What are blockchain confirmations and how do they work in the world of cryptocurrencies?

3 answers

• Dec 18, 2021 · 3 years ago
  Blockchain confirmations are the number of times a transaction has been verified and added to a blockchain. When a transaction is made, it is broadcasted to the network of nodes, and miners work to include it in a block. Once the block is added to the blockchain, it is considered confirmed. The more confirmations a transaction has, the more secure and irreversible it becomes. Confirmations provide assurance that the transaction is valid and cannot be tampered with.
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• Dec 18, 2021 · 3 years ago
  Imagine you're at a busy coffee shop and you want to pay for your coffee using cryptocurrency. When you make the payment, the transaction is sent to the blockchain network, where it needs to be confirmed by miners. These miners compete to solve complex mathematical puzzles to validate the transaction. Once the transaction is confirmed, it becomes a permanent part of the blockchain. The number of confirmations represents the number of times the transaction has been verified, making it more secure.
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• Dec 18, 2021 · 3 years ago
  In the world of cryptocurrencies, blockchain confirmations are crucial for ensuring the integrity and security of transactions. Each confirmation represents a new block added to the blockchain, which further validates the transaction. As more blocks are added, the transaction becomes more difficult to reverse or manipulate. This is why it is recommended to wait for multiple confirmations before considering a transaction as fully secure. At BYDFi, we prioritize the safety and reliability of transactions, which is why we require a certain number of confirmations before considering a transaction as complete.
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