Are Bitcoin Zero Confirmation Transactions Safe?
Transactions are committed to the block chain about every 10 minutes. Zero confirmation transactions do not reside in a block yet. Instead, they reside in the memory pool of miners. Until a block is mined that includes the transaction, it is said to have 'zero confirmations.' Once included in a block and written to the block chain the transaction has one confirmation. Confirmation time is a measurement of a transaction's depth or age, in the block chain; the higher the number of confirmations, the older the transaction. When transactions are first broadcast to the network, they are zero....
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Additionally, Gemini improved their Instant ACH deposit system. One thing a lot of people are concerned over is the time it takes for Bitcoin transactions to confirm. This is especially true when moving funds to and from an exchange platform. Gemini, the bitcoin exchange operated by the Winklevoss twins, is introducing zero-confirmation deposits. This is quite a risky move, as zero-confirmation transactions are subject to double spending. Introducing zero-confirmation bitcoin deposits is a significant step for the Gemini exchange. Allowing customers to instantly trade their balance without....
Dash, a privacy-centric cryptocurrency that offers near instantaneous transactions, has developed a beverage vending machine that can secure a transaction without the need for a block confirmation. Dash enthusiasts believe the instant transaction and confirmation feature holds great potential for point-of-sale retailers. Dash enthusiast Dan Handler will be taking the machine to the d10e Conference in San Francisco, Calif. this month, July 19 to 20, where he hopes to generate interest in the instant transaction and confirmation capabilities of Dash’s InstantSend technology, previously....
Is your transaction taking a long time to get through? The Bitcoin network is currently showing over 41,000 unconfirmed transactions, reigniting the call for larger block sizes. At press time, the “Unconfirmed Transactions” record on Blockchain.info reports 41,211 transactions still awaiting confirmation, with that number wavering in the 40-42,000 range.....
Merchants and customers don't want to wait around for Bitcoin confirmations. One of the so-called "problems" with Bitcoin in the eyes of new users is the lack of instant confirmations. Transactions are usually viewed as generally secure after a few confirmations on the blockchain, but this can create a problem in situations where you want to buy something from a store and then leave without having to wait around for the next block. The time between new blocks has led to the creation of a number of different altcoins that boast confirmation times in the one minute range, but creating an....
Charlie Lee is the creator of Litecoin, the most popular alternative cryptocurrency. He is currently director of engineering at Coinbase. I first discovered bitcoin in early 2011. Like many, I thought it was brilliant. Bitcoin transactions were decentralized, secure, fast, cheap and unlimited. Let's break down what this means: Decentralized: Thousands of nodes verify and relay all bitcoin transactions. Secure: The bitcoin network is secured by millions of dollars of hardware. Fast: Confirmations were fast. Zero confirmation transactions are very safe as double-spend attacks are....