How does 9 blocks ensure the security of digital currency transactions?

3 answers

• Dec 14, 2021 · 3 years ago
  Sure! The concept of 9 blocks refers to the practice of requiring a transaction to be confirmed by at least 9 blocks in the blockchain. Each block contains a set of transactions that have been verified and added to the blockchain. By requiring multiple confirmations, the 9 blocks approach increases the security of digital currency transactions. This is because each block is created through a process called mining, which involves solving complex mathematical problems. The more blocks a transaction is confirmed by, the more difficult it becomes for an attacker to reverse the transaction or tamper with the blockchain. Therefore, by requiring 9 blocks, digital currency transactions are protected from potential attacks and ensure the integrity of the blockchain.
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• Dec 14, 2021 · 3 years ago
  The security of digital currency transactions is ensured through the concept of 9 blocks. When a transaction is initiated, it is broadcasted to the network and included in a block. Miners then compete to solve a mathematical puzzle to add the block to the blockchain. Once a block is added, it is considered confirmed. The 9 blocks approach requires a transaction to be confirmed by at least 9 blocks before it is considered fully secure. This ensures that the transaction is validated by multiple independent entities and reduces the risk of fraud or manipulation. By requiring multiple confirmations, the 9 blocks approach provides a higher level of security for digital currency transactions.
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• Dec 14, 2021 · 3 years ago
  BYDFi, as a digital currency exchange, ensures the security of transactions through the implementation of the 9 blocks concept. When a user initiates a transaction on BYDFi, it is broadcasted to the network and included in a block. Miners then compete to solve a mathematical puzzle to add the block to the blockchain. Once the block is added, it is considered confirmed. BYDFi requires a transaction to be confirmed by at least 9 blocks before it is considered fully secure. This multiple confirmation process increases the security of digital currency transactions and reduces the risk of fraud or double-spending. By implementing the 9 blocks concept, BYDFi ensures the integrity and security of digital currency transactions on its platform.
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