What are blockchain confirmations?
Blockchain confirmations tell us something about the number of occasions that another block or transaction is chronologically positioned after the block of your transaction. Blockchain confirmations also enable users to know that their transactions over blockchain networks have been secured.
How do blockchain confirmations work?
Blockchain transactions start off as unconfirmed. Bitcoin (or other cryptocurrency) miners will then place the transaction into a certain block, together with other transactions. Mining computers are then used to solve mathematical puzzles, known as Proof-of-Work. After that has happened, your block will be confirmed by the Bitcoin network and added to the blockchain. Every completed block after
that is another confirmation of your transaction. It provides security and reliability of the blockchain in question.
Blockchain confirmations are now explained in a nutshell. Expand your knowledge further and find out how blockchain works in general, for example. Our knowledge base will answer most of your blockchain and crypto related questions.
How long do blockchain confirmations take?
Blockchain confirmations are there to guarantee security. When looking at Bitcoin, it takes about ten minutes to complete a block. Most merchants require a minimum of two confirmations, meaning two full blocks will have to be completed. In that case the answer would be twenty minutes. Huge crypto exchanges such as Coinbase and Kraken for instance, both require a total of six confirmations on a BTC deposit. This means it would take about an hour to get the right amount of bitcoin confirmations.
How many confirmations are needed exactly depends on the merchant, exchange or other party involved. Usually the amount of bitcoin (or other cryptocurrencies) involved also determines the amount of blockchain confirmations necessary. The more bitcoin involved, the more confirmations required, overall. Zero-confirmation transactions are also possible. They happen nearly instantly and are therefore much quicker. They are also fairly insecure, so not many people accept zero-confirmation transactions.
How do I track block confirmations?
Once a transaction is made, your wallet should give you an option to view the transaction on a block explorer or give you the transaction ID. The transaction ID can then be checked on websites like blockchain.com by simply pasting the ID into the search field. There are many other websites that offer similar services and options too. Usually it is possible to receive notifications as well.
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Why you need blockchain confirmations
Blockchain confirmations are there to provide security for all users involved. A confirmed transaction is therefore basically a secured transaction, which is added to the records on the blockchain. Most exchanges, wallets and networks want a minimum of two/three confirmations. That number usually provides sufficient validity and makes the transaction irreversible.
Ultimately, confirmations are one of the most important things in blockchain regarding the legitimacy and security of any given blockchain. Blockchains that require more confirmations and can produce more in a shorter period of time are considered to be reliable.
Blockchain confirmations are now explained in a nutshell. If you are interested in the world of blockchain and cryptocurrencies and looking to improve your knowledge, we are there to help you out. Our knowledge base covers many important aspects of blockchain, such as bitcoin mining and smart contracts for instance.
Join the future of blockchain
Blockchain is a very exciting and fast-growing technology and industry. There is a seemingly infinite amount of cryptocurrencies, each with their own specific applications, all of which is possible because of blockchain technology. Blockchain allows for digital information to be recorded and distributed, whilst being unalterable.
Are you excited to be part of this fascinating industry as well? If so, have a look at our blockchain developer jobs or finance jobs for instance. A large variety of job vacancies can be found on the Blockchain4Talent website. If you really want to be part of the future, chances are you will find your perfect start here.