Why the numer of confirmations matter? because a confirmation means that a miner worked a lot to calculate the right hash for the newly created block. when other block is added on top of the previous one, the same type of effort is needed. also, the previous block header hash is part of the data that is used to calculate the new block that is being mined. this means that if someone tries to change that previous block in a new branch of the blockchain, it will assign a different hash for it, thus making the need to mine all the subsequent blocks that are on top of it.
so the more confirmations a transaction has, the more energy the attacker will have to spend to make the change really propagate on the blockchain. 6 confirmations or more means that is impossible to change it. only God could do it.
#confirmations #transaction #mining #bitcoin #question
comment below to aggregate more info or correct any mistake I made.
teachermorpheus /
npub1pf…0xtw9
2023-10-31 18:26:21
Author Public Key
npub1pf36v9wl8nwj3nquvsmvszc50a97c2exje4smr98gwlc9txtelrsy0xtw9Published at
2023-10-31 18:26:21Event JSON
{
"id": "7520a4441a614e568d8d2a67d16c9549ec178214dabcb43242e3850f89bab990",
"pubkey": "0a63a615df3cdd28cc1c6436c80b147f4bec2b26966b0d8ca743bf82accbcfc7",
"created_at": 1698776781,
"kind": 1,
"tags": [
[
"imeta",
"url https://video.nostr.build/32a3b4103f7ebee8e59530062412a4a4b5bcee0f62a5adf363a3c3b32ba60497.mp4",
"blurhash eFFrnox_E9aJXUVVwFNgEPWr-hR:E2V?RjR.kDRiWYs+0he-Rjj[xY",
"dim 720x1280"
],
[
"t",
"confirmations"
],
[
"t",
"transaction"
],
[
"t",
"mining"
],
[
"t",
"bitcoin"
],
[
"t",
"question"
]
],
"content": "Why the numer of confirmations matter? because a confirmation means that a miner worked a lot to calculate the right hash for the newly created block. when other block is added on top of the previous one, the same type of effort is needed. also, the previous block header hash is part of the data that is used to calculate the new block that is being mined. this means that if someone tries to change that previous block in a new branch of the blockchain, it will assign a different hash for it, thus making the need to mine all the subsequent blocks that are on top of it.\n\nso the more confirmations a transaction has, the more energy the attacker will have to spend to make the change really propagate on the blockchain. 6 confirmations or more means that is impossible to change it. only God could do it.\n\n#confirmations #transaction #mining #bitcoin #question\n\ncomment below to aggregate more info or correct any mistake I made. https://video.nostr.build/32a3b4103f7ebee8e59530062412a4a4b5bcee0f62a5adf363a3c3b32ba60497.mp4 ",
"sig": "c89fa1510d7b9dbef491b5584fc62ef106d4c4256bc64692d0e6ce1c8f855e78504b5b0cac9b268750a9b6c51f3fc2a2d273eaab571f20c6a3c7af8912a2b25d"
}