Asked By:
GregoryNewYork
in
All About the Money
-
438 days ago
express's Answer
When we send money we want to be sure that we will not loose our money.
Its rules assume several confirmations of payment that are necessary to protect customers from any possible hacker attacks/scam.
Bitcoin payment is a transfer of data into a mutual network and registration of this data in speial blocks. One block consists of many transactions, which are waiting for its confirmation.
Every 10 minutes miners add new block in chain.
All transfers are visible to the customers in the system and shows following data:
- bitcoin address from which coins are transferring
- amount of coins transferred
- bitcoin address from which coins where transferred
Every new block added to the chain after the block with a record about the payment means agreement of all customers of the network that the coins belongs to receiver and are not sent any third party. One block means one approval.
The amount of confirmations can be set by user, for small amounts sometimes one confirmation is enough, but for big amounts it is preferable to have not less than six confirmations, because it redueces the risk of cancellation and it's secondary use.
Usuallyit takes about 10-40 minutes to confim, but it depends on network stability, amount of comissions payable to miners, stability of currency exchange rates.
So in some bad cases, especially if you set miners comission very low, system approval may take up to several hours.
Some wallet services set minimal comission automatically as 0,0001 ВТС, but there are services which calculate amount of comission depending on network load to speed up the confirmation of bitcoin transactions.
Answered
438 days ago |
Read Comments (2)
Read answer
