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judymcconville@roadrunner.com 2017-04-27 15:18:34 -07:00
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@ -228,7 +228,7 @@ If Bob's bitcoin wallet application is directly connected to Alice's wallet appl
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A common misconception about bitcoin transactions is that they must be "confirmed" by waiting 10 minutes for a new block, or up to 60 minutes for a full six confirmations. Although confirmations ensure the transaction has been accepted by the whole network, such a delay is unnecessary for small-value items such as a cup of coffee. A merchant may accept a valid small-value transaction with no confirmations, with no more risk than a credit card payment made without an ID or a signature, as merchants routinely accept today.
((("transactions", "constructing", "confirmations")))((("confirmations", "of small-value transactions", secondary-sortas="small-value transactions")))A common misconception about bitcoin transactions is that they must be "confirmed" by waiting 10 minutes for a new block, or up to 60 minutes for a full six confirmations. Although confirmations ensure the transaction has been accepted by the whole network, such a delay is unnecessary for small-value items such as a cup of coffee. A merchant may accept a valid small-value transaction with no confirmations, with no more risk than a credit card payment made without an ID or a signature, as merchants routinely accept today.
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=== Bitcoin Mining