What are confirmations bitcoin


what are confirmations bitcoin

If you are a merchant accepting Bitcoin then for small payments 1 confirmation is enough. Six is standard for most transactions to be considered secure. The hash value references and proves that the new block exists immediately after its prior block. Then miners start solving a complicated mathematical puzzle. We recommend using, electrum wallet, since it allows you to raise the fee on transactions if they get stuck. 6, enough for large payments between 10,000 - 1,000,000. For example, you cannot download a bitcoin. So why 6 confirmations?

what are confirmations bitcoin

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There is no central authority to consult whether if a transaction is successful or not. Double spending is a practice in which an user attempts to spend same money more than ones. Anyone can use and run Bitcoin software. In this case of multiple blockchains, nodes on the Bitcoin network consider the longest blockchain to be the true and valid one. The computers owners voluntarily choose to use and run the Bitcoin software. If your transaction is taking a long time to get 1 confirmation then you might have not included a reasonable transaction fees.

what are confirmations bitcoin

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