Unconfirmed Transaction Are not Secure

[xBDT Script 4371]

Almost all the exchanges, gambling sites requires a certain confirmations of a transaction before adding a deposit to the wallet. For example, coinbase requires 6 confirmations. With 6 confirmations, you can't use the bitcoin you received with coinbase. 6 confirmation is considered as secure because in reality, it's very unlikely to be possible to reverse the transaction.
So, why does this confirmation is require when we say transaction can not be reversed?
If anyone uses very low fee considering the bitcoin network is very busy and the fee is much high, it will take huge time to get confirmation. It may take more than couple of days, until the network get stable once again. If it takes a lot of times, the transaction may get rejected by the miners. When the fee is too low, miners consider the transaction unworthy to verify, it will be rejected by miners.

Edited October 28, 2019 by xBDT Script

[xBDT Script 4371]

Just now, bitcoworld said:

Well, you are talking on the mainchain

Yeah the concept is for mainchain obviously. It was there from the beginning  and talking about the LN we I am sure most of the Bitcoin users have not used it yet.

There are no such scope for LN anyway, so we are pretty much safe in there.

 

[xBDT Script 4371]

Just now, bitcoworld said:

They you will see LN surpases the mainchain because you will be able to buy coffee with btc for 1-2 Saoshi fee... 

Well not to mention from the next version of Electrum we will have LN wallet enable 😁

There were not any LN users still but once they will bring it in Electrum the we will see average Joe will also use it. I am not going to spend 226 sat where I can use only 1 sat to pay for my coffee. I am hopeful we will see many merchants will accept LN payment too because of the easy handling. 

Better days are ahead.

[xBDT Script 4371]

6 hours ago, idrissultana said:

Are You saying hackers are looking for rejected transactions, but hoe to they trace one anyway and how does the rejection relate to the breich to be for the coi to be hacked?

No one is looking for rejected a transaction. It is very possible to deceive people with too much low fee which miners will not consider worthy to verify. You still have option though. You can use another method namely CPFP method to rise the fee and get the transaction faster, details here- 

Quote

So you are advising that if transaction sent to me is not confirmed yet, i should not see it as sent yet because it may be rejected and coin will reverse back to sender wallet. 

Yes, exactly. You must have to wait for confirmation. In case of lower amount 2/3 confirmation is enough but for bigger amount you must have to wait for at least 6 confirmation.

Quote

I was once told even with low fee, transaction will still be confirmed as there are miners who will not mind mining the low fee blocks. 

Yes, with low fee transaction get confirmed as well. For example, the current fee will be around 1/2 satoshi per byte which is very low.

Edited October 29, 2019 by xBDT Script

[Lubruselu 2803]

Yah sure if you see your transaction is not confirmed yet! Thats means there have chances of hackers to change your transaction details and it to be confirmed to their wallets.

[Nakamoto 279]

I think some general bitcoin wallet has RBF feature and will rebroadcast the transaction. So this is not an issue. There is also a transaction accelerator tool if you have a stuck one.

[duncun007 3577]

which is its always a bad move to choose to lower the transaction fees because minors wont even look at your transaction or even deem it worth confirming.

[Nakamoto 279]

7 minutes ago, Nahna said:

They are secure however they are not believed that is the reason they require certain affirmation before it is added to the parity.

They are not secure, and that is why RBF was introduced. Do you know why? Yes, you don't know. Read and come back again to me. https://bitcoincore.org/en/faq/optin_rbf/#why-arent-unconfirmed-transactions-safe

[febriyana 934]

Yes to secure the transaction we need atleast 1 confirmation before we get the balance deposited in exchanges, gambling sites, etc.

That is i think only work in blockchain but in lightning network i think transaction not depending on miner again.

Also for some website especially gambling sites they accept 0 confirmation deposit. For example 999dice, they have instant deposit with 0 confirmation, you can play the gambling as soon as possible. But when you withdraw they need 1 confirmation first in your deposit. I think that is like same concept, but more comfortable so the user don't wait long time when deposit.

[Mahadi hassen 50]

I know that Bitcoin transactions are definitely not stable, not sure. These coins can rise or fall at any time. General Chat Chat LoungThis can be achieved after a minute or two, but may take several hours, if not days, depending on the blockchain process and cost. But I think this coin will one day be stable

[ETheHedgehog 3104]

I'd much rather have a bit higher fee with much faster confirmations and more security than less security for a bit less fees

[Ali_hmwi 966]

I really don't like the confirmations at all when i am trying to use my Coins i would like to use the site or the application in the fast way that i can.

Really it's not accepted...for me..

[Xsimple 441]

On 10/28/2019 at 10:44 AM, xBDT Script said:

Almost all the exchanges, gambling sites requires a certain confirmations of a transaction before adding a deposit to the wallet. For example, coinbase requires 6 confirmations. With 6 confirmations, you can't use the bitcoin you received with coinbase. 6 confirmation is considered as secure because in reality, it's very unlikely to be possible to reverse the transaction.
So, why does this confirmation is require when we say transaction can not be reversed?
If anyone uses very low fee considering the bitcoin network is very busy and the fee is much high, it will take huge time to get confirmation. It may take more than couple of days, until the network get stable once again. If it takes a lot of times, the transaction may get rejected by the miners. When the fee is too low, miners consider the transaction unworthy to verify, it will be rejected by miners.

Well this very good information now I know why other wallet takes time to transfer and the fees is not stable it go up and down there is fee that low and so high.

[jacker 1095]

I think the Unconfirmed Transaction is not secure. because confirmation is an extremely important step in a transaction. if not confirmed then nothing is sure There may still be problems or mishaps

[Goody28 259]

On 12/2/2019 at 12:49 PM, Lubruselu said:

Yah sure if you see your transaction is not confirmed yet! Thats means there have chances of hackers to change your transaction details and it to be confirmed to their wallets.

Right you make a good point about the confirmations if your transactions isn't confirmed yet that means hackers are into your account for the time being why not click on the link and check for more details

[Casinoval 330]

Yes unconfirmed transaction are not secure, without confirmation there is no way to tell if the transaction is accepted by thr the block chain or not, some transaction can be fake and if you accept without confirmation you will lose.

[phpMailz 568]

Yep unconfirmation transactions are not secure, don't accept a transaction that have not been confirm on the blockchain by miners, it is easy to send a fake transaction on a crypto network, so it will be in your interest to make sure on confirmation before accepting.

[fatima123 320]

All exchanges has its own policies regarding deposit some exchanges needs 3 confirmations and some needed 6 confirmations this is due to network of that exchange  .

[aymandr 206]

Of course, unconfirmed Bitcoin transactions are not secure.  Only when a miner packs them into a block and attaches this block to the blockchain, the transaction is confirmed. This can be done after a minute or two, but, depending on the operation on the blockchain and fee, it can take hours if not days.
 

[Oxygen 1004]

On 10/28/2019 at 10:44 PM, xBDT Script said:

Almost all the exchanges, gambling sites requires a certain confirmations of a transaction before adding a deposit to the wallet. For example, coinbase requires 6 confirmations. With 6 confirmations, you can't use the bitcoin you received with coinbase. 6 confirmation is considered as secure because in reality, it's very unlikely to be possible to reverse the transaction.
So, why does this confirmation is require when we say transaction can not be reversed?
If anyone uses very low fee considering the bitcoin network is very busy and the fee is much high, it will take huge time to get confirmation. It may take more than couple of days, until the network get stable once again. If it takes a lot of times, the transaction may get rejected by the miners. When the fee is too low, miners consider the transaction unworthy to verify, it will be rejected by miners.

When a bitcoin enters in a block than it is 95% chances that it will be confirmed early but if it is not added in any block then the transaction of bitcoin will struck in the network and even it can struck for days long. I have experience of that my transaction of bitcoin was struck in network for almost 10 days.

[Shaza Ahmad 1682]

Failure to confirm some Bitcoin transactions leads to concern, so I suspect that we have to raise the transfer fee in order to complete it safely and out of all the problems.

[Fedor00 74]

It's very important to check and use the right fees for your bitcoin transaction. It happened to me a lot of times to pay to low fees and then had to wait even 3 days to receive confirmations for my transaction 

[jamesvince 2389]

No not worried for us either transactions are confirmed or not because in few minutes our btc transactions are confirmed to our address then no one can steal our funds in between few minutes because funds only transferred to given address. 

[Honny143 13612]

On 12/6/2019 at 9:08 AM, Shahadatbd said:

Unconfirmed transection always not secure to the people. Because this kind of transportation causes of loose money sometimes. In LTC transection we can see there are lots of unconfirmed transection.

I agree with your statement by unconfirmed transaction are not safe i know,but you says litecoin transaction are not safe but l always use litecoin to withdrawal from so many platform's, but I can face any problems with iitecoins,and its confirmed also quickly safe and secure.

[BTC Future 3946]

With 6 confirmations it is impossible for transactions to be reversed. The amount of hashrate needed for an individual miner or "team" to perform a 51% attack on Bitcoin's blockchain, is too much and also will be unprofitable. If this happens it would also make Bitcoin useless and price will dive to zero. So any further use of the hashpower accumulated will be in loss for the attacker. 

There are merchants that accept 1 confirmation and this is not recommended as two blocks have been produced in the past quite a few times at the same time, and the transactions that one of these two contain, are reversed and sent back in the mempool. This means that if this block with 1 confirmation is accepted by someone there is a slight risk that they will be reversed and double spent.