KEYS TO BITCOIN: LEARN HOW BITCOIN REALLY WORKS by Raphael Meyer

Author:Raphael Meyer [Meyer, Raphael]
Language: eng
Format: azw3, epub
Published: 2021-03-23T16:00:00+00:00

Number of confirmations

0 or 1

1 or 2

2 or 3

3 or 4

5 or 6

Approximate wait time

Seconds to 10 minutes

15 minutes

30 minutes

45 minutes

60 minutes

Figure 44 Reasonable number of confirmations to wait depending on the amount being paid,

Consider this: while it is impractically long to wait 10 minutes for a payment to go through when buying a cup of coffee, it is rather efficient to wait only an hour when transferring millions. In this regard, one can say that Bitcoin was really built for moving around large amounts efficiently and securely, but not to pay for small everyday items.

I’ll address this limitation (and others) in Chapter 9, but since you now have a good understanding of Bitcoin’s basic features, let’s focus on the more practical aspects, such as buying and storing funds.

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