What does unconfirmed mean?

Maxcoin frequently asked questions.
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Meconomy153
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What does unconfirmed mean?

Post by Meconomy153 » Fri Jan 02, 2015 8:37 pm

If a payment with maxcoins is unconfirmed, it means that this payment has not yet been included in the block chain. This means that the payment is still reversible.

Because there is a new Maxcoin block every 60 seconds, the payments will be confirmed within 60 seconds. Once a payment is confirmed by including it in a block chain, the payment is irreversible.

So within 60 seconds there will be 1 confirmation for the transaction. With every new block, a new confirmation for the transaction will be made. To protect the double spending, some people recommend that a transaction is not confirmed, until there is a certain number of confirmations for that transaction. Because the time wherein a new block chain is formed for maxcoins is very short, the transaction will be confirmed also a lot quicker.

In comparison, a new Bitcoin block is there every 10 minutes! This means that when you are unlucky, your Bitcoin payment will be confirmed after hours. This is also the reason that more and more people embrace Maxcoin.

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