A bitcoin transaction requires at least six confirmations before its complete and before the coin become spendable by the recipient. However, some platforms like Coinbase and Coinfloor require just 3 confirmations to consider a bitcoin transaction final. How do some Bitcoin transactions take longer than others?
The Confirmation Process
When a Bitcoin poker transaction is initiated, it enters the regular Bitcoin blockchain network and pooled in an unconfirmed transaction pool. Bitcoin miners enter the unconfirmed transaction pool and validate each transaction, based on the transaction priority, and group it into a block. Each block is put into a blockchain and is considered confirmed.
A confirmed block is placed on top of an older confirmed block like a chain. Older blocks are confirmed when a new block is added, and that makes it difficult for someone to defraud the system. A confirmation is then sent to the receiver whenever the transaction has been validated by miners in the bitcoin network. Bitcoin confirmation ensures transaction trustworthiness and reduces fraud through double spending.
How Long Does Block Confirmations Take?
Bitcoin block confirmations are mainly accepted at an average time of ten minutes with a maximum block size of 1MB. This means that the number of transactions processed per second is very small. With a minimum of at least six confirmations, it may take up to one hour for a transaction to be complete, depending on the total hash rate on the bitcoin network being used to solve the blocks.
Bitcoin has a transaction priority mechanism whereby each transaction is prioritized according to the transaction data size, the fee for miners, and the time elapsed. A transaction is included in a block according to its priority value and the remittance fee paid. Transactions with low remittance fee are likely not to be included in a block when the transaction arrival rate is high.
Transaction Fees for Bitcoin Poker
The transaction fee attached to a bitcoin poker transaction is one of the factors that slow down the confirmation time. To speed up the confirmation time, poker users can use Antpool's accelerator to make sure the transaction is included in the next block. In addition, if a player is using a mobile app, they can change the transaction fee attached to a transaction by selecting normal, priority or custom fees. The greater the fee, the faster the confirmation; and that’s a nice addition to have available.
Bitcoin poker transactions sometimes take longer than usual due to the Bitcoin network, the transactions fees, and the time elapsed. For example, if the amount of a transaction is small and the coin was used in another recent transaction, the confirmation is given low priority. When the amount of a transaction is high, on the other hand, a high priority is given to the transaction.