Online confirmations — What is this?

Network confirmation — this is an important indicator that is used in various cryptocurrency systems based on blockchain technology in order to ensure the security and authenticity of transactions.

When a user sends a cryptocurrency transaction, the network must verify the transaction and receive confirmation from participants in the network, such as miners or nodes. Each confirmation is a mark indicating that the network has verified and accepted the transaction.

Transaction — it is the process of transferring digital assets, such as cryptocurrency, between network participants. It includes information about the transfer amount, sender, recipient, and other details depending on the specific cryptocurrency and protocol.

The confirmation of the blockchain network serves as an indicator of the reliability of the transaction being verified. The more confirmations, the lower the probability of canceling or changing the transaction. It usually takes several confirmations, often three to six, to achieve the required level of reliability in cryptocurrency networks, although this may vary depending on the specific cryptocurrency and protocol.

The number of confirmations can also affect the transaction processing time. The more confirmations required, the longer it may take for the network to finally confirm the transaction. However, with each confirmation, the likelihood of the transaction being reversed decreases, providing a higher level of security.

How long to wait for network transaction confirmation?

The waiting time for blockchain network confirmation can vary depending on many factors, including the specific cryptocurrency, its protocol, and the current load on the network. It is impossible to determine the exact waiting time for confirmation, but some examples of protocols can be considered.

It is generally recommended to wait for several confirmations to ensure the reliability and security of the transaction. For the most popular cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), it is recommended to wait between three and six confirmations. Bitcoin network confirmations mean that a new block has been added to the blockchain containing your financial transaction.

The waiting time for each confirmation depends on various factors, including the average block speed, mining difficulty, and the fee you set for the transaction. Usually, the first confirmation can take from several minutes to several hours. Subsequent confirmations may take longer as it takes more time to create new blocks and add them to the blockchain. Some blockchains may use various mechanisms to speed up confirmations, such as block segmentation or dynamic fee management.

Where can I see confirmation in Blockchain?

To check the confirmation of a transaction in the blockchain network, you can use blockchain explorers. Blockchain explorers are online tools that allow you to view information about blocks, transactions and other network details. Here are some popular services for various cryptocurrencies:

  • Bitcoin (BTC): You can use blockchain explorers like blockchain.comblockchair.com or btc.com. Just enter the hash of your transaction in the corresponding search field and you will receive information about the status and confirmation of the transaction.
  • Ethereum (ETH): For Ethereum, you can use blockchain explorers such as etherscan.io or ethplorer.io. Enter the transaction hash or wallet address in the search bar to view transaction details, including the number of confirmations.

Other cryptocurrencies: there are also corresponding explorers for other cryptocurrencies, for example, for Litecoin (LTC) this is explorer.litecoin.net, and for Ripple (XRP) — xrpscan.com. Check the official website or search for similar services for the particular cryptocurrency you wish to verify.

By using a blockchain explorer, you can obtain information about the number of confirmations for your transaction, including the block height in which it was added and other details. This way, you can check the status and reliability of your transaction in the blockchain network.

Cryptocurrency
Required network confirmations