Author: Vincent Truong 2015-07-24 14:37:15
Published on: 2015-07-24T14:37:15+00:00
Bitcoin transactions are often labeled as "fast," but this can be misleading. While Bitcoin transactions are still relatively quick, they are slower than Visa transactions that are considered "instant." However, Bitcoin transactions are still very fast because wallets send notifications when transactions are first seen, not when they go into a block. The term "confirmations" is also arbitrary and could be redefined with finance terminology to better reflect the settlement process. For example, a "0 conf transaction" would refer to the act of making an exchange without implying safety. Using the word "settle" instead of confirmations could better resonate with merchants. A "confirmation" would then be referred to as a "settlement," indicating finality. While the term "n confirmations" could stay, it may be more meaningful to use a percentage or "confidence" to convey the likelihood of double spending. Alternatively, an arbitrary number could be chosen, such as six, and used in place of confirmations with "settling..." and "settled" when reached.
Updated on: 2023-06-10T03:55:10.658791+00:00