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Topic: why bitcoin transaction confirmation keep coming - page 2. (Read 357 times)

jr. member
Activity: 41
Merit: 1
4-6 confirmations are not required to get the transaction "done". That's only required by the gambling service/exchange or the merchant you're dealing with because they want to protect themselves against double-spends.

You can read these posts[1][2] for a better understanding.

[1] https://bitcoin.stackexchange.com/questions/1170/why-is-6-the-number-of-confirms-that-is-considered-secure
[2] https://en.bitcoin.it/wiki/Confirmation

So basically if we have 6 confirmations then it becomes impossible to forge (I think thats most suited as per my little knowledge) the transactions. Lets make it 20, why doing confirmations for days. I received a payment and its confirmation is still coming 144 so far.
If we restrict confirmation to some limited figures we can sort out the scalability issue.
staff
Activity: 3500
Merit: 6152
4-6 confirmations are not required to get the transaction "done". That's only required by the gambling service/exchange or the merchant you're dealing with because they want to protect themselves against double-spends.

You can read these posts[1][2] for a better understanding.

[1] https://bitcoin.stackexchange.com/questions/1170/why-is-6-the-number-of-confirms-that-is-considered-secure
[2] https://en.bitcoin.it/wiki/Confirmation
jr. member
Activity: 41
Merit: 1
normally when we send funds through bitcoin it requires 4 to 5 confirmation to get in done.
but I have seen that if you visit https://blockstream.info/ after few days, confirmation are still coming.
Can someone why miners are confirming a transaction that is already verified by 5 miners. is it waster of resources and efforts?
Let me know if my logic is correct or wrong.
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