Has The Time Come Where 3 Bitcoin Confirmations Are Not Enough?

Herbert2020

legendary

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Quote from: Jo_CoinFarm on January 27, 2016, 04:56:23 PM

I was thinking today that with the change in bitcoin and all of the scams and bitcoin fraud that is going on these days not just with bitcoin but with using bitcoin as an excuse to commit fraud ....

the only fraud which is related to confirmation that can happen is "double spending".
so in that case the 3 confirmation is enough, but you can always wait for more if you are transferring larger amounts of bitcoin to be sure.

p.s. if you had any other form of scam or fraud which is related with confirmation, do share with us.

afriezalie

sr. member

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Like others said, 1 confirmation is secure enough for small transaction. Many services use 3 minimal confirmations for large and risky transaction, but there are some services use 5 minimal confirmations for securer large transaction. Those are enough for secure transaction. You don't have to wait for 200 confs, 5 is okay for important tx. But be carefull if you accept 0 conf transaction, it can be a fake transaction.

zodiac3011

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1 Confirmation is enough and 3 confirmations are suitable for larger transaction like everyone said. However think that a 200 confirmation fake transaction is quite difficult nearly impossible unless there is a new fork but which will be soon eliminated. If there is such attack, it can make a huge damage.

Shibashi Dogemoto

hero member

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i think you are referring to freshly mined coins... Not usual transfers Wink

If i remember correctly, it takes 120 confirmations before you can spend mined coins... So basically 1200 minutes (on average) = 20 hours... reasonable for 25 bitcoins

nichu

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nothing has changed so far,3 confirmation is more than enough , unless specified

coinzat

sr. member

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Young but I'm not that bold

Quote from: Tyrantt on January 27, 2016, 06:50:01 PM

Uhhhh no. my transactions from yobit to my wallet require 3 confirmations, so no.

only one confirmation is enough to accept a deposit in a lot of exchange sites, I do not see any point from waiting for more confirmations because AFAIK there is no possible double transaction may happen after getting the first confirmation in a block in the main blockchain

Amph

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Quote from: Tyrantt on January 27, 2016, 06:50:01 PM

Quote from: Jo_CoinFarm on January 27, 2016, 04:56:23 PM

I was thinking today that with the change in bitcoin and all of the scams and bitcoin fraud that is going on these days not just with bitcoin but with using bitcoin as an excuse to commit fraud That 3 bitcoin confirmations are too small and the bitcoin networks must require at least 200 bitcoin confirmations before the receiver see it on his/her balance and before it leaves the senders balance so in essence the bitcoins gets put in purgatory for confirmations.

Uhhhh no. my transactions from yobit to my wallet require 3 confirmations, so no.

for what? after one conf it is already on your wallet, hell even before with the unconfirmed symbol "?", if you're talking about secure tx, you neex minimum 6 anyway, 3 is nice against a certain small attack to the network, but nothing more

pooya87

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as far as i am aware nothing has changed so far in bitcoin ecosystem. so as always number of confirmations depend on you and the amount you are receiving.
if you are receiving a big amount and you are paranoid you can wait for 10-15 confirmation otherwise the 1-3 is enough.

Tyrantt

hero member

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Need some spare btc for a new PC

Quote from: Jo_CoinFarm on January 27, 2016, 04:56:23 PM

I was thinking today that with the change in bitcoin and all of the scams and bitcoin fraud that is going on these days not just with bitcoin but with using bitcoin as an excuse to commit fraud That 3 bitcoin confirmations are too small and the bitcoin networks must require at least 200 bitcoin confirmations before the receiver see it on his/her balance and before it leaves the senders balance so in essence the bitcoins gets put in purgatory for confirmations.

Uhhhh no. my transactions from yobit to my wallet require 3 confirmations, so no.

Lauda

legendary

Activity: 2674

Merit: 3000

Terminated.

No. This does not make sense at all. All the 'fraud' relate to Bitcoin are either due to accepting transactions with 0 confirmations or due to services being hacked/unable to store coins properly. With every additional confirmation it becomes exponentially harder to reverse a transaction. You should be fine with 1 confirmation for smaller amounts and 3 is definitely enough for larger amounts.

Jo_CoinFarm

newbie

Activity: 1

Merit: 0

I was thinking today that with the change in bitcoin and all of the scams and bitcoin fraud that is going on these days not just with bitcoin but with using bitcoin as an excuse to commit fraud That 3 bitcoin confirmations are too small and the bitcoin networks must require at least 200 bitcoin confirmations before the receiver see it on his/her balance and before it leaves the senders balance so in essence the bitcoins gets put in purgatory for confirmations.

Topic: Has The Time Come Where 3 Bitcoin Confirmations Are Not Enough? (Read 851 times)