Why 6 comfirmation? - page 2. | Bitcointalksearch.org

Hatchy

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Quote from: Localhostspeed on June 06, 2024, 09:18:59 AM

Second question, is a transaction with 1 confirmation reversible? What are the chances of 1 confirmation Bitcoin reversible?

Some wallet has varying amount of confirmations needed before a transaction is spendable. But it usually takes up to 3 confirmations on a standard Bitcoin wallet before you can spend it. I think for electrum one confirmation can be spendable and the higher the number of confirmations you get on your transactions, the lesser the risk of it being reverted or double spent.

For exchanges, they require 1 confirmations to get your Bitcoin deposited and you would be. Able to spend them.( Also depends on the wallet address type you used on the exchange).

Quote from: dzungmobile on March 08, 2023, 12:48:06 AM

q=probability of the the next block being mined by the attacker
p=probability of the next block being mined by honest miners
Z= number of confirmations your transaction has received so far.

Charles-Tim

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Quote from: Localhostspeed on June 06, 2024, 09:18:59 AM

In most of the exchanges, a transaction must have 3-6 comfirmation before your transaction can be consider deposit. They don't release Bitcoin you deposit until that comfirmation is reach before they allow you to do anything with that Bitcoin, you may be allow to trade it with one comfirmation but you can't withdraw it unless that comfirmation is complete. Why?

Hosseinimr93 has answered your question already but on most world standard exchanges, the deposit can be 1 confirmation but the withdrawal is not more than 2 or 3 confirmations. The exchange that I have used that required 10 confirmations was in 2020 but most exchanges have reduced the confirmation needed for bitcoin transaction.

hosseinimr93

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Quote from: Localhostspeed on June 06, 2024, 09:18:59 AM

Second question, is a transaction with 1 confirmation reversible? What are the chances of 1 confirmation Bitcoin reversible?

The more confirmations a transaction receives, the less probablity it has to be removed from the blockchain.

At the time I am writing this post, Foundry USA is the biggest mining pool with 26% of the total hash power. Assume that Foundry USA turn evil and decide to remove a transaction from the blockchain.

If the transaction has only 1 confirmation, there would be a probability of 54% that Foundry USA manage to remove the transaction from the blockchain. The probablity would be 34%, if the transaction has 2 confirmations and 22%, if it has 3 confirmations.
If the transaction receives 6 confirmations, the probablity would be 6%.

Hazink

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I have always wondered and asked myself this question too, so my guess is that they use that method to prevent whatever they can, maybe the risk of double spending, which I don't even think is possible as long as the deposit has undergone one confirmation.

And as far as I know, any bitcoin that has at least 1 confirmation can't be reversed back to the sender or double spend. This is what I know, and if I'm wrong, I stand to be corrected.

Localhostspeed

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In most of the exchanges, a transaction must have 3-6 comfirmation before your transaction can be consider deposit. They don't release Bitcoin you deposit until that comfirmation is reach before they allow you to do anything with that Bitcoin, you may be allow to trade it with one comfirmation but you can't withdraw it unless that comfirmation is complete. Why?

Second question, is a transaction with 1 confirmation reversible? What are the chances of 1 confirmation Bitcoin reversible?

Topic: Why 6 comfirmation? - page 2. (Read 370 times)