Zero confirmation transaction is a transaction which occurs but is not yet confirmed by the miners. Only those doing the dealings are aware of it. Till such time that a block is mined and a transaction is made, it is said to be having zero confirmation. When it is included in a block and written in the blockchain. It is said to have one transaction.
Confirmation time of a transaction will vary depending upon the volume of the transactions i.e. more the confirmations older is the transaction. The transaction is accepted only when it has 6 confirmations. The confirmations can be got within a few seconds or may take a longer time. However, there is no possibility of annulling the transaction once it is published. But there is an apprehension among the users towards taking acceptance to the zero-confirmation transaction.
One of the apprehensions is about the possibility of double spend attack. The fraudster may double spend by publishing two zero-confirmation transactions. If the transactions are done in quick succession, the merchant application will accept the bogus transaction as well. The drawback is because of the time it takes to propagate the transactions among the network. It takes a little time to sync a transaction and the fraudsters have plenty of time to attack.
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