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Topic: why bitcoin transactions require some confirmation? (Read 739 times)

legendary
Activity: 3514
Merit: 1280
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please confirm bitcoin explanation for the problem? Smiley

In layman terms, because no one trusts anyone by default

But it is assumed that if you are using Bitcoin, you are trusting the Bitcoin network. Namely, the consensus or overall opinion of the network regarding particular transaction. If it gets confirmed by the network, it is considered as legitimate and binding to everyone. For example, when you send 1 bitcoin to someone from your wallet, the confirmation of this transaction means that now you have 1 bitcoin less in your wallet, while the receiving end (the wallet where you send this bitcoin), consequently, has 1 bitcoin more. Without confirmation, your transaction is essentially neither here nor there
legendary
Activity: 3542
Merit: 1965
Leading Crypto Sports Betting & Casino Platform
Remember, we do not have a bank or some financial institution to validate that you have the money that you want to spend. So the Bitcoin nodes does that for you. These nodes compare the data and when that data correspond to what they have, they confirm the transaction and it goes onto the Blockchain.

The Blockchain is public for all to see. ^smile^
sr. member
Activity: 882
Merit: 251
Actually bitcoin transaction requires some confirmation to be able to recognize the sending and receiving by the system. It will pass on the network step by step processing, sometimes too long to confirm possible by congestion in the network. So its really requires some confirmation.
hero member
Activity: 1148
Merit: 504
A simple google search will lead you to what you are trying to know OP. or better yet, read the bitcoin whitepaper. It has what you need to understand about bitcoin as a currency. Also, there are tons to read at the beginners section if you want to learn more
hero member
Activity: 630
Merit: 500
It's for security purposes. It should be confirmed to be able to know if its valid or not.
legendary
Activity: 3276
Merit: 1029
Leading Crypto Sports Betting & Casino Platform
automatic confirmation by the system?
All of the systems on the blockchain is already included on the automation.
legendary
Activity: 3276
Merit: 1029
Leading Crypto Sports Betting & Casino Platform
 
I'm a bit still confused about this things its very deep in my part. In my understanding  if I send bitcoin to my friend of it is unconfirmed because it need to wait a new created block then once the blocke is been created and verified that's the time it will give the confirmation is that righ? why does it  need a confirmation several times before it arrive to its real destination, so very deep. Huh
It's waiting for your transaction to get caught by the block and the block will be validating your transaction. To give a legalism on your transaction, to prevent the double spend.
legendary
Activity: 1218
Merit: 1007
please confirm bitcoin explanation for the problem? Smiley
All Bitcoin transactions are confirmed by the network to make sure that they really happened, meaning the Bitcoin has been moved to another address. Every single transaction, from 1 satoshi all the way to 21 million Bitcoin, will have to be confirmed by the blockchain to verify it all really did happen.

Confirmations can take a long time, as 1 confirmation is equal to one block being discovered, mostly. It also depends on whether or not your transaction was included with said block.
sr. member
Activity: 784
Merit: 250
 
I'm a bit still confused about this things its very deep in my part. In my understanding  if I send bitcoin to my friend of it is unconfirmed because it need to wait a new created block then once the blocke is been created and verified that's the time it will give the confirmation is that righ? why does it  need a confirmation several times before it arrive to its real destination, so very deep. Huh
legendary
Activity: 2170
Merit: 1427
Many have been a victim of double spending before and many merchants have already sent their items without knowing that what they received is a double spent bitcoin rendering  it valueless.

Most merchants make use of a payment processor that takes care of everything related to the Bitcoin payment option. If the payment processor in question doesn't fully trust an incoming payment due to a low included fee, then they won't "credit" the merchant until that transaction gets its first confirmation. In that regard, as long as the merchant isn't being credited, the merchant won't send out what you bought. If you look at how soft local merchants were back in 2013/2014, where you could buy yourself something to drink and a hamburger, where after that you could just walk out and perform a double spend. It's not like that anymore. They will force you to wait till that first confirmation comes through now, which renders Bitcoin as local currency worthless in that regard. No one is going to wait possibly 30-50 minutes in a store to buy something.
hero member
Activity: 2590
Merit: 644
I think bitcoin needs or requires some confirmation to be able to make the network smooth and well organized because of the confirmation are network are not in chaos and it serves pretty smooth. Also, confirmations provides profit for miners to continue sustaining our needs in our network. So i think those are the reason why there is confirmation.
hero member
Activity: 994
Merit: 544
please confirm bitcoin explanation for the problem? Smiley

Bitcoin transactions require some confirmation so as to avoid double spending. Double spending means that the same amount is sent twice. Many have been a victim of double spending before and many merchants have already sent their items without knowing that what they received is a double spent bitcoin rendering  it valueless. Thus confirmation is needed as a protection for the buyers and receivers of bitcoin.
sr. member
Activity: 734
Merit: 250
It is important to have confirmation for the transaction of bitcoin because it maintain the blockchain system and make the system secure. If there would be no any confirmation system then people would scam others with instant transactions.
hero member
Activity: 1400
Merit: 571
please confirm bitcoin explanation for the problem? Smiley

What do you mean by this please confirm bitcoin explanation for the problem? I am confused.  Huh Huh
If you are asking why it is needed to confirm the transactions in bitcoin, then read this:
https://en.bitcoin.it/wiki/Confirmation

It will help you with your question if this is what you are trying to ask here, I am just confused about this question, really, " please confirm bitcoin explanation for the problem? " Smiley
full member
Activity: 182
Merit: 100
I don't think I understand your question...

Are you asking how many confirmations you need? Well ideally it's 1 for each transaction. Why? Because the transaction needs to be confirmed otherwise things such as double spend could happened (as we've seen in the past)
newbie
Activity: 14
Merit: 0
automatic confirmation by the system?
legendary
Activity: 3276
Merit: 1029
Leading Crypto Sports Betting & Casino Platform
newbie
Activity: 14
Merit: 0
please confirm bitcoin explanation for the problem? Smiley
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