I just thought about this today. Every time you are transacting with bitcoin, you will be told that you have to wait for bitcoin confirmation. This is common with bitcoin gambling sites. What I know is that bitcoin transactions are irreversible. Then why is it that you have to wait for the confirmation before initiating anything?
because for verification , bitcoin have a safe security . so this is just make sure you or maybe hacker 
Topic: Why Should people wait for confirmation of Bitcoin? (Read 3827 times)
I just thought about this today. Every time you are transacting with bitcoin, you will be told that you have to wait for bitcoin confirmation. This is common with bitcoin gambling sites. What I know is that bitcoin transactions are irreversible. Then why is it that you have to wait for the confirmation before initiating anything?
Even though the possibility of a double spend is very low, some small rest of risk always exists.
That's why we are told to wait for confirmation.If however you have 100% trust to your other party, because you know him for many years and everything always went smooth and fine you don't need to wait of course.
did you mean that we do not need to wait if we send our coins to someone we know for years and we trust him almost 100%? so how do we send those coin without taking too long for waiting? how could it be?
The waiting time for confirmation cannot be shortened if they did not include enough fees.
I just thought about this today. Every time you are transacting with bitcoin, you will be told that you have to wait for bitcoin confirmation. This is common with bitcoin gambling sites. What I know is that bitcoin transactions are irreversible. Then why is it that you have to wait for the confirmation before initiating anything?
Even though the possibility of a double spend is very low, some small rest of risk always exists.
That's why we are told to wait for confirmation.If however you have 100% trust to your other party, because you know him for many years and everything always went smooth and fine you don't need to wait of course.
did you mean that we do not need to wait if we send our coins to someone we know for years and we trust him almost 100%? so how do we send those coin without taking too long for waiting? how could it be? probably you can give some explanation or tutorial because I think another OP's purpose asking that question is he wants to know whether any other way to send coins without waiting. cmiiw.
An unconfirmed transaction is relatively hard to reverse if:
1. There is enough fee attached to it and it probably would get confirmed very soon.
2. The transaction has propagated through the entire network and big miners has seen it.
3. Opt-IN RBF flag is not enabled.
It is safe to accept such transactions if:
1. It is of a relatively small amount.
2. Your business can take the risk.
Ideally, 6 confirmations is the minimum for it to be VERY hard to reverse. The block re-organisation aren't that big and it is very unlikely that 6 blocks would be orphaned. Double spending is still possible if there is a fork and the merchant would lose money if he is on the wrong fork. 51% attacks are extremely hard to pull off and it would have little to no financial benefits.
The reason for many gambling sites to require at least a confirmation is due to the fact that the risk of users double spending is high and they cannot afford to lose any coins.
As long as there is 1 confirmation, you are probably quite safe.
1. There is enough fee attached to it and it probably would get confirmed very soon.
2. The transaction has propagated through the entire network and big miners has seen it.
3. Opt-IN RBF flag is not enabled.
It is safe to accept such transactions if:
1. It is of a relatively small amount.
2. Your business can take the risk.
Ideally, 6 confirmations is the minimum for it to be VERY hard to reverse. The block re-organisation aren't that big and it is very unlikely that 6 blocks would be orphaned. Double spending is still possible if there is a fork and the merchant would lose money if he is on the wrong fork. 51% attacks are extremely hard to pull off and it would have little to no financial benefits.
The reason for many gambling sites to require at least a confirmation is due to the fact that the risk of users double spending is high and they cannot afford to lose any coins.
As long as there is 1 confirmation, you are probably quite safe.
it is pretty fun that your transaction may be declined, however that happens really extremely rare.
You can wait even up to 7 days, and you dont know if it is accepted or anything, no sign at all
You can wait even up to 7 days, and you dont know if it is accepted or anything, no sign at all
Everytime I made a transactions I always see to it to check the
confirmations of bitcoin. To ensure also that I did not double
send the amount. So this is really important to check in sending
btc to anyone.
confirmations of bitcoin. To ensure also that I did not double
send the amount. So this is really important to check in sending
btc to anyone.
I just thought about this today. Every time you are transacting with bitcoin, you will be told that you have to wait for bitcoin confirmation. This is common with bitcoin gambling sites. What I know is that bitcoin transactions are irreversible. Then why is it that you have to wait for the confirmation before initiating anything?
I want to say only one thing when we make every day transfers, when we go to the bank does the bank says wait a bit until the transaction get listed on the system?
Also when we make international transaction, shouldn't we wait for few days until it gets "confirmed" that's with bitcoin transaction too.
I just thought about this today. Every time you are transacting with bitcoin, you will be told that you have to wait for bitcoin confirmation. This is common with bitcoin gambling sites. What I know is that bitcoin transactions are irreversible. Then why is it that you have to wait for the confirmation before initiating anything?
I want to say only one thing when we make every day transfers, when we go to the bank does the bank says wait a bit until the transaction get listed on the system?
Also when we make international transaction, shouldn't we wait for few days until it gets "confirmed" that's with bitcoin transaction too.
Until a transaction has at least 1 confirmation it is not included in the blockchain, and it is good practise to wait at least 6 for more expensive items.
I've never understood the reasoning behind having more than one confirmation, or at least more than 2 or 3. It's not like you can really double-spend after a few blocks have gone through, and it's nearly impossible to reverse a transaction.Until a transaction has at least 1 confirmation it is not included in the blockchain, and it is good practise to wait at least 6 for more expensive items.
I've never understood the reasoning behind having more than one confirmation, or at least more than 2 or 3. It's not like you can really double-spend after a few blocks have gone through, and it's nearly impossible to reverse a transaction.I haven't read any papers or gone and looked into why that works in the way it does, but just seems alien to me.
~
sorry for late reply.to mitigate risks.
when the casino accepts zero confirms.. they do a few things.
1. they know that when you deposit. your then playing in their house. so while the tx is confirming they can make you lose yor game or hold ot on the withdrawal until the deposit confirms.
2. while unconfirmed, they look at the inputs (where you got the funds) for tell tell signs of risk of it not confirming. EG low fee. or spotting you simultaneously writing a second transaction using the same inputs. opting for RBF, seeing if in the inputs if there was any sign of you trying to double spend before. etc etc.
but point number one is usually the case.. dont pay out unless deposit confirms
So, it really was like that. ^^
Since two people asked for it I'm posting the link which is the next.
https://bitcoinfees.21.co/
The site right now is saying that the fastest and cheapest transaction is 0.0009 mBTC/byte the site tells to you in average the range of time and blocks your transaction may take.
I had no idea there was a service like this. https://bitcoinfees.21.co/
The site right now is saying that the fastest and cheapest transaction is 0.0009 mBTC/byte the site tells to you in average the range of time and blocks your transaction may take.
I always worry when setting my own fees since I have no idea if it would confirm or for how long(hours/days). Which is why I usually end up going with the one suggested(could be costly sometimes,I was once charged $1 for a $35 transaction.) I really wanted to know how to calculate tx size but this service would do.
Thank you for the link.
Until a transaction has at least 1 confirmation it is not included in the blockchain, and it is good practise to wait at least 6 for more expensive items.
Confirmation of transactions is some kind of security trigger. Bitcoin system is just functioning that way and this is good to my opinion, that is what makes Bitcoin system one of the safest and prevents double spending. Sometimes is annoying to wait for the needed number of confirmation but we have to accept that.
We can accept those as long those transactions doesnt take days to complete, its something i do believe bitcoin can improve, and i do expect when the mines ends it can be faster, if not on the next years, i do expect bitcoin to be like the credit and debit cards, take few seconds to get confirmed atleast 2 confirmations thats is the most required number to get credited. 
Confirmation of transactions is some kind of security trigger. Bitcoin system is just functioning that way and this is good to my opinion, that is what makes Bitcoin system one of the safest and prevents double spending. Sometimes is annoying to wait for the needed number of confirmation but we have to accept that.
Yes of course we have to wait for confirmation because bitcoin is automated system and there more confirmation means more security. If of someone enter something and try to modify blockchain database then that would be very disappointed.
Though a hard thing to do, still the act of double spendig coins is still possible on any transaction, that's why most establishments or online aervices that accepts bitcoin as a payment need to wait for at least 2 or 3 confirmations on the network before crediting the coins on the account. However there are some cases in which sites, especially those related to gambling, do not require to see a skngle confirmation on a tx—they constantly check for the inputs on the tx to ensure that no double spending occurs.
if the transaction bitcoin you sent is not confirmed, you will not be able to use bitcoin that, you also can not do transactions if bitcoin you sent has not been confirmed, so we have to wait until the first of at least confirm that bitcoin mu can be used, that's the reason why we must wait for confirmation
I think you can resend the coin to other address thus for the double spend. It was clearly stated few post above you.
(qouted it to make sure you can see)
~snipped
2. while unconfirmed, they look at the inputs (where you got the funds) for tell tell signs of risk of it not confirming. EG low fee. or spotting you simultaneously writing a second transaction using the same inputs. opting for RBF, seeing if in the inputs if there was any sign of you trying to double spend before. etc etc.
but point number one is usually the case.. dont pay out unless deposit confirms
This is the reason why establishment wait for at least 2 to 3 confirmation before the amount is credited.
I just thought about this today. Every time you are transacting with bitcoin, you will be told that you have to wait for bitcoin confirmation. This is common with bitcoin gambling sites. What I know is that bitcoin transactions are irreversible. Then why is it that you have to wait for the confirmation before initiating anything?
The time that is attached with confirmation depends upon the fee but the length of time to confirm your deposit at gambling site or exchange is totally depends upon the programming of sites . So its a matter of programme script not of bitcoin payment rule . 
if the transaction bitcoin you sent is not confirmed, you will not be able to use bitcoin that, you also can not do transactions if bitcoin you sent has not been confirmed, so we have to wait until the first of at least confirm that bitcoin mu can be used, that's the reason why we must wait for confirmation
What I know is that bitcoin transactions are irreversible. Then why is it that you have to wait for the confirmation before initiating anything?
bitcoin transactions are only irreversible AFTER confirmation.
writing a transaction. you can validate the transaction by checking the inputs and checking the balance is available to spend and the signature belongs to the inputs. but until the transaction is confirmed into a block you dont yet have the funds to spend yourself and the transaction can be rejected.
there are a few ways to write a transaction announcing you as the destination. making you see the unconfirmed transaction. but then write another transaction using the same original input funds to move the funds elsewhere and getting that transaction accepted into a block before the one you were hoping for. thus making the one you were hoping for get rejected.
so until the transaction you were hoping for is confirmed (irreversible) dont trust it. especially ones with insufficient fee
I'm sorry does not follow well enough, but it can't be happen if there are sufficient fees right?
Which mean only miners that can be rejected your transaction, and as long as you send enough fee the transaction could consider done?
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