Topic: Why Should people wait for confirmation of Bitcoin? - page 2. (Read 3827 times)
We should wait for the confirmation because it is a proof that the payment has been already sent to us or to someone who is going to receive a certain amount of bitcoin. It is a proof that we have already paid by someone or we already paid someone, if this confirmation failed, we have to resend the payment that we are going to send to someone because it is really important if we don't want to have any trouble.
The main reason is to stop double spends, which can be executed far more easily than most people think. It's not done often, but it's a huge problem for bitcoin payment processors. Zero confirmation is done by a select few sites, but those sites always check inputs for confirmations, TX fee, and various things about the transaction. Although it's indeed a long wait for most people to wait for a transaction, it's nothing if you want security.
Why should people wait for the confirmation of bitcoin? well, to know if their transactions are successfully done or proof that it is already processed. Also confirmation is important because maybe it may become the way or serves as the documentation if what happen to your transactions especially if your first time buying online.
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?
one of them prevents double spend, all bitcoin transactions are processed by the network blockchain.during this time I did not must long to wait
~
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.
At the moment bitcoin its the most safe platafform to buy and sell or send and receive funds, besides the low fees associated to the size of the transaction, the hash does protect all the transactions, if i have to wait some minutes, that recently is taking hours to get confirmed, i will wait, but are some people that are unhappy with the recent waiting time.
There is not much we can do about confirmation time except sending an even bigger fee, but I find that even now the transactions are faster than a wire transfer and if you really need a fast transaction then adding a generous fee will be enough to get confirmation in minutes.This is very important in every bitcoin transaction because it serves as your document incase there is a problem that would happen with your online activities. Online sites handling these specially our online wallets making this more secure in order for the members to gain trust and they became more comfortable as bitcoin is concerned.
irriversable transactions does not means that a user do not have to pay the fees. its the reason for being transactions confirmed but the most importantly it helps us to avoid the problems like double spending and it also makes the avoidation from hackers stronger
At the moment bitcoin its the most safe platafform to buy and sell or send and receive funds, besides the low fees associated to the size of the transaction, the hash does protect all the transactions, if i have to wait some minutes, that recently is taking hours to get confirmed, i will wait, but are some people that are unhappy with the recent waiting time.
certainly bitcoin safe to transact, but everyone when they transact with someone they had to wait until the transaction is confirmed as to avoid losses on certain parties, 
May I ask franky1, shorena, how some casino are able/willing to accept deposits without confirmations?
How do you think they know for sure that the coins were really sent/no double transact?
Is it really just because they control the withdraw process so they can afford the no confirm for deposits? Or are there any other reasons?
Also, do you know of any way one might be able to calculate the transaction size?
(sorry bout my questions ^^)
sorry for late reply.How do you think they know for sure that the coins were really sent/no double transact?
Is it really just because they control the withdraw process so they can afford the no confirm for deposits? Or are there any other reasons?
Also, do you know of any way one might be able to calculate the transaction size?
(sorry bout my questions ^^)
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
At the moment bitcoin its the most safe platafform to buy and sell or send and receive funds, besides the low fees associated to the size of the transaction, the hash does protect all the transactions, if i have to wait some minutes, that recently is taking hours to get confirmed, i will wait, but are some people that are unhappy with the recent waiting time.
There is not much we can do about confirmation time except sending an even bigger fee, but I find that even now the transactions are faster than a wire transfer and if you really need a fast transaction then adding a generous fee will be enough to get confirmation in minutes. 
Because sometimes Bitcoins transaction might not push through because there are times the memory pool of the nodes suddenly clears for some reason. So the transaction gets lost and has to be repeated to get the money. Also, some of them need more than one confirmation; this is really to secure the transaction
The transaction cannot be lost even if the node become dead for a while,. As the transaction distribute in nodes therefore if one node fell down the other will conform your transaction, in very few cases we have seen that the transaction lost for some other reason but mostly it become confirmed.
At the moment bitcoin its the most safe platafform to buy and sell or send and receive funds, besides the low fees associated to the size of the transaction, the hash does protect all the transactions, if i have to wait some minutes, that recently is taking hours to get confirmed, i will wait, but are some people that are unhappy with the recent waiting time.
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.
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 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 think because it is need to mine first before it's completed, well if you don't want to wait longer then put a high fee instead of medium fee.Bitcrap is now up to 16 hours for 1 guy without a confirmation.
https://bitcointalksearch.org/topic/transaction-queue-size-1689151
If you send a very small fee then the confirmation time can be extremely long for some people but we must remember that we can adjust the rate of our fee so if we need a fast transaction we can always send a bigger fee and get confirmation in minutes.https://bitcointalksearch.org/topic/transaction-queue-size-1689151
What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?
view the queue length here
https://blockchain.info/unconfirmed-transactions
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?
view the queue length here
https://blockchain.info/unconfirmed-transactions
i sent a tx with .0003 fee and its been 9 hours.. that should have been enough fee for a few minutes, at least it has been in the past..
In a best-case world we wouldn't have to wait at all for transactions to get confirmed, however there is a time between confirmations which is similar (in fact exactly the same) to the time per block in the blockchain. The blocks take time to get confirmed because miners have to find the block. Every block is a confirmation (essentially). The only way to fix this is through shorter block times; which isn't a good idea.
Bitcrap is now up to 16 hours for 1 guy without a confirmation.
https://bitcointalksearch.org/topic/transaction-queue-size-1689151
If you send a very small fee then the confirmation time can be extremely long for some people but we must remember that we can adjust the rate of our fee so if we need a fast transaction we can always send a bigger fee and get confirmation in minutes.https://bitcointalksearch.org/topic/transaction-queue-size-1689151
What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?
view the queue length here
https://blockchain.info/unconfirmed-transactions
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?
view the queue length here
https://blockchain.info/unconfirmed-transactions
i sent a tx with .0003 fee and its been 9 hours.. that should have been enough fee for a few minutes, at least it has been in the past..
To avoid scams.
Bitcoin is based on blockchain, miners have to confirm the transactions so in this way the transactions will be there forever and none can change it anymore, if isn't confirmed, can be an attempt of fraud.
Bitcoin is based on blockchain, miners have to confirm the transactions so in this way the transactions will be there forever and none can change it anymore, if isn't confirmed, can be an attempt of fraud.
Yes i agree!bitcoin transaction confirmation plays an important role in every transactions. The reciever can not cancelled the recieving amount and sender could not also cancelled the transactions. Confirmation from blockchain also makes transaction dlow now. Confirmation use to locate if the person really sends bitcoins to the recievers addres.
Bitcrap is now up to 16 hours for 1 guy without a confirmation.
https://bitcointalksearch.org/topic/transaction-queue-size-1689151
If you send a very small fee then the confirmation time can be extremely long for some people but we must remember that we can adjust the rate of our fee so if we need a fast transaction we can always send a bigger fee and get confirmation in minutes.https://bitcointalksearch.org/topic/transaction-queue-size-1689151
What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?
view the queue length here
https://blockchain.info/unconfirmed-transactions
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?
view the queue length here
https://blockchain.info/unconfirmed-transactions
i sent a tx with .0003 fee and its been 9 hours.. that should have been enough fee for a few minutes, at least it has been in the past..
Well, I have never meet something like that face to face. This days I make my bitcoins only from the campaing where i am and they transfer me bitcoins buy fact. For example I will get payment for this comment already in some minutes, maximum a hour. Isn't it great?!
Bitcrap is now up to 16 hours for 1 guy without a confirmation.
https://bitcointalksearch.org/topic/transaction-queue-size-1689151
If you send a very small fee then the confirmation time can be extremely long for some people but we must remember that we can adjust the rate of our fee so if we need a fast transaction we can always send a bigger fee and get confirmation in minutes. https://bitcointalksearch.org/topic/transaction-queue-size-1689151
What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?
view the queue length here
https://blockchain.info/unconfirmed-transactions
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?
view the queue length here
https://blockchain.info/unconfirmed-transactions
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