Questions tagged [confirmations]

Dario Fri Oct 04 2024 | 6 answers 803

Can you explain the concept of reversibility in Bitcoin transactions, and how many confirmations are typically considered necessary before a transaction is considered irreversible? Are there any factors that can affect the number of confirmations needed for a transaction to be considered final? Additionally, what measures can users take to ensure that their transactions are irreversible as quickly as possible?

Daniela Tue Oct 01 2024 | 5 answers 1327

Good afternoon, I'm curious about cryptocurrency transactions and specifically, the number of confirmations required for an exchange. Could you please elaborate on what exactly is a confirmation in this context and how many of them are typically needed for a successful cryptocurrency exchange? Additionally, what factors might influence the number of confirmations required and what are the potential risks associated with a lower or higher number of confirmations?

KimonoGlitter Sun Sep 08 2024 | 7 answers 1340

I'm curious to know, just how many network confirmations are typically required in order to successfully transfer Bitcoin from one wallet to another? Is there a specific number that's considered standard in the industry, or does it vary depending on the situation? And how does the number of confirmations impact the security and speed of the transaction? As a Bitcoin user, I'm always looking for ways to ensure that my transfers are both safe and efficient, so I'd appreciate any insights you can provide on this topic.

Silvia Thu Aug 29 2024 | 5 answers 1059

I'm curious, can you explain to me in detail how many confirmations a cryptocurrency exchange typically requires before considering a transaction as final? I understand that confirmations are a vital aspect of ensuring the security and stability of cryptocurrency transactions, but I'm not sure exactly how many are necessary for a transaction to be deemed secure. Is the number of confirmations standard across all exchanges, or does it vary depending on the exchange and the type of cryptocurrency being traded?

Andrea Thu Aug 29 2024 | 7 answers 1488

Could you elaborate on what is meant by the term "number of confirmations" in the context of a Bitcoin transaction? I understand that Bitcoin is a decentralized digital currency, but I'm not familiar with this specific aspect of its transactions. Is it related to the verification process? And how does it impact the security and finality of a transaction? Could you provide a concise explanation, perhaps with an example, to help me understand better?