Tag Archives: Block Chain

Would you like to see a Bitcoin transaction that had nothing to do with you?  Well you can, anyone can!  That may sound scary but this feature is one of the coolest and most transparent things about Ecoins.  While the buyer and seller’s identify remain anonymous in the network, the payment processing system is completely transparent.  All transactions are managed, reports and processed through the public Bitcoin network. The reporting aspect of the network is called the Block Chain  This is true for most open source peer to peer Ecoins as well.  At anytime you can enter a wallet address or other identifying number thread into the search bar and see all the information about that transaction.  This is particularity cool when you send a Ecoin.  You can match the Ecoin go through the network and start to get confirmations.

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Most Ecoin transactions require a certain number of confirmations before the recipient will consider the transaction valid.  The Bitcoin community has commented that 5 Bitcoin network confirmations have the same level of validity of waiting 6 months to validate a credit card transaction.  It will usually take less than 30 minutes to get the confirmations required to confirm the transaction.

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Many recipients require 3 confirmations before accepting the validity of an Ecoin transfer. This is a recent transfer with only 2 confirmation so far.