Bitcoin Confirmations | A Step-by-Step Guide For Beginners

[Mimi]

Bitcoin Confirmations

This thread will help you to understand what Bitcoin Confirmations are and how they work. When you make a Bitcoin Transaction It goes into a pool of unconfirmed transactions.
Your transaction will then need to be confirmed by the bitcoin network so the payment can be completed.
Every ten minutes a new block is created and added to the blockchain, This block verifies and records any new Bitcoin Transaction.
Sometimes your transaction will be unconfirmed for a long time, This is because you did not include a large enough fee when sending the transaction.​

How Many Confirmations Are Enough?


• Payments with 0 Confirmations can still be reversed, Wait for atleast One!

• One Confirmation is Enough for Bitcoin Payments Less than $1,000

• Three Confirmations is Enough for Payments $1,000 - $10,000.

• Six Confirmations is Enough for Payments Between $10,000 - $1,000,000.
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How Can I Check Bitcoin Confirmations?​

Once you have completed a transaction, your wallet should give you the option to view the transaction on a block explorer or will give you a transaction ID,
To check the number of comfirmations on your transaction, Copy + Paste the Transaction ID into a block explorer like blockchain.info




How Many Confirmations does Coinbase Need?

Coinbase requires 6 confirmations before a transaction will show up and be spendable in your Coinbase account.
Once the Transaction is verified, it will show in green which lets you know that the transaction cannot be reversed and your funds can be withdrawn.





Where can I buy/sell Bitcoins?

Coinbase: www.Coinbase.com

Circle: www.Circle.com

Localbitcoins: www.Localbitcoins.com

Sythe: http://www.sythe.org/digital-currency-non-game-sales/





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[Eazy E]

Quality post!

 

I would say it's useful if anyone ever cares about confirmations. How can one even go and reverse it tho.

 

[Eazy E]

I would say it's useful if anyone ever cares about confirmations. How can one even go and reverse it tho.

they can double spend but its really not an issue. Confirmations really arent needed. If the transaction is sent, it will send 99.99995 of the time

 

Good job but in the Coinbase section you should also include that if doing Coinbase-to-Coinbase email transactions, NO confirmations are required and if doing LBC-to-LBC transactions no confirmations are required either.

 

this bit is wrong - coinbase requires 6 confirmations before your BTC is spendable - has been like this for months - it used to be 3 but not anymore.

 

[Eazy E]

this bit is wrong - coinbase requires 6 confirmations before your BTC is spendable - has been like this for months - it used to be 3 but not anymore.

+1

Didn't catch this when I read it nice job

 

[Okra]

+1 like
Well explained

 

[Okra]

I usually use Blockchain.info