How do I prevent double-spend fraud on unconfirmed payments?

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Not only are blocks 10 minutes apart, the network is often running at over capacity, which means that you either have to pay more block verify blockchain unconfirmed transaction tx fees or wait longer for the transaction to be included in a block. However, there is a free service provided by ViaBTC that accelerates your transactions. ViaBTC offers a maximum of transactions per hour for transactions that are currently delayed, which is still enough for those that are seeking faster transaction times.

Users can submit any transaction that includes a minimum 0. Let's find out how to take advantage of this awesome service!

Assuming you have already made your transaction:. Check your transaction ID on a Blockchain explorer or on your wallet. If you don't know how to, paste the address where you sent from or where you sent the transaction to on Blockchain. Once you've identified your transaction probably, the most recentcopy the txid on the top. Close the initial dialog window feel free to read it before you do, of course.

Paste the transaction ID on the first field. If the acceleration is successful, you'll see the following warning: How does Transaction Accelerator work? Why does it take so long to confirm my transaction? When more people start to use Bitcoin, the Bitcoin block size grows to the 1MB limit. But Bitcoin Core developers keep refusing to increase block verify blockchain unconfirmed transaction size for more people able to use Bitcoin.

In the following cases, you may be told that your transaction does not exist:. Assuming you have already made your transaction: Once you've identified your transaction probably, the most recentcopy the txid on the top Step 3: Close the initial dialog window feel free to read it before you do, of course Step 5: Paste the transaction ID on the first field Step 6: In the following cases, you may be told that your transaction does not exist: We only provide accelerator services for those with at least 0.

When a Bitcoin node is rebooted, synchronization of transaction data may be delayed. You can try again later; Previous transaction unconfirmed. You can block verify blockchain unconfirmed transaction use our accelerator to help with that. Authors get paid when people like you block verify blockchain unconfirmed transaction their post.

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BitPay strongly recommends that goods or services are only fulfilled when the BitPay invoice status is either 'Confirmed' or 'Complete'. As the Bitcoin network gains interest and subsequent use it is not uncommon for transaction confirmation times to increase due to limited network resources.

Increased transaction traffic on the network allows bitcoin miners those participants who confirm transactions to be more selective when choosing which transactions to confirm e. The decision criteria used by bitcoin miners to choose transactions includes both the size of the transaction in bytes and the fee amount included with the transaction in BTC. This process allows bitcoin miners to deprioritize larger transactions and those transactions with lower fees. There is no qualification by the network that prevents the same bitcoin from being used in multiple, parallel unconfirmed transactions.

All unconfirmed transactions are at risk of being involved with double-spend attempts. The risk increases on a per transaction basis the longer the transaction remains unconfirmed. Those wishing to attempt to commit double-spend transactions may attempt to exploit this knowledge in combination with an improperly configured BitPay merchant.

The BitPay invoice is associated with a status or state from the time it is created to the time it is settled e. Not all invoice status values are associated with activity on the bitcoin blockchain.

The following invoice status values are relevant with respect to double-spend attempts. Once a transaction receives at least one bitcoin block confirmation the risk drops dramatically to be statistically zero. Merchants who desire or demand product or service fulfillment immediately at the time of customer payment accept this risk. However, the risk should be offset by the merchants ability to, for example, retrieve their fulfillment e. BitPay does employ a "transaction scoring" algorithm that minimizes this risk for merchants, however it does not completely eliminate double-spend risk.

The scoring algorithm is designed to detect transactions that may never confirm or may confirm only after very long periods of time. In this instance we automatically change the way we notify the merchant about payments received on that specific invoice so that the merchant does not immediately fulfill an order with a transaction that we feel is at risk of being double-spent.

About the Bitcoin network As the Bitcoin network gains interest and subsequent use it is not uncommon for transaction confirmation times to increase due to limited network resources. Article is closed for comments.