Cryptocurrency Q&A
When does a cryptocurrency transaction need a confirmation?
When does a cryptocurrency transaction need a confirmation?
Eleonora
Fri Aug 30 2024
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6 answers
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Could you please explain in detail when exactly does a cryptocurrency transaction require a confirmation? Is it a mandatory step for all transactions, or are there certain circumstances that necessitate this process? Additionally, could you elaborate on the significance of these confirmations and how they contribute to the security and integrity of the blockchain network? Understanding these nuances will help me grasp the intricacies of cryptocurrency transactions better.
6 answers
Martino
Sat Aug 31 2024
Once the miner has successfully verified the block, they add it to the blockchain, the decentralized, public ledger that records all cryptocurrency transactions.
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Luca
Sat Aug 31 2024
The number of confirmations required for a transaction to be considered valid varies between cryptocurrency exchanges. However, on average, exchanges mandate a minimum of three confirmations.
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Eleonora
Sat Aug 31 2024
Cryptocurrency transactions undergo a rigorous verification process before being deemed legitimate. A critical aspect of this process is the concept of confirmation.
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Stefano
Sat Aug 31 2024
BTCC, a renowned cryptocurrency exchange, offers a range of services that cater to the diverse needs of its users. Among these services are spot trading, futures trading, and a cryptocurrency wallet.
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Bianca
Sat Aug 31 2024
A confirmation arises when a miner, an individual or entity tasked with validating transactions on the blockchain, verifies a block of transactions.
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