Blockchain Confirmations - What Are They And Why Do They Matter?
All public blockchains make use of blockchain confirmations. These are important since they can help you understand how confident you can be when making a transaction. When any transaction is first broadcast to the blockchain it starts with zero confirmations. This number then increases as the information is added to the first block, confirmed, given a permanent place, and followed by more blocks. Blockchain confirmations are vital since they are a way of verifying and legitimizing information that will then become immutable. If a transaction is deemed fraudulent, it will be rejected from the blockchain: zero blockchain confirmations means zero transactions. On average, cryptocurrency exchanges require a minimum of three confirmations until a transaction is accepted. Coinbase , for example, does not consider a Bitcoin transaction as final until it has received at least three confirmations . However, the larger the transaction, the more blockchain confirmations are required. This is because the more confirmations there are, the harder the transaction is to reverse. For a transaction of $1 million, its not uncommon to wait for at least 60 confirmations. The amount of blockchain confirmations required to verify a transaction varies by blockchain. Lets take a look at Bitcoin and Ethereum here. You probably already know that Bitcoins blockchain creates a new block about every 10 minutes through the mining process. This block then verifies and records new transactions and appends them to the Bitcoin blockchain. This means that a transaction is unconfirmed until the new block is generated. Therefore, if youre sending or receiving Bitcoin, its essential to wait until you see that the transaction has been confirmed. One confirmation usually takes up to 10 minutes. But, since on Continue reading >>
Mist Ethereum Wallet Transactions Hung At 0 Of 12 Confirmations
Mist Ethereum Wallet Transactions hung at 0 of 12 confirmations Quick summary: if you are using the Mist Ethereum Wallet (version 0.9.2, but appears to occur still in 0.9.3 which is the latest as of this post) and you send ether (ETH, the cryptocurrency of the Ethereum blockchain) without enough gas, transactions make get stuck. For those interested, sending an amount of ether (or doing pretty much anything on the Ethereum blockchain) requires fees, similar to any other processing feesexcept these have cool names like gas. There is a gas price (called GWEI) and a gas limit (commonly called gas). GWEI is just a measurement of how much ether (ETH) G is giga (like in gigawatt) and WEI is a very small fraction of one ETH (one ether). It takes 1 to the 18th power (1 quintillion) WEI to make an ETH. So a GigaWEI (GWEI) is 1 to the 9th power WEI, so it is still a small fraction of an ETH. Longer and better explanation here . There are many rationales for the transaction fees (paying miners to do crypto-calculations, cause it costs them electricity), but they do make sense you want work done, whether that is moving ETH around or working a smart contract, then there is a small fee. I wish I would have known this before I tried to send my first ETH. My first attempt got stuck, because I didnt know what gas and GWEI were, and like any cheap skate I went low and my transaction hung. Ive seen several people have this same issue For background, apparently each of the transactions are done in order, and there is a variable called nonce which determines the order. If one of the transactions get stuck for some reason (in my case I believe it was not enough gas) it appears that the others just sit there. It also appears that if there isnt a first transaction (i.e., nonce=0) then nothing Continue reading >>
3 Things To Know About Bitcoin Confirmations
Roughly every ten minutes, a new block is created and added to the blockchain through the mining process. This block verifies and records any new transactions. The transactions are then said to have been confirmed by the Bitcoin network. For example, if Sean sends one bitcoin to John, this transaction will remain unconfirmed until the next block is created. Once that block is created and the new transaction is verified and included in that block, the transaction will have one confirmation. Approximately every ten minutes thereafter, a new block is created and the transaction is reconfirmed by the Bitcoin network. While some services are instant or only require one confirmation, many Bitcoin companies will require more as each confirmation greatly decreases the likelihood of a payment being reversed. It is common for six confirmations to be required which takes about an hour. How many Bitcoin Confirmations are Enough? Payments with 0 confirmations can still be reversed! Wait for at least one. One confirmation is enough for small Bitcoin payments less than $1,000. Enough for payments $1,000 - $10,000. Most exchanges require 3 confirmations for deposits. Enough for large payments between $10,000 - $1,000,000. Six is standard for most transactions to be considered secure. Suggested for large payments greater than $1,000,000. Less is likely fine, but this is to be safe! Once you make a transaction, your wallet should give you an option to view the transaction on a block explorer or give you the transaction ID. A transaction ID looks like this: 7a43510802e113b7059851ef0a8a5c3625db37541861dd982f56253b2d5c4ff9 To check the number of confirmations for a transaction, paste the ID into a block explorer like blockchain.info: Press enter and then youll see more details about your t Continue reading >>
Why Is My Transaction Pending?
Incoming transactions show up in your account right away (typically within a minute after they are broadcast) but will be tagged as 'Pending' until there has been at least one network confirmation.The time it takes a transaction to be confirmed depends on the fee used by the sender and the overall network traffic. It can also depend on the asset used. Once a transaction is verified, the pending tag will be removed. This lets you know the transaction cannot be reversed and the funds can be sent. This verification process is similar to the 2 - 3 day hold traditional banks put on check deposits waiting for funds to clear. Digital asset networks have a similar system except this time spent waiting is reduced to hours (and sometimes even minutes with faster networks like Ethereum) instead of days. Occasionally, transactions are not accepted by the network and remain marked as 'PENDING' for 2-3 days. Typically these transactions will never confirm. These problem transactions are typically caused by three main reasons: Receiving a transaction with insufficient fees All transactions require a miner fee to be confirmed by the asset network. If the sender did not specify a sufficient fee, your deposit may never confirm. If you are trying to send assets that appear as pending in your account your transaction will also remain in a pending state until your deposits are confirmed. You can think of this as a waterfall effect. Until the funds you receive are properly confirmed all of your sent funds will be marked with this same pending state. Sometimes there is a high volume of digital currency being sent globally, and there are more transactions than there is space available in each new block to include the transaction. If you have a transaction in your account that has remained pen Continue reading >>
How Many Confirmations Are Considered Secure In Ethereum?
How many confirmations are considered secure in Ethereum? Some people say 5 while others 10 or even 500. How many confirmations are considered secure in Ethereum? Some people say 5 while others 10 or even 500. The more confirmations it wait, the more secured it is. Kucoin requires 12 confirmations for token deposit. The more confirmations it wait, the more secured it is. Kucoin requires 12 confirmations for token deposit. It is currently 12 confirmations required in Kucoin deposit It is currently 12 confirmations required in Kucoin deposit More than 10 confirmations are considered quite secured More than 10 confirmations are considered quite secured More than 10 block confirmations should be sufficiently secured More than 10 block confirmations should be sufficiently secured Some pools use 6 blocks confirmations. Others use 12 confirmations. Depending on the security you need in your system or platforms, you will need X blocks confirmations. Some pools use 6 blocks confirmations. Others use 12 confirmations. Depending on the security you need in your system or platforms, you will need X blocks confirmations. How many confirmations are considered secure in Ethereum? I guess it depends on the importance of the transaction. Even if the geth client only waits for 5 confirmations it would be better to wait for at least 10 confirmations. This is what Vitalik Buterin suggests here: . Continue reading >>
Ethereum Faq Zebpay
Smallest unit of Eth is called wei and it is the precision of 18 decimal places. Zebpay user balances are stored in another unit called szabo which has 6 decimal places. Token of any sort will not be credited. This includes ERC20 (ICOs) and ERC721. It is advisable that you do not send ether directly to any ICO contract. Doing so, ether or any tokens of ether will not be credited to your Zebpay account. Please note: Make sure to transfer your ethers to ETH addresses only. Please DO NOT forward to ICO Contracts/Tokens. How many confirmations do Ethereum transactions need We require more than 100 block confirmations for a transaction to be successful one. Ethereum transactions can be checked at: etherscan.io/tx/ There are mainly two types of addresses in Ethereum Account address: funds are controlled by private key Contract address: funds are controlled by smart contract code For all Zebpay users we assign account addresses. Unfortunately there is no direct way to identify the type of address just by looking at it. Indirectly users can find out if the address is a contract address or account address by searching for that address in . If the address is a contract, users can find a tab called contract code on the address page of etherscan. Otherwise its an account address. What is the sending and receiving limit for Ethereum The minimum ether deposit amount per transaction is 0.0001 ether. If you send ether less than the minimum amount, ether will not be credited. The maximum ether deposit amount is 3000 ethers. Continue reading >>
Confirmation - Bitcoin Wiki
After a transaction is broadcast to the Bitcoin network, it may be included in a block that is published to the network.When that happens it is said that the transaction has been mined at a depth of 1 block.With each subsequent block that is found, the number of blocks deep is increased by one.To be secure against double spending , a transaction should not be considered as confirmed until it is a certain number of blocks deep. Note that unconfirmed transactions do not expire . The classic bitcoin client will show a transaction as "n/unconfirmed" until the transaction is 6 blocks deep.Merchants and exchanges who accept bitcoins as payment can and should set their own threshold as to how many blocks are required until funds are considered confirmed.When potential loss due to double spending as nominal, as with very inexpensive or non-fungible items, people may choose not to wait for a transaction to be confirmed, and complete the exchange as soon as it is seen on the network.Most exchanges and other merchants who bear the risk from double spending require 6 or more blocks. There is nothing special about the default, often-cited figure of 6 blocks. It was chosen based on the assumption that an attacker is unlikely to amass more than 10% of the hashrate, and that a negligible risk of less than 0.1% is acceptable.Both these figures are arbitrary, however;6 blocks are overkill for casual attackers, and at the same time powerless against more dedicated attackers with much more than 10% hashrate.  Freshly-mined coins cannot be spent for 100 blocks.It is advisable to wait some additional time for a better chance that the transaction will be propagated by all nodes.Some older bitcoin clients won't show generated coins as confirmed until they are 120 blocks deep. Transactions Continue reading >>
Transactions - What Number Of Confirmations Is Considered Secure In Ethereum? - Ethereum Stack Exchange
What number of confirmations is considered secure in Ethereum? In Bitcoin, 6 confirmations are considered secure (very low probability of transaction/block reversal). Eth, you are talking about confirming a block here, right? I ask because of the comment lungj made to my question here: ethereum.stackexchange.com/questions/21686/ - Your clarification, would be great. Tesa Jul 27 at 22:48 @Tesa I understand the terminology isn't great. You would say a transaction has 6 confirmations; but we don't really say that blocks get confirmed and it's unusual to say that a block has 6 confirmations. A well-written definition from Bitcoin : "confirmations represent the number of blocks in the block chain that have been accepted by the network since the block that includes the transaction." (When we get to Proof of Stake, there are notions of blocks getting finalized.) eth Aug 10 at 6:09 12 confirmations; however, exchanges and entities handling very large amounts of Ether frequently are still encouraged to run two different Ethereum implementations and only accept transactions that have been confirmed by both for maximum security (e.g. Go & C++). For reference, 12 confirmations is approximately 3 minutes. The geth client waits 5 blocks for confirmation of fresh minted blocks (around 1 minute). I0201 19:07:07.354260 9098 worker.go:349] Mined block (#1483 / a2648b58). Wait 5 blocks for confirmation To make sure a block is no uncle or a transaction included in a block does not hang up in an ommer, I would suggest waiting 7 confirmations (around 2 minutes). From the whitepaper : An uncle included in block B must have the following properties: [...] It must be a direct child of the kth generation ancestor of B, where 2 <= k <= 7. [...] Miners need to check the parameters of the last 250 Continue reading >>
Deposit Does Not Arrive
The exchange I am sending to Binance from shows that my transaction completed, why havent I received anything on Binance? A withdrawal marked as completed or success on an exchange does not mean that the transaction has fully processed to the receiving exchange it simply means that the transaction was successfully posted to the blockchain. Once a transaction is on the blockchain, it will still take a variable amount of time to confirm and post to the destination exchange. Different blockchains require different amounts of confirmations before a transaction is verified. It is not uncommon for a blockchain to be congested with many transactions, causing unexpected/unusual delays in processing your transaction. You may use the transaction ID (TxID) to follow the status on the blockchain. If your transaction shows unconfirmed on its blockchain, this is beyond our control. You must wait for the transaction to be processed on the blockchain. Once it is included in the blockchain, it will begin to produce confirmations. For Bitcoin and Bitcoin-based projects, your transaction should arrive on Binance by 2 confirmations. For Ethereum and most other projects (quicker to confirm), it should arrive by 30 confirmations. If you have sent to Binance from another exchange but not received a TxID, please contact customer service for that exchange. Noted: If the transaction is confirmed by Blockchain but not be credited to your binance account, please reopen original ticket and attached: Blockchain explorer sceenshot with the confirmed transaction; your account balances Screenshot missed the transaction; Well try best to solve it as soon as possible.By the way,priority would be low if tickets lack of above screenshots. 1) How do I check the transaction status on the Bitcoin blockchain? Continue reading >>
How Long Does It Take To Receive Bitcoin Or Ethereum?
How long does it take to receive Bitcoin or Ethereum? How long does it take to receive Bitcoin or Ethereum? When somebody sends you Bitcoin or Ethereum, youll receive a notification from Luno. Incoming Bitcoin transactions will appear in your transaction list (found in Wallets > Bitcoin wallet) but it requires three Blockchain confirmations before it is considered received. Only once the transaction has three confirmations, will you be able to send your Bitcoin to somebody else or sell it . Incoming Ethereum transactions (found in Wallets > Ethereum wallet) will require 30 confirmations. These confirmations usually happen faster than on the Bitcoin network. Once a transaction has enough confirmations, well send you a notification and it will also appear in the appropriate wallet, ready to be saved, sold or spent. Transactions must be confirmed on the Bitcoin or Ethereum blockchain before they are considered valid. This takes time and is not within Lunos control. Confirmation times vary. Confirmation times depend on the transaction fee paid by the sender. If the fee is high enough, Bitcoin transactions can obtain three confirmations in as little as 30 minutes. If the fee is low, it may take days for a transaction to be confirmed. If your incoming Bitcoin or Ethereum receive transaction is not being confirmed, we can only recommend being patient or approaching the sender and asking them to redo the transaction with a higher fee. Continue reading >>
Life Cycle Of An Ethereum Transaction
Learn How an Ethereum Transaction is Created and Propagated to theNetwork Transactions are at the heart of the Ethereum blockchain (or any blockchain for that matter). When you interact with the Ethereum blockchain, you are executing transactions and updating its state. Have you ever wondered what exactly happens when you execute a transaction in Ethereum? Lets try to understand it by looking at an example transaction. In this post, we will cover the following. An end to end traversal of an Ethereum transaction starting from your browser/console to the Ethereum network and back to your browser/console Understand how transactions work when you use a plugin such as Metamask or Myetherwallet instead of running your own node What to do if you are too paranoid and dont trust any plugins to execute your transaction? This post assumes that you have a basic understanding of Ethereum and its components such as accounts, gas and contracts. Here is a good explanation of these concepts. If you are a developer new to Ethereum, you might find this helpful. You can also learn to build a simple dapp here . This post will make more sense if you have executed few transactions yourself. An example of a transaction is you sending some ether to another person or a contract. Another example is if you have interacted with a dapp. For example, if you go here and buy some tokens, that would be a transaction. If you vote for a candidate, that would be another transaction. 1. End to end overview of an Ethereum transaction Lets take the following contract call as an example and traverse through the entire flow of how this function call/transaction gets executed and gets permanently stored on the blockchain. You can find the entire contract here . At a high level, its a voting contract where you i Continue reading >>
Why Ethereum Takes 36 Confirmations?
This is the first time I sent eth and it doesn't appear in other wallet until 36 confirmations. Is there any minimum confirmations requirement for eth?. It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules. Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here. This is the first time I sent eth and it doesn't appear in other wallet until 36 confirmations. Is there any minimum confirmations requirement for eth?. need take 36 confirmations i think sending to exchanger sample in bittrex about confirmation receive account in exchanger, every exchanger have policy This is the first time I sent eth and it doesn't appear in other wallet until 36 confirmations. Is there any minimum confirmations requirement for eth?. 12 confirmations; however, exchanges and entities handling very large amounts of Ether frequently are still encouraged to run two different Ethereum implementations and only accept transactions that have been confirmed by both for maximum security (e.g. Go & C++). More confirmation by the exchange to keep the secure transaction for his service. Continue reading >>
Where Is My Cryptocurrency Deposit Or Withdrawal?
We understand that time is critically important when it comes to newly deposited funds being available for trading. In an effort to speed this up, Bitfinex offers an expedited deposit process with reduced confirmation requirements depending on your account type. See below for confirmations required per account type. Confirmations are the number of times the cryptocurrency in question must be confirmed by its network prior to being considered valid. The duration a confirmation takes can vary beyond Bitfinexs control due to the design nature of cryptocurrencies and mining. Example: Bitcoin blocks take, on average, 10 minutes to confirm by the Bitcoin mining network. Provided the Bitcoin network is not under heavy load, this type of deposit usually takes 30 minutes (3 confirmations x 10 minutes) to be considered valid and displayed in your wallet balance. Of course, the deposit could be considered valid more quickly for Verified (~20 minutes) and Investor/Shareholder (~10 minutes) account types, as their confirmation requirements are reduced. The vast majority of delays in cryptocurrency deposits are due to inappropriately assessed transaction fees by the depositor. There could also be mining network conditions beyond Bitfinexs control which create delays. Withdrawals to addresses outside of Bitfinex often set their confirmation threshold differently based on their adversity to risk. Always review confirmation requirements of those in control of receiving addresses. Continue reading >>
How Many Confirmations To Send Bitcoin From Coinbase Coinhako Ethereum
How Many Confirmations To Send Bitcoin From Coinbase Coinhako Ethereum Win btc just for 5 mins! If Coinbase is giving you hell, talk to me about another option. To withdraw part or all of your cryptocurrency holdings, go How Many Confirmations To Send Bitcoin From Coinbase Coinhako Ethereum the "Funds" page within Binance as you did when depositing coins. You also have the option of withdrawing all of your funds in one go by tapping on "MAX" in the right-hand side of the box, so select that if you want to transfer all of you holdings out of Binance. I double checked the deposit address. I feel like I should see a pending transaction on blockcypher. Sign in Get started. Is this for extra security? We can't give you any magic formulas that'll guarantee instant wealth in terms of trading cryptocurrencies, but we can at least show you how to get your foot in the door by making deposits and withdrawals with the Binance app for iPhone or Android. It's now clear that you have to pay Litecoin Active Monthly Users Type Of Cryptocurrency Wallets for quicker transactions so if you got delayed I think it's a call for you to pay more next time. Secondly How big was your fee. It'll show you the live price. From the article, I conclude that it depends on the attack, so the ten confirmations commandment is only valid for the "normal case" not for the Byzantine Bitcoin Pdf Book Ethereum Starting Pamphlet the economic attack. If you'd like a more thorough guide on this topic, be sure to check out the following link. I've transferred Ethereum from Coinbase to Binance a number of times without a problem. What number of confirmations is considered secure in Ethereum? Miners need to check the parameters of App For Keeping Track Of Cryptocurrency How Much Money Does An Ethereum Rig Make last Continue reading >>
Pro | Ethereum Classic (etc) Faq
In July 2016, the Ethereum network hard forked into two blockchains: Ethereum and Ethereum Classic. Ethereum Classic is now a completely separate cryptocurrency with different technological and philosophical goals. You can read more here about Ethereum Classic and cryptocurrency forks . The Ethereum network forked after an incident in July 2016. At that time, attackers exploited flaws in the smart contract code of a prominent application running on Ethereum called The DAO. In response to community concerns, the Ethereum Foundation implemented a hard fork to roll back all DAO-related transactions and allow the DAOs original contributors to reclaim their funds. While many in the community supported the Ethereum hard fork, some chose to continue running the original Ethereum blockchain. That blockchain eventually became known as Ethereum Classic. Does Ethereum Classic follow all the same changes that Ethereum makes to its software? No. After the hard fork, Ethereum Classic has not received any updates directly from the Ethereum chain. Ethereum Classic and Ethereum are maintained as separate projects with different development teams contributing to each one. Why did Coinbase decide to add ETC? Why didnt you add X asset? When will you add other assets? Were always evaluating what assets might be a good fit for Coinbase. To read more about our policies for adding new assets and how we make that decision, please see here . Stay tuned for more assets in the future! I had ETH stored on GDAX during the hard fork that created Ethereum Classic. Will Coinbase credit me the ETC I would have received? Yes. Coinbase originally allowed withdrawals of ETC up until December 2016. If you had any leftover ETC which was stored in Coinbase after that date, it was credited to your Coinbase Pr Continue reading >>