How many confirmations does it take to verify the deposit?

sallymeeh27

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Quote from: findftp on February 24, 2015, 03:39:19 AM

Quote from: jonson234 on February 24, 2015, 03:17:32 AM

I was taked payment on btc . i want konw How many confirmations does it take to verify the deposit / not refund client ?
thanks

With 1 confirmation, there is 50/50 chance of a double spend is possible.
Every confirmation reduces that chance significantly

It is really good to read about this very useful information and comment from all other people putting comment on this thread. For some kind of inquiry this is really very helpful for me to be able to understand everything here...

Gaugh

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Quote from: ColderThanIce on February 24, 2015, 08:29:42 AM

i think it also depends on the amount of the transaction. for example, with a transaction under 5 btc, then 3 confirmations is good. if the transaction is over 1000 btc then 6 confirmations would be safe to verify the deposit. if the transaction is < 1 btc then i'd say 1 confirmation would be enough.

I think it would be best to wait for 3 confirmations even for transactions <1 btc. For transactions > 4 btc then 6 confirmations will be enough. That's just what I'd do.

ranochigo

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Quote from: TheGrapist on March 05, 2015, 07:36:49 AM

Quote from: maurya78 on February 24, 2015, 03:47:07 AM

1 confirmation should more than suffice for small amounts

Why do exchange go for 3-4 confirmation even on small amt?

Exchanges probably wouldn't bother making a script that checks for amount and see how much confirmations does it need. It is much more convient to use a flat amount of confirmations.

TheGrapist

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Quote from: maurya78 on February 24, 2015, 03:47:07 AM

1 confirmation should more than suffice for small amounts

Why do exchange go for 3-4 confirmation even on small amt?

ThEmporium

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3 confirmations are fine but there's hardly a chance of double spend

Kipsy89

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Relax!

I'm fine with transactions being registered by blockchain.info, blockr.io, etc. and don't wait for confirmations, usually. I don't believe a double-spend is that easy. But you should set your limit according to your own risk-assessment.

najzenmajsen

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Quote from: okthen on March 04, 2015, 06:13:15 AM

At least 5 confirmations, to be on the safe side.

saying that you're on the safe side with 5 confirmations , is like saying 20% is considered safe. '-'

najzenmajsen

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aslong as you dont do very big trades , 1 confirmation is above enough

to be extremly safe go for 10-15 + ( 100 btc + ) or maybe you're just very safe about your coins.

Herbert2020

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Quote from: jonson234 on February 24, 2015, 03:17:32 AM

I was taked payment on btc . i want konw How many confirmations does it take to verify the deposit / not refund client ?
thanks

only one conformation is enough. but depending on the amount and the service you might use, they sometimes require more confirmation upto 5 times

okthen

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At least 5 confirmations, to be on the safe side.

ranochigo

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Quote from: NadineWilliams on March 04, 2015, 03:59:43 AM

At least 3 confirmations to avoid double spending
many exchange will be credited after 3 confirmations on the Bitcoin network.

One confirmation would typically stop any double spending. However, doublespending cannot be avoided unless it has a lot of confirmations. More blocks just reduces the risk of double spending.

NadineWilliams

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At least 3 confirmations to avoid double spending
many exchange will be credited after 3 confirmations on the Bitcoin network.

ranochigo

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Quote from: uki on February 27, 2015, 10:16:44 AM

Quote from: sakira on February 27, 2015, 09:59:50 AM

Quote from: Gisado on February 26, 2015, 10:05:03 AM

I tend to wait for 6 confirmation, just to feel safe.

what if I waited under 6 confirmation? what it does not feel safe?

As I already wrote (see my post above), it depends on two factors: how much BTC you transfer and time pressure. The longer you wait (and thus more confirmations you have) the less likely is that the transaction can be reversed.

It is pretty hard if a transaction is left in the open for sometime and has been propagated well. It prevents the most simple type of attack without confirmation. If you have one confirmation, it is nearly impossible to double spend without 51% of hashrate. For larger amounts, more confirmations would be recommended.

uki

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Quote from: sakira on February 27, 2015, 09:59:50 AM

Quote from: Gisado on February 26, 2015, 10:05:03 AM

I tend to wait for 6 confirmation, just to feel safe.

what if I waited under 6 confirmation? what it does not feel safe?

As I already wrote (see my post above), it depends on two factors: how much BTC you transfer and time pressure. The longer you wait (and thus more confirmations you have) the less likely is that the transaction can be reversed.

Gisado

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Quote from: sakira on February 27, 2015, 09:59:50 AM

Quote from: Gisado on February 26, 2015, 10:05:03 AM

I tend to wait for 6 confirmation, just to feel safe.

what if I waited under 6 confirmation? what it does not feel safe?

Well, just 'feel'. Of course I know it can be secure or insecure under 6 confirmations.

Q7

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That depends largely on the amount that you are receiving. For anything worth a mere few buck, I would say 2 confirmation is likely more than enough. For an attacker it's not worth trying to force a double spend and cheat with that such small amount. For large transactions, the safest is 6 confirmations.

sakira

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Quote from: Gisado on February 26, 2015, 10:05:03 AM

I tend to wait for 6 confirmation, just to feel safe.

what if I waited under 6 confirmation? what it does not feel safe?

ranochigo

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Quote from: carlosiness on February 26, 2015, 01:27:33 PM

6 confirmations for full assurance

Transactions can be reversed even after 6 confirmations. Dont take it as a insurance. If one entity controls 51% of the hashrate, he could execute and attack which would allow him to reverse transactions with 6 confirmations and above. However, the more confirmations it has, the lesser chance it can be reversed. The problem is most people can't afford to wait for 6 confirmations. Which can take up to one hour or maybe 2.

[Newbie]

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Just wait after 4-5 confirmations Cool

carlosiness

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6 confirmations for full assurance

Topic: How many confirmations does it take to verify the deposit? (Read 4009 times)