Questions tagged [confirmation]

SamuraiHonor Wed Aug 28 2024 | 0 answers 0

Could you elaborate on the mystery surrounding the identity of Bitcoin's founder, Satoshi Nakamoto? Have there been any instances where Nakamoto has definitively confirmed or denied being the creator of Bitcoin? If so, what was the context and what specific statements did they make? Additionally, what are the implications for the cryptocurrency community and Bitcoin's value if Nakamoto's true identity is ever revealed?

KimchiQueen Tue Aug 06 2024 | 6 answers 1335

Can you tell me how long it typically takes for a Bitcoin transaction to be confirmed? I'm interested in understanding the confirmation process and what factors can influence the speed of it. I've heard that sometimes transactions can take hours or even days to be fully verified, but I'm curious if there's a general timeline that can be expected.

Eleonora Tue Aug 06 2024 | 6 answers 1180

So, let me get this straight - when a Bitcoin transaction goes through a confirmation, what exactly takes place? I understand that the transaction is initially broadcast to the network, but once it's confirmed, does that mean it's irreversible? How does the blockchain factor into this process? And is there a specific number of confirmations that are typically required for a transaction to be considered secure? I'm just trying to wrap my head around the mechanics of how Bitcoin transactions are processed and confirmed.

CoinPrince Wed Jul 17 2024 | 8 answers 1725

In the realm of Bitcoin and cryptocurrency, could you please elaborate on the significance and mechanics of "confirmation"? Specifically, how does it impact the security and finality of transactions? Does the number of confirmations correlate directly with the degree of certainty surrounding a transaction's legitimacy? Additionally, are there any thresholds or best practices that Bitcoin users typically adhere to in terms of waiting for a certain number of confirmations before considering a transaction as settled? Understanding this fundamental concept is crucial for navigating the world of decentralized finance and ensuring the safety of my investments.

SolitudeNebula Fri Jul 12 2024 | 7 answers 1673

I'm curious about the confirmation process for Bitcoin transactions. Could you elaborate on how long it typically takes for a Bitcoin transaction to receive confirmation? I understand that the blockchain network is decentralized and transactions are validated by miners, but I'm wondering about the average turnaround time and what factors can influence the speed of confirmation. Is there a way to expedite the process or are transactions subject to the same confirmation times regardless of the amount or priority? Your insights into this process would be greatly appreciated.