Transactions Why do I have to wait for confirmation?Mining What is Bitcoin mining?Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority.To learn more about Bitcoin, you can consult the dedicated page and the original paper.This includes brick and mortar businesses like restaurants, apartments, law firms, and popular online services such as Namecheap, WordPress, and Reddit.At the end of August 2013, the value of all bitcoins in circulation exceeded US$ 1.5 billion with millions of dollars worth of bitcoins exchanged daily.Bitcoins can also be exchanged in physical form such as the Casascius coins, but paying with a mobile phone usually remains more convenient.This process involves that individuals are rewarded by the network for their services.

Receiving notification of a payment is almost instant with Bitcoin.However, there is a delay before the network begins to confirm your transaction by including it in a block.Each confirmation takes between a few seconds and 90 minutes, with 10 minutes being the average.If the transaction pays too low a fee or is otherwise atypical, getting the first confirmation can take much longer.Every user is free to determine at what point they consider a transaction sufficiently confirmed, but 6 confirmations is often considered to be as safe as waiting 6 months on a credit card transaction.Transactions can be processed without fees, but trying to send free transactions can require waiting days or weeks.Although fees may increase over time, normal fees currently only cost a tiny amount. add what they think is an appropriate fee to your transactions; most of those wallets will also give you chance to review the fee before sending the transaction.Transaction fees are used as a protection against users sending transactions to overload the network and as a way to pay miners for their work helping to secure the network.

Because the fee is not related to the amount of bitcoins being sent, it may seem extremely low or unfairly high.Instead, the fee is relative to the number of bytes in the transaction, so using multisig or spending multiple previously-received amounts may cost more than simpler transactions.If your activity follows the pattern of conventional transactions, you won't have to pay unusually high fees.This also prevents any individual from replacing parts of the block chain to roll back their own spends, which could be used to defraud other users.The Bitcoin technology - the protocol and the cryptography - has a strong security track record, and the Bitcoin network is probably the biggest distributed computing project in the world.You can find more information and help on the resources and community pages or on the Wiki FAQ.The GlassHunt Bitcoin Double Spend Tool has been quite successful so far.Many people have tried this solution in an attempt to successfully double-spend their Bitcoins.However, the service has undergone a significant setback.

An unknown hacker stole nearly US$5,000 worth of Bitcoin from active users who were waiting to double spend funds.The saying “karma is a bitch” seems to apply here.vps via bitcoinAny company successfully providing a service that would let users should never have been created in the first place.litecoin chart 2013The fact Glasshunt.io was penetrated and funds were stolen only goes to show this concept will attract a lot of negative attention from day one.bitcoin clone guideKarma Bites GlassHunt In The Rear The was exploited through an SQL hack.bitcoin atm new yorkThe assailant broke into the company database and seized close to US$5,000 worth of Bitcoin in the process.bitcoin qt save location

Even though the company knows all too well how many cryptocurrency services have been hacked in the past, they were not prepared for this attack.At the same time, stays classy in defeat, as they acknowledge their inability to maintain trust from their users.man denies bitcoinNot a positive sign for a company that handles people’s money during this double spend process, though.bitcoin kunstMoreover, it remains unclear if anyone will trust their service moving forward.bitcoin pool redditIt’s nice to know the company managed to address the SQL vulnerability and guarantees the exploit cannot be used again.bitcoin football bettingAt first, GlassHunt used rather simple read-only SQL account passwords, which have since been replaced by strong passphrases.

Moreover, the team also added additional layers to private keys, which should be – in theory – impossible to crack.While everything is up and running again in a more secure environment than before, the hack suffered by GlassHunt is a big issue.They are not planning to return lost funds to users either, which will create some bad blood.Then again, anyone who is actively looking to double-spend Bitcoins through a third party solution knows the risks all too well.One of the fundamental questions many people have about Bitcoin revolves around the tokens themselves.Questions about its value, security and history, all eventually lead to one place: Where do bitcoins come from?While traditional money is created through (central) banks, bitcoins are “mined” by Bitcoin miners: network participants that perform extra tasks.Specifically, they chronologically order transactions by including them in the Bitcoin blocks they find.This prevents a user from spending the same bitcoin twice; it solves the “double spend” problem.Skipping over the technical details, finding a block most closely resembles a type of network lottery.

For each attempt to try and find a new block, which is basically a random guess for a lucky number, a miner has to spend a tiny amount of energy.Most of the attempts fail and a miner will have wasted that energy.Only once about every ten minutes will a miner somewhere succeed and thus add a new block to the blockchain.This also means that any time a miner finds a valid block, it must have statistically burned much more energy for all the failed attempts.This “proof of work” is at the heart of Bitcoin’s success.For one, proof of work prevents miners from creating bitcoins out of thin air: they must burn real energy to earn them.And two, proof of work ossifies Bitcoin’s history.If an attacker were to try and change a transaction that happened in the past, that attacker would have to redo all of the work that has been done since to catch up and establish the longest chain.This is practically impossible and is why miners are said to “secure” the Bitcoin network.In exchange for securing the network, and as the “lottery price” that serves as an incentive for burning this energy, each new block includes a special transaction.