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For example, why does Coinbase require 6 confirmations for a Bitcoin transaction to be awarded instead of just 1? Is 1 confirmation not proof that the transaction is legitimate?
Or is there something more to this that I am missing?
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For example, why does Coinbase require 6 confirmations for a Bitcoin transaction to be awarded instead of just 1? Is 1 confirmation not proof that the transaction is legitimate?
Or is there something more to this that I am missing?
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A single confirmation is proof that the transaction is valid (because it was included in a block). But, with only one confirmation the risk of a double spend happening is very high. Here you can read more about double spends and how they work: Link
– thesys – 2019-04-07T17:38:55.340