Why the transaction of Bitcoin to be confirmed two times?

Ringerro
Posts: 4
Joined: Thu Apr 27, 2017 5:23 am

Why the transaction of Bitcoin to be confirmed two times?

Postby Ringerro » Thu Apr 27, 2017 8:22 am

Why the transaction of Bitcoin to be confirmed two times? What is your analysis about this, have you made a transaction without sitting tight for confirmation?

bert
Posts: 54
Joined: Sat Apr 08, 2017 10:46 am

Re: Why the transaction of Bitcoin to be confirmed two times?

Postby bert » Thu Apr 27, 2017 8:32 am

A transaction is not yours until its confirmed and can be easily double spent - causing you lose your money. To be precise:

- an unconfirmed transaction = very high chances of double spending
- one confirmation = low chances of double spending
- double confirmation = impossible to double spend

hope this helps.

alton
Posts: 93
Joined: Sat Apr 08, 2017 10:42 am

Re: Why the transaction of Bitcoin to be confirmed two times?

Postby alton » Tue Aug 29, 2017 4:43 am

this twice confirmation system is to avoid double spending and loss of money, because it confirms that the transaction is done by you!

alton
Posts: 93
Joined: Sat Apr 08, 2017 10:42 am

Re: Why the transaction of Bitcoin to be confirmed two times?

Postby alton » Tue Aug 29, 2017 1:07 pm

this twice confirmation system is to avoid double spending and loss of money, because it confirms that the transaction is done by you!

azimiballer
Posts: 111
Joined: Wed May 03, 2017 7:31 am

Re: Why the transaction of Bitcoin to be confirmed two times?

Postby azimiballer » Tue Aug 29, 2017 1:08 pm

just to make sure the transaction is being done by you so that you don't lose money, as a result of double spending.

bain
Posts: 88
Joined: Tue Apr 25, 2017 5:24 am

Re: Why the transaction of Bitcoin to be confirmed two times?

Postby bain » Tue Aug 29, 2017 1:09 pm

what is meant by double spending here?

axel
Posts: 61
Joined: Sat Apr 08, 2017 10:45 am

Re: Why the transaction of Bitcoin to be confirmed two times?

Postby axel » Tue Aug 29, 2017 1:09 pm

bain! It Is when you make transaction with same bitcoin address u used previously.

itsbriskbaby
Posts: 63
Joined: Wed May 03, 2017 7:34 am

Re: Why the transaction of Bitcoin to be confirmed two times?

Postby itsbriskbaby » Fri Sep 08, 2017 8:41 am

Because It is to be the security purpose

CookiesSuck
Posts: 64
Joined: Wed May 03, 2017 7:36 am

Re: Why the transaction of Bitcoin to be confirmed two times?

Postby CookiesSuck » Fri Sep 08, 2017 8:41 am

Bitcoin is a huge platform that’s why it need confirmation security that you received or not.

paranoidGlitch
Posts: 112
Joined: Wed May 03, 2017 7:38 am

Re: Why the transaction of Bitcoin to be confirmed two times?

Postby paranoidGlitch » Fri Sep 08, 2017 8:42 am

Not in the case of bitcoin but every technology and even connection that we are using required a confirmation code

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