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Now that you have learned this, it is only natural to think, how many confirmations are sufficient before considering a transaction successful. Every blockchain has a different number of suggested confirmations for which you should wait before considering a transaction successful and infeasible for double spend.
However, it is theoretically possible to double spend the transaction, but it would be economically very costly for anyone trying to do so. Instead, it would be economically rewarding for the attacker to join the network and mine the blocks in an honest way with the amount of hashing power it is contemplating to attack it.
But there is no standard measure of it; different blockchain follows different practices. But if you want an idea as to how many confirmations you should wait with other blockchains when you are waiting for six confirmations in Bitcoin. Bitcoin miners mine Bitcoin blocks in every 10 minutes and keep adding them to the blockchain. This is the same way blockchain confirmations work in other proof of work or proof of stake blockchains too. Bitcoin confirmations can be slow because of many reasons.
Even if you have taken care of these two reasons and have attached sufficient transaction fees, the Bitcoin network will take atleast minutes to give you 6 confirmations for more. So this what I wanted to share in this article and I hope it was useful. Thanks in advance for sharing this article with your loved ones and in your friend circles. Hey there!
Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else. Your email address will not be published. Skip to content. How they become confirmed? How to check whether a transaction is confirmed or not? Etc… What Are Bitcoin Confirmations? Checking Bitcoin confirmations for your transaction is pretty easy.
But in this guide, we will take the example of Bitcoin only. Or there is too much load on blockchain already. Contents What Are Bitcoin Confirmations? Twitter Linkedin. Previous Previous. Next Continue. Leave a Reply Cancel reply Your email address will not be published. Home Wallets Expand child menu Expand. Before you convert all of your BTC to a bank account, keep in mind the following pitfalls associated with converting bitcoin to cash:.
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And there are primarily two factors, namely:. The load on the network refers to the number of transactions that the Bitcoin blockchain processes in a day. Needless to state, higher the number of transactions, more the time to process each of them. This is so because there is only a limited number of miners hash power and only a limited number of transactions can be processed in 1 Mb block size of Bitcoin.
Understand more about miners in our exclusive Bitcoin mining guide. This delay can theoretically be indefinite because if your transaction fee is very less then chances are your transaction will be picked at last. And most of the delay happens due to this only. Apart from the two constraints mentioned above, there is a fixed computational time of 10 minutes which the miners take to mine a valid Bitcoin block.
But this is when your transaction is prioritized and included in the block. If it is not, your transactions remain unconfirmed in the Bitcoin mempool. You can check the real-time state of mempool here. Assuming your transaction is included in the block and mined, you will get the first confirmation in 10 minutes and other five confirmations in the next 50 minutes. Note: It is advised to consider a BTC transaction successful when one has received a minimum of 6 confirmations on it.
In light of this fact, it will take a minimum 60 minutes to transfer Bitcoins to a wallet assuming your transaction is included in the very next block. If not, it can take longer. In the past, people have waited days for the transaction to be complete. One thing to understand here is I am not trying to scare you. Instead, I am trying to tell you all the factors that affect transaction confirmation timings. But there have been cases, depending upon the fees and network load, where transaction confirmations have happened in less than 60 minutes.
Here is the data and below is the chart for the same:. However, currently, the average time for the first Bitcoin transaction confirmation is about 20 minutes. Here is the average timing chart for the last 7 days:. Moreover, you can reduce the transaction fee and shorten this time even more by using segwit enabled wallets. Having said all this, have you wondered what the Bitcoin development team is doing to ease out the situation? Well, of course, they know that using currency for which one needs to wait for minutes to get confirmation is simply unacceptable.
Hope you found this article insightful. HackFisher HackFisher 1 1 gold badge 4 4 silver badges 9 9 bronze badges. Please refer Why is 6 the number of confirms that is considered secure? Add a comment. Active Oldest Votes. It depends on your risk model.
Any recommendation would need to come only after determining which risks are deemed acceptible. Improve this answer. Stephen Gornick Stephen Gornick I choose this as correct, but I found that there is already a question discussed this a lot. MeniRosenfeld can you provide some reference for these calculations? You also need to satisfy yourself that there are no competing blockchain forks e. With 6 confirmations you are safe from double spends and the like.
For low-value transactions, 1 or 2 are likely enough. The Overflow Blog. Check out the Stack Exchange sites that turned 10 years old in Q4. Migrating metrics from InfluxDB to M3. Featured on Meta. Reducing the weight of our footer. Upcoming responsive Activity page. Linked Related 9. Hot Network Questions.
It generates secure addresses from which you can receive/send cryptocurrencies. to send/receive Bitcoin, Bitcoin Cash, Bitcoin Gold, Litecoin and Dash. You won't get your money!!! If you want to DM me I can show you what they said to me FRAUD!!!!! 11 mos Report. June Toy, profile picture. June Toy. Make my money back or i will make all your customers know Whereby you do a transfer to another Bitcoin wallet and you don't get it and it didn't showed.