This is to prevent people from double spending those coins. There is a way to sort of 'charge back' BTC and waiting for this confirmation insures it is a valid transaction.
Person sends transaction to address with small fee and then sends another exact transaction to another address with a much higher fee so it gets confirmed first which will invalidate the original transaction allowing them to keep their coins. This is very, very difficult to do though but not impossible.
Person sends transaction to address with small fee and then sends another exact transaction to another address with a much higher fee so it gets confirmed first which will invalidate the original transaction allowing them to keep their coins. This is very, very difficult to do though but not impossible.
Hmm,
Does not seem that hard,
Have 2 PCs running side by side, with a copy of your BTC wallet on Each, opened and synced,
from the 1st PC send your BTC to an address you control, (pay the extra fee on this one or wait 50 seconds before sending on the 2nd PC.)
from the 2nd PC send the BTC to the guy you are doublespending to.
I believe that is about the gist of it, any extra steps , feel free to add.
