There is always a risk for double spending but It's very low so you just don't think about It.
Oke, but there is a reason for waiting on 6-7 confirmations right?
Topic: Withdraw bitcoins from gambling sites - page 2. (Read 1596 times)
Oke, but there is a reason for waiting on 6-7 confirmations right?
There is always a risk for double spending but It's very low so you just don't think about It.
If I am right, a transaction will be safe from double spending when there are 6-7+ confirmations. On most gambling sites you can withdraw your Bitcoins with 2-3 confirmations, how can this be safe from double spending for gamble site..?
In theory, a transaction is never safe from double-spending. More confirmations decrease the chance for an attacker to succeed. The success chance will depend not only on the number of confirmations, but also on the hashpower controlled by the attacker. The chance will never be 0 and if the attacker controls more than half the hashrate of the network, his success chance at performing double spends is 100% (if he chooses to do so).
In practice, performing a double spend against 6 confirmations is exceptionally unlikely. Also, 6 confirmations takes approximately 1 hour, so that makes it a convenient guideline. However, unless you're working with large amounts of coins, 1-3 confirmations is typically just fine, as the chance for an attack to succeed is still rather low and it is not economical for attackers to try and double spend these transactions, since they lose out potential mining rewards by trying to construct a competing blockchain.
Aah I see, but I think its weird to lower your confirmations just for lower amounts of bitcoins. You can double spend a lot of small amounts than. A lot of small amounts ends up with a big amount. Or do I miss something?
If I am right, a transaction will be safe from double spending when there are 6-7+ confirmations. On most gambling sites you can withdraw your Bitcoins with 2-3 confirmations, how can this be safe from double spending for gamble site..?
In theory, a transaction is never safe from double-spending. More confirmations decrease the chance for an attacker to succeed. The success chance will depend not only on the number of confirmations, but also on the hashpower controlled by the attacker. The chance will never be 0 and if the attacker controls more than half the hashrate of the network, his success chance at performing double spends is 100% (if he chooses to do so).
In practice, performing a double spend against 6 confirmations is exceptionally unlikely. Also, 6 confirmations takes approximately 1 hour, so that makes it a convenient guideline. However, unless you're working with large amounts of coins, 1-3 confirmations is typically just fine, as the chance for an attack to succeed is still rather low and it is not economical for attackers to try and double spend these transactions, since they lose out potential mining rewards by trying to construct a competing blockchain.
6 confirmations used to be normal seems to be getting less and less now. Risk with them I guess..
If I am right, a transaction will be safe from double spending when there are 6-7+ confirmations. On most gambling sites you can withdraw your Bitcoins with 2-3 confirmations, how can this be safe from double spending for gamble site..?
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