Quote from: ukasyah on November 30, 2016, 04:09:05 AM

Quote from: Denker on November 21, 2016, 07:31:41 AM

Quote from: Daneric on November 21, 2016, 07:11:24 AM

I just thought about this today. Every time you are transacting with bitcoin, you will be told that you have to wait for bitcoin confirmation. This is common with bitcoin gambling sites. What I know is that bitcoin transactions are irreversible. Then why is it that you have to wait for the confirmation before initiating anything?

Even though the possibility of a double spend is very low, some small rest of risk always exists.
That's why we are told to wait for confirmation.If however you have 100% trust to your other party, because you know him for many years and everything always went smooth and fine you don't need to wait of course.

did you mean that we do not need to wait if we send our coins to someone we know for years and we trust him almost 100%? so how do we send those coin without taking too long for waiting? how could it be?

If you trust the other party, you can probably finish the transaction without waiting for any confirmation. You have to trust the other party to not double spend it and you can rebroadcast the transaction yourself from time to time.

The waiting time for confirmation cannot be shortened if they did not include enough fees.