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> I'm not sure what he is talking about I’m not a big trader, but people send me BTC about once per week. It takes 30 minutes easily to get the transaction con
by TedDoesntTalk 4y ago
> I'm not sure what he is talking about
I’m not a big trader, but people send me BTC about once per week. It takes 30 minutes easily to get the transaction confirmed on the blockchain. Before that, it’s not clear the transaction is legit. And I have had one or two transactions that don’t reach the magic number of 6 confirmations. I’m not sure how the sender pulls that off, but I alert them of it, don’t deliver the goods, and they haven’t complained (knowing they sent a fraudulent transaction? I don’t know)
It’s my understanding those confirmations are being done by miners who get a small fee that me or the sender’s pay.I see this labeled as “network fee”.
- charcircuit 4y agoIf someone is trading between USDT and bitcoin they are not going to be doing it on the bitcoin network. They are going to be doing it on a CEX where there is no confirmation time or they will be using a derivative such as wrapped bitcoin on another network such as Ethereum. The 30 minute wait would only make sense if you were to trade USDT for bitcoin on a CEX, then send that money using bitcoin to another CEX to execute the next trade to USDC.