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55 sats \ 4 replies \ @0xbitcoiner 10h \ on: What Happens to transaction in a 'reorg' ? bitcoin
Does this mean if I sent someone a utxo, and the transaction was confirmed in a block but that block was reorg'd, then the utxo was never actually spent and is back spendable in my wallet ? And the receiver that thought they had a utxo is SOL ?
yes. yes. That's why we should be waiting for at least 6 confirmations (blocks).
šŸ‘€ https://learnmeabitcoin.com/technical/blockchain/chain-reorganization/
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0 sats \ 3 replies \ @BeeRye OP 10h
I see, so there is a serious risk for people that receive the payment such as merchants.
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55 sats \ 2 replies \ @0xbitcoiner 10h
not so serious, Bitcoin is super secure. But it can happen, if they use the timechain (L1). Merchants usually use the Lightning Network because it's got near instant settlement.
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33 sats \ 1 reply \ @BeeRye OP 10h
yes, i am thinking about that now how lightning helps mitigate this risk.
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55 sats \ 0 replies \ @0xbitcoiner 10h
For merchants, it's got to be fast. Nobody can wait an hour (6 blocks) for a payment to go through.
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