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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?

Thanks!

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If a merchant or trader will be accepting payment on 0 confirmations (or even one or two confirmations), then there is a recommended configuration to lessen the risk of being defrauded due to a race attack. –  Stephen Gornick Jan 31 '13 at 2:51
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1 Answer

up vote 4 down vote accepted

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.

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However you could deliver at the same time two different transactions to two different standard nodes. –  Lohoris Jan 28 '13 at 16:02
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