How many confirmations are required to complete the transaction


#1

Is there a minimum number of completed transaction confirmations?

How do determine that the transaction is complete and not reversible?


#2

Mine last time is 66confirmations


#3

@5332d1447cbcf187fff5 On the blockchain, most sites (exchanges etc) require 20 confirmations before accepting a transaction to be immutable. (approx 40minutes on average)

In terms of what is reversible/ irreversible; that’s a tough question as it depends on ALOT of factors.

Its always possible that the last 1 or 2 blocks can be orphaned (especially on a blockchain with just 2 minute block time) but there is no reason that a TX still wouldn’t be included in the new blocks transmitted by the pool. The further back you go, the difficulty to change grows exponentially and would likely require majority network hashing power AND an intent by a mining pool to deliberately change blocks.

So to answer your question, in general, after a few blocks a transaction is generally fine, but most 3rd parties wait for 10-20 blocks as there is little to no chance of that being changed on a reasonably decentralised blockchain.

However, its worth noting that the instant payment system the team have built on top of the blockchain means they act as a trusted 3rd party, so the system will ring fence the funds until the transaction has been successful on the blockchain, thus allowing vendors confidence to accept the payment as immutable instantly.