Author: Slurms MacKenzie 2015-07-25 11:22:24
Published on: 2015-07-25T11:22:24+00:00
In a Bitcoin-dev email thread from July 2015, the question was raised about how to explain to end users that a "validated" transaction can become unspendable by a mined block. This concern was related to potential Finney attacks, where a miner could double-spend a transaction before it gets confirmed on the blockchain. The email provided a breakdown of different stages for a transaction's confirmation: "Validated" means the transaction has been seen on the network, while "Settled/Cleared" requires one confirmation and "Finalised" requires six confirmations. The email discussion highlights the importance of educating users about the risks associated with different validation stages, especially for those new to Bitcoin. It also underscores the need for continued development in the Bitcoin ecosystem to improve security measures against such attacks. While this email is from several years ago, the topic of transaction validation and security remains relevant as Bitcoin and other cryptocurrencies continue to gain traction.
Updated on: 2023-06-10T03:55:48.812529+00:00