What are Blockchain Confirmations?

Blockchain Confirmations are important to understand as they can help you know how confident you can be in any given blockchain transaction.

When a transaction is broadcast to the blockchain, it has zero confirmations. Once a transaction has been added to a block, it is said to be “confirmed” This means that the transaction has been given a permanent place on the blockchain, and everybody can see it.

The number of confirmations is the number of blocks that have been added to the blockchain after a transaction is confirmed. For example, if a transaction is in one block, it has 1 confirmation. If it is in 2 blocks, it has two confirmations and so on.

The more confirmations a transaction has, the harder it is to reverse. Most exchanges require a minimum of 3 confirmations. The larger the transactions, the more confirmations are recommended. For transactions of over $1 million dollars, for example, people may wait for up to 60 confirmations.

Confirmations are a way the cryptocurrencies have created a safe and immutable transaction record to build the future of digital finance.

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