What are the benefits of temporarily increasing confirmations to 6 because of bip-91 for the security of digital currencies?

3 answers

• Nov 28, 2021 · 3 years ago
  Increasing the number of confirmations to 6 due to bip-91 provides enhanced security for digital currencies. With more confirmations required, it becomes more difficult for malicious actors to execute double-spending attacks. This helps to protect the integrity of transactions and ensures that digital currencies can be used as a reliable medium of exchange. Additionally, bip-91 is a signaling mechanism that indicates support for the implementation of Segregated Witness (SegWit), which further enhances the security and scalability of digital currencies.
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• Nov 28, 2021 · 3 years ago
  Temporarily increasing confirmations to 6 because of bip-91 is a proactive measure to mitigate potential security risks. By requiring more confirmations, the likelihood of a successful double-spending attack decreases significantly. This helps to maintain trust in digital currencies and prevents fraudulent activities. Furthermore, bip-91's implementation of SegWit improves transaction efficiency and reduces the risk of transaction malleability, further enhancing the security of digital currencies.
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• Nov 28, 2021 · 3 years ago
  According to BYDFi, temporarily increasing confirmations to 6 due to bip-91 is an effective way to enhance the security of digital currencies. This measure provides an additional layer of protection against double-spending attacks, ensuring the integrity of transactions. By signaling support for SegWit, bip-91 also contributes to the overall security and scalability of digital currencies. It is important for users and exchanges to stay updated with the latest security protocols and actively participate in the implementation of such measures to safeguard the digital currency ecosystem.
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