Crypto Transaction Confirmations: Ensuring Trust

Confirmation is an indicator of how many blocks have passed since the transaction was added to the blockchain.

What is Confirmation?

Confirmation is proof that something is true. For example, when you receive confirmation that your Uber car will arrive on time. Confirmation is actually a verification or final proof of something.

Applied to the world of cryptocurrencies, confirmation is a measure of how many blocks have passed since a transaction was added to a coins blockchain. Accordingly, the more confirmations, the more reliable the transaction.

For small transactions, buyers and sellers may come to an agreement and wait for zero transactions, while for large transactions the parties may want to wait for more blocks.

For Bitcoin specifically, three blocks is a good safe middle ground for confirmations, while waiting six confirmations is recommended for large transactions, and 60 confirmations can be waited for each large transaction. Each seller, like the exchange, has to decide how many confirmations they need for each coin. There is no set number, and the number of confirmations that must be 100% secure increases over time.

When it comes to duration, it depends on the coin itself, as each coin has a different time frame for how fast blocks can be mined.As for Bitcoin, a block is added about every 10 minutes or so. That is, there is one confirmation every 10 minutes, which starts as soon as an unconfirmed transaction is added to the blockchain.

Keep in mind that an unconfirmed transaction is a transaction waiting to be added to the blockchain by miners. One confirmation occurs after each block is added after that initial block. So if one confirmation takes 10 minutes, six can take an hour, and so on.
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