Hi! Based on your experience, how long does it take to receive one confirmation for any given transaction which has payed the standard miner's fee? Is it still reversible?
A Bitcoin transaction, by design, will get one confirmation after an average of 10 minutes. Even before a confirmation has been received, a transaction is generally irreversible.
If you were to send a second (double-spend) transaction, using the same inputs as a transaction you've previously sent, I suppose there might be some custom-developed nodes that would give it priority if the transaction fee was higher than the first transaction. However, I believe most nodes would reject the second transaction.
If one of these (corrupt?) custom-developed nodes was to solve a block including the second transaction, my understanding is that the network would accept the block and thus accept the second transaction. This question has been asked separately, here: Does any pool accept higher-fee transactions of a double spend, instead of the earlier one?
However, it's worth mentioning that standard nodes will not relay the second transaction.
simply looking at this chart tells you that average transaction confirmation time is not 10 minutes (block confirmation is 10min)
yes, its ok, The second confirm and beyond will obviously have the full 10 min average block time wait time however. simply looking at this chart tells you that average transaction confirmation time is not 10 minutes (block confirmation is 10min)
Thank you for your interest in this question.
Because it has attracted low-quality answers, posting an answer now requires 10 reputation on this site.
Would you like to answer one of these unanswered questions instead?