I recently made my first bitcoin deposit to a market and the admin messaged me that I should wait 6 times confirmations of BTC network. What does this mean ? Do I need to do anything else ? Thanks.
Bitcoin (wait 6x confirmation) ?
I recently made my first bitcoin deposit to a market and the admin messaged me that I should wait 6 times confirmations of BTC network. What does this mean ? Do I need to do anything else ? Thanks.
[1 Points] YellowPotatoDog:
[1 Points] None:
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.
In simpler terms it represents the difficulty of a double spend attack. With zero confirmations no proof of work has been done, so you can't tell if anyone considers the transaction valid. Even with a single transaction it is possible for an attacker to pre compute a single block.
Basically it's nothing to worry about. Sit tight and i'm sure your coins will be in your wallet soon.
If you click on your transaction in like Blockchain or whatever you are using, it will show how many confirmations. You basically just wait. Should be relatively quick. 1-2hrs tops I'd say.