Bitcoin is a strongest Proof of Work cryptocurrency. See this comparative table.

[tranthidung]

• This site will give you estimated information for How many confirmations are equivalent* to 6 Bitcoin confirmations?
• Visit https://howmanyconfs.com/
• Github: https://github.com/lukechilds/howmanyconfs.com

See the screenshot.

You will need more confirmations and equivalent times with altcoin blockchains to get similar security as 6 confirmations on Bitcoin blockchain.

However, it is rough comparison because you can lose all your money if 51% attacks happen after your altcoin transaction get 1 or 2 confirmations. Risk occurs at beginning, not after 10, 20 or 30 confirmations.

[hugeblack]

I think their way of comparing different proof-of-work algorithms was to calculate the energy consumed in each chain to provide the current hash rate, which is good, but the number will be useless if the blockchain has a low hash rate, as no matter how many confirmations there are, your transaction will not be secure.


But the time calculation is not accurate. For example, in the case of Bitcoin, you need to wait for a period that may be relatively long to get one confirmation and then wait for an hour to get 6 confirmations, while in altcoin your transaction is confirmed directly. Therefore, in terms of time, Bitcoin may not be the best, but it is the safest.

[yhiaali3]

As for calculating time, I think that in normal times, as for times of congestion on the network, this number is not correct at all. Sometimes it took me more than 24 hours to get one confirmation.

It is also known that the security of a Bitcoin transaction requires 6 confirmations for the transaction to be accepted, but my question is why do some exchanges suffice with only one confirmation and others 3?

I tried a lot of exchanges that accept transactions after only 3 confirmations.

[tranthidung]

As for calculating time, I think that in normal times, as for times of congestion on the network, this number is not correct at all. Sometimes it took me more than 24 hours to get one confirmation.

They are estimated numbers and likely averaged numbers for normal conditions, not for times when network is attacked or congested.

If you notice, in the first post, I emphasize that if you use an altcoin blockchain for a transaction and it is attacked after your transaction has 1 confirmation, it's enough to steal your money. Estimations like with BCH, LTC, you will have equivalent (in security) like 6 confirmations of a Bitcoin transaction, is useless in a network attack.

It is also known that the security of a Bitcoin transaction requires 6 confirmations for the transaction to be accepted, but my question is why do some exchanges suffice with only one confirmation and others 3?

I tried a lot of exchanges that accept transactions after only 3 confirmations.

They can accept a deposit transaction after 1 or 3 confirmations, it depends on each exchange.

More details for your question, read there.

• How many Bitcoin confirmations is enough

If you are patient enough to wait for at least one confirmation then you are no longer vulnerable to race attacks or Finney attacks. Now your only concern is 51% attacks. What's the rule of thumb for an acceptable number of confirmations?

• 1 confirmation: sufficient for small payments less than $1,000.
• 3 confirmations: for payments $1,000 - $10,000. Most exchanges require 3 confirmations for deposits.
• 6 confirmations: good for large payments between $10,000 - $1,000,000. Six is standard for most transactions to be considered secure.
• 10 confirmations: suggested for large payments greater than $1,000,000.

A tool for Bitcoin confirmation risk calculator