Mathematically - yes. Real World, nowhere near.
..
A lot of comments keep coming up where a user says - Bitcoin is SLOWW! You need to wait an hour (6 confirmations) before your txn is confirmed!
This is simply not backed up by the data.
When you look at the orphan block rate, Bitcoin has, on average, about 2-3 orphans a day. A DAY.. out of 144 blocks.
https://blockchain.info/charts/n-orphaned-blocks
AND - these are not consecutive blocks. So every few hours, 1 block gets orphaned. That means that there has been a mini-fork, but that it only lasts 1 block.
I would love to see a graph that showed the longest orphan chain per day, if someone knows where to get this ?
What this all boils down to, is that anyone who is waiting longer than 2 confirmations (just to be ULTRA sure) for a btc txn, is wasting their time. Since the BTC chain has consistently shown that after 2 confirmations your txn is going to be accepted 4 more blocks down the line..
And quite frankly, 1 confirmation is fine. (3/144 = 2% chance of being in an orphan block = 98% safe)
( And lets not even get started on how long it takes to send money across the world using conventional methods. That's a blood bath.. )
Enjoy!
..
A lot of comments keep coming up where a user says - Bitcoin is SLOWW! You need to wait an hour (6 confirmations) before your txn is confirmed!
This is simply not backed up by the data.
When you look at the orphan block rate, Bitcoin has, on average, about 2-3 orphans a day. A DAY.. out of 144 blocks.
https://blockchain.info/charts/n-orphaned-blocks
AND - these are not consecutive blocks. So every few hours, 1 block gets orphaned. That means that there has been a mini-fork, but that it only lasts 1 block.
I would love to see a graph that showed the longest orphan chain per day, if someone knows where to get this ?
What this all boils down to, is that anyone who is waiting longer than 2 confirmations (just to be ULTRA sure) for a btc txn, is wasting their time. Since the BTC chain has consistently shown that after 2 confirmations your txn is going to be accepted 4 more blocks down the line..
And quite frankly, 1 confirmation is fine. (3/144 = 2% chance of being in an orphan block = 98% safe)
( And lets not even get started on how long it takes to send money across the world using conventional methods. That's a blood bath.. )
Enjoy!
Yep , 1 confirm is enough, singe double spend is unlikely, and the funds are small, nobody would risk doing it for small money.
Ok if you send millions of $$, then wait for 10-20 confirm, but if you send satoshis, or up to say 0.5 BTC, I think 1 confirm is enough.
