of it, if you get sent 1 bitcoin it will reach as 1 bitcoin, if you receive 0.5 you will get 0.5, doesn't matter how much it will always be same amount of bitcoin. Will the worth of that bitcoin you receive change until it reaches to you? Sure the dollar value of it will change but that is not only until it comes to you, it will always change until you cash it out, so as soon as you are sent money it is considered yours and an investment.

marcbitcoins

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The Bitcoin figure or quantity that you sent will only change after you receive your Bitcoin in other wallet because of exchanges fees like if you send 0.1 BTC then expect to receive 0.09+ BTC but expect the dollar value will not be the same as the BTC price is constantly changing after the long confirmation. Maybe if the blockchain transaction is instant then you will surely receive the same fiat value that you desired.

bitgolden

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Sure, you will definitely get higher because what bitcoin recognizes is the exact equivalent that was sent to you, if bitcoin had even turned to $20k by the time you received it, whatever equivalent that 0.009 would be then is what you will receive, the only person that lost out is the receiver, if he is dealing with USD because he would have sent lesser quantity if he had waited to send when bitcoin was higher, but I don’t blame him, he would not have wanted to delay your payment in case it’s job payment.

If not for the volatility of bitcoin, people that would have enjoyed bitcoin more are salary earners, imagine that as at the time they paid them a particular salary, btc was low, and if btc doubles within a short period of that time, it means they would be receiving double of their salary. In this case, you will be the one to gain more.

Japinat

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We can only give an answer based on the blockchain, unless you will explain further what would you like to know.
Every exchange that are located in different country always value your BTC in their fiat value and they could have different policy being followed on how it is valued the moment you received it in your account. Normal number of confirmation in exchanges are 3 confirmation before they credit, so use that as a basis.

Bunsomjelican

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Quote from: Lawrenzoo on July 15, 2019, 09:44:42 AM

Hello, i would like some gurus to clarify me on this issue of network confirmation. Let us assume that someone sent me btc of 0.009 and the value BTC as at the time the transaction was done is $10200, and it took over 6 hours for the btc to drop into my wallet because of the confirmation it has to go through, if at the time the BTC eventually dropped, bitcoin had increased to $12000, would i be receiving the dollar equivalent when it was $10200, or the network will record the current value when it dropped. i.e bitcoin value of 0.009 equivalent to $90 when it was sent, but it got delayed for 6 hours and by the time it dropped, bitcoin was already $12000 making the value now about $130, would i receive $90 or $130?

You will receive it of course at the same amount in 0.009BTC, now if got increased into 12k$ after 6 hours instead of 90$ you will receive 130$, meaning you are right with your thoughts. But when it dump below 10k$ each bitcoinBTC then you will receive in dollar below 90$, just simple computation as that mate.

Lanatsa

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It wont matter actually because you will still recieve the btc on the same value no matter what and talking about price fluctuations then
it would already depend on what would be the price as the time you have recieved it on your wallet.If its mooning then expect you would received some profits
in fiat value and also it can go to the opposite way.

iamaruf

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Hey It doesn't matter in Fiat. You will receive 0.009 btc. Doesn't matter in USD. If price up then you can make profit if price goes down you are going to lose some bucks. But exactly you will receive that amount of BTC.

RodeoX

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It is easier to make your deals denominated in BTC not dollars. Dollars are just local money and only apply to some.

Ucy

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Good question! The increase or decrease in price happens across the board. If you send $10 worth of Bitcoin and the price of bitcoin increase quickly by say 100% before the $10 bitcoin arrives to its destination, the recepient will definitely receive $20 instead of 10.

MonsterV

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Because when we accept bitcoin, bitcoin is still not exchanged in dollars so the price will continue to follow the last price. If the price when sent is $10200 and when received by bitcoin increases then you will receive the last price after it is received and vice versa if it goes down, the price will be lower.

elda34b

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If you're worried about the fiat value, then I suggest you to trade using stable coins. At least the price won't drop/change that much. USDT is probably one of the most widely used stable coins even though it has many issues. Or use another coin with slightly lower confirmation but you need to pay the security for that.

Pursuer

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if you are worried about the fiat value of a payment you receive then you have to discuss it with the sender before the payment is sent. you can come up with an agreement about the price and the cases where it has a sudden change but remember that it can cut both ways for example if you were paid when price was $10k and price went up to $13k then you will have to pay back the excess fiat that you received! $3000 per bitcoin!
depending on the size of the payment, the agreement can be a simple verbal one for small amounts or if it is large it can be a legal contract. it needs to address where you get the price from, the time frame the transaction has to be confirmed and the price change percentage that would require extra actions.

but others are correct, you are receiving bitcoin not fiat so you shouldn't even be concerned about fiat value of it. 1BTC is equal to 1BTC regardless of its price.

buwaytress

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Quote from: Natalim on July 16, 2019, 12:34:08 AM

I guess OP is referring on transfer to local exchange, usually it has a corresponding fiat value like in my local exchange.
Based on my experience, the value of my BTC will be counted when it's in my wallet, usually after 3 confirmation or as soon as the local exchange credit the BTC deposited. Sometimes with long confirmation because the price is mooning, it will affect the value especially if we want to cash out right away.

Even so, if you are transferring to an exchange or to a service that calculates a fiat amount, they usually fix the price at a certain amount and then it doesn't matter what price BTC is when confirmed. 3rd party settlement processors like Bitpay also ensure you send within 10 minutes, and ask you to pay a high fee to guarantee next-block confirmation.

Those transactions generally cancel if you don't confirm in the timeframe too, which is a problem with refunds etc.

Reid

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I am sure you will still receive .009 in your account.
That is if the exchange you are using is supporting bitcoin also as a wallet. (I doubt they dont support it if you are sending bitcoin already)

Look, the conversion of bitcoin to USD should be on your part. That is one of your right. They should not be automatically converting it to USD once you sent bitcoin to bitcoin.

So if it does then it is not just fair. Maybe you should use another exchange next time.

sheenshane

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The quantity of bitcoin you'd suppose to receive is the same amount but the value compared to the dollar is, of course, it will change every minute because of the fluctuation of bitcoin. That is the fixed amount of bitcoin that you may receive as what you'd say it is 0.009 btc.
The sender will pay the transaction fee and you as a receiver will receive the fixed of 0.009 amount and you can't control the value over fiat because that is very volatile.

Quote from: Lawrenzoo on July 15, 2019, 09:44:42 AM

..... bitcoin was already $12000 making the value now about $130, would i receive $90 or $130?

0.009 x $12,000 = $108 This amount of dollars you should recieve if the value of bitcoin is on $12,000.

Natalim

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I guess OP is referring on transfer to local exchange, usually it has a corresponding fiat value like in my local exchange.
Based on my experience, the value of my BTC will be counted when it's in my wallet, usually after 3 confirmation or as soon as the local exchange credit the BTC deposited. Sometimes with long confirmation because the price is mooning, it will affect the value especially if we want to cash out right away.

1Referee

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The only way price fluctuations have an impact on confirmation times is when there is a sudden surge or decrease in price; people become more active where your transaction will get outbid by those paying a higher fee. In order to avoid these situations make sure you or the one sending you coins use clients supporting RBF (replace by fee) where the fees can be increased when needed.

emberbekas

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Quote from: Lawrenzoo on July 15, 2019, 09:44:42 AM

Hello, i would like some gurus to clarify me on this issue of network confirmation. Let us assume that someone sent me btc of 0.009 and the value BTC as at the time the transaction was done is $10200, and it took over 6 hours for the btc to drop into my wallet because of the confirmation it has to go through, if at the time the BTC eventually dropped, bitcoin had increased to $12000, would i be receiving the dollar equivalent when it was $10200, or the network will record the current value when it dropped. i.e bitcoin value of 0.009 equivalent to $90 when it was sent, but it got delayed for 6 hours and by the time it dropped, bitcoin was already $12000 making the value now about $130, would i receive $90 or $130?

When someone sends bitcoin to another bitcoin address, the recipient will always get bitcoin, not dollars. An equivalent dollar value is only a reminder of the possibility of fiat money you can get at the current time if you want to sell it. Btw, you won't get dollar when someone send you bitcoin. To convert it into dollar, you have to trade it first.

dothebeats

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NeuroticFish is right. Bitcoin does not care about fiat currency equivalents if it was send through the bitcoin network. Only on exchanges would you find the USD difference from before you sent it and after you send it. 0.009 btc is still 0.009 btc in the bitcoin network while on exchanges, its USD equivalent might fluctuate. Don't think of USD equivalents when sending bitcoin to bitcoin transactions within the bitcoin network, unless of course you're a trader and time is really important to you.

NeuroticFish

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Bitcoin doesn't know nor care about US dollar. The price in US dollar is something that matters only when you buy or sell.
This means that if somebody sent you 0.009BTC (and has paid, extra the correct fee) you'll receive 0.009BTC no matter how the prices would change.
And if it took 6h in a transaction where price does matter, then the sender was cheap and could have put a bit higher fee; then the transaction would have taken less than 30 minutes.

Lawrenzoo

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Hello, i would like some gurus to clarify me on this issue of network confirmation. Let us assume that someone sent me btc of 0.009 and the value BTC as at the time the transaction was done is $10200, and it took over 6 hours for the btc to drop into my wallet because of the confirmation it has to go through, if at the time the BTC eventually dropped, bitcoin had increased to $12000, would i be receiving the dollar equivalent when it was $10200, or the network will record the current value when it dropped. i.e bitcoin value of 0.009 equivalent to $90 when it was sent, but it got delayed for 6 hours and by the time it dropped, bitcoin was already $12000 making the value now about $130, would i receive $90 or $130?

Topic: BITCOIN CONFIRMATION (Read 322 times)