How many confirmations bitcoin news
The Bitcoin Cash community believes that zero-confirmation attacks are reliable and secure. In , Gavin Andresen was chosen by Satoshi Nakamoto himself to inherit the role of lead developer for Bitcoin. Andresen had worked closely with Satoshi prior and his work is seen as integral to Bitcoin by many. Already businesses have started putting zero confirmation acceptance to the test by allowing customers to transact that way and the results have been surprisingly positive with no reported double spends.
Further, just recently the Chinese exchange Bitasia started allowing zero confirmation BCH deposits as well. Harding emphasizes the BCH community needs to be vigilant. Some people in the cryptosphere believe the next BCH upgrade will address zero confirmation transactions and possibly add some code that introduces further preventive measures against double spending.
According to that the development plan the team seeks to schedule a protocol upgrade May 15th, We will finalize the code and features to be included in the upgrade by three months prior to the upgrade Feb 15, Move toward canonical transaction order, perhaps removing transaction ordering consensus rule as a first step.
Note that the specifics of which features will be included is dependent on further discussion, implementation, and testing. It is now even possible to use Bitcoin Cash without a digital wallet, only having a phone number with CoinText to transact with the digital currency, which just launched its open beta.
Want an edge in the crypto markets? You must be logged in to post a comment. Block sizes are limited, so this means that transactions which exceed the capacity for a block get stuck in a queue for confirmation by bitcoin miners.
This queue of unconfirmed transactions is called the bitcoin mempool. For context on what's happening now, here is a look at the current bitcoin mempool size. A lot of people are interested in using bitcoin for transactions.
The bad news is that this network traffic may produce delays of a few hours to a few days for some users and a wait time of weeks for a small number of users. If your bitcoin transaction to a BitPay merchant has not confirmed yet, you will need to wait for it to be confirmed by bitcoin miners. Since BitPay does not control confirmation times, there is unfortunately nothing we can do to speed up the process once your transaction has already been broadcast to the network. You can check your transaction's confirmation status and other payment details on any blockchain explorer like BitPay's block explorer Insight.
Look up your transaction using your transaction ID or the sending or receiving bitcoin addresses, which can all be found in your bitcoin wallet that sent the payment.
For your transaction to be considered fully confirmed by most BitPay merchants, your transaction will need to have six confirmations. Note that until your payment has six confirmations on the bitcoin blockchain, the recipient will not have access to the funds and will not be able to refund your transaction. While some BitPay merchants may choose to fulfill orders on payments with fewer block confirmations, you will need at least one block confirmation before your order can be considered complete.
If your transaction confirms and the merchant does not fulfill your order, you don't need to reach out to BitPay.
Because block sizes are limited, it's important for bitcoin miners to know which transactions they should include in blocks first. Miners use prices to figure this out. When you broadcast a transaction, your total amount sent usually includes a "miner fee" which goes to pay miners. If you want your transaction to leave the bitcoin mempool and be added to a block quickly, it's important that you include a sufficient miner fee.
This is why we strongly suggest using the BitPay wallet or another true bitcoin wallet that can dynamically calculate the miner fee needed for timely block confirmations. For reference, the website bitcoinfees. Transactions are being added to the bitcoin mempool's full queue constantly.