Confirmation time refers to the delay between a transaction’s submission to a crypto network and its verification. Find out how it works in our simple guide!
Confirmation time relates to the delay between a blockchain transaction being submitted to a network and it becoming a verified block. In simpler terms, confirmation time describes the length of a user’s wait for their transaction to be confirmed by a crypto miner node.
This can be reduced when a higher transaction fee is offered, depending on the blockchain type and the architecture of its network. The miner will be motivated to verify transactions in less time when they have more to gain.
Confirmation time may be utilized to measure a blockchain network’s average speed. But the actual time from submission to confirmation may differ, based on changing demand and other key factors.
That means it’s fairer to measure a blockchain’s speed by using an averaged confirmation time based on its newest blocks and its present condition.
A block will need to be validated by other network nodes once a miner has included it in a block. When the block has been validated, the transaction will be described as having a single confirmation. Any new blocks mined on top of this one will represent subsequent confirmations.
But with a blockchain’s most recent blocks not considered to be completely secure, it’s typically best to wait for additional confirmations before marking a transaction as being successful. This particularly applies to those receiving payments in cryptos, such as online merchants or service providers.
How many confirmations are required before a transaction can be considered final? This varies. It depends on the hash rate (computing power) dedicated to securing each blockchain network.
For example, Bitcoin users tend to regard at least six block confirmations as being reliably secure. Yet other blockchains, with less power driving them, would need more.