Code:
priority = sum(input_value_in_base_units * input_age)/size_in_bytes
this means that you could send a transaction with 0 fee and be of high priority and legit.
but if I am not mistaken none of the miners no longer use this rule anymore.
Topic: What is the need of 6000 confirmations ? (Read 467 times)
higher number of confirmation (old coins) means higher priority
this means that you could send a transaction with 0 fee and be of high priority and legit.
but if I am not mistaken none of the miners no longer use this rule anymore.
this means that you could send a transaction with 0 fee and be of high priority and legit.
but if I am not mistaken none of the miners no longer use this rule anymore.
well, it means it have been checked over and over by the network. But most transactions only need 2-3 confirmations, no one would wait that long for a transaction
Bullshit!The network does not check your transaction 'over and over' else it would be checking millions every block (as the number would go up over time).
Shibashi Dogemoto's answer is correct.
I concur.
well, it means it have been checked over and over by the network. But most transactions only need 2-3 confirmations, no one would wait that long for a transaction
Bullshit!The network does not check your transaction 'over and over' else it would be checking millions every block (as the number would go up over time).
Shibashi Dogemoto's answer is correct.
I concur. 
I just took a look at my address transactions and found that the older ones were having confirmations greater than 5000 while other was having even more that 6000. What is the use of having that much confirmations ??
well, it means it have been checked over and over by the network. But most transactions only need 2-3 confirmations, no one would wait that long for a transactionBullshit!
Shibashi Dogemoto's answer is correct. Its just how bitcoin works. I dont think anyway would ask for 6000 confirmations even for a deal regarding several 1000's of bitcoin.
Maybe for security purposes.The higher the conformations ,the more chances that the transactions are secure.Although,2-3 conformations are okay for small amounts but for amounts above $1000 ,its better to have it conformed exponentially for security purposes I guess.
I'm not very sure of my answer though.Wait for a better explanation. I'll be watching the thread too.
I'm not very sure of my answer though.Wait for a better explanation. I'll be watching the thread too.
I just took a look at my address transactions and found that the older ones were having confirmations greater than 5000 while other was having even more that 6000. What is the use of having that much confirmations ??
Each time a block is mined, there is one more confirmation.... That's just the basics of bitcoin.
Your transaction goes into a block, and has one confirmation, a next block is mined on top of the block containing your transaction => 2 confirmations,....
Having 5000 confirmations just means that there are 4999 blocks on top of the block containing your transactions
I just took a look at my address transactions and found that the older ones were having confirmations greater than 5000 while other was having even more that 6000. What is the use of having that much confirmations ??
well, it means it have been checked over and over by the network. But most transactions only need 2-3 confirmations, no one would wait that long for a transaction 
I just took a look at my address transactions and found that the older ones were having confirmations greater than 5000 while other was having even more that 6000. What is the use of having that much confirmations ??
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