Confirmation

Confirmation means a cryptocurrency transaction has been verified (via the mining process) and added to a block that contains many other transaction.

Confirmations are more blocks containing many more transactions that have been added to the blockchain. Confirmation time varies between cryptocurrencies.

Bitcoin has a confirmation time of about 10 minutes. This means that about every 10 minutes, your bitcoin transaction get buried deeper within the blockchain, making it more difficult to alter.

Many exchanges will require multiple confirmations until the transaction is considered secure.

Related Terms

Bitcoin ETF

A Bitcoin ETF is a way to invest in bitcoin without actually having to buy and hold the cryptocurrency yourself.

Litecoin (LTC)

Litecoin (LTC) is a type of cryptocurrency that enables instant payments to anyone in the world. It was created by Charle Lee, a former Google employee, in 2011. Litecoin functions similarly to...

Exchange

An exchange is an organized marketplace where financial instruments are traded, enabling participants to buy and sell assets with ease.

Dash (DASH)

Dash (DASH) is a cryptocurrency based on Bitcoin software but has anonymity features that make it impossible to trace transactions to an individual. It was created by Evan Duffield in 2014 and was previously known as XCoin (XCO) and Darkcoin. Dash describes itself as digital cash that aims to offer financial freedom to everyone. Payments are […]

Ethereum (ETH)

Ethereum is a decentralized, open-source, and distributed computing platform that enables the creation of smart contracts and decentralized applications, also known as dapps. Ethereum, or the Ethereum Virtual Machine (EVM), is an attempt to build a new version of the internet: An internet where money and payments are built-in. An internet where users can own […]