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BusinessNETWORK CONFIRMATIONS REQUIRED NUMBER
When you initiate a cryptocurrency transaction, it’s transfers to the nodes network that verify and confirm transactions. These nodes work together to add the transaction to the blockchain, which is a decentralized public ledger of all cryptocurrency network transactions.
The network confirmations number means how many times the transaction was confirmed by nodes in the blockchain network. Each block added to the blockchain contains a set of transactions, and each block is linked to the previous block, creating an unbroken chain of verified transactions.
The required confirmations number for the transaction depends on the cryptocurrency you use and the exchange you use to buy or sell it. Generally, the more confirmations a transaction has, the more secure and irreversible it becomes
For example, Bitcoin typically require at least 6 network confirmations before it’s considered fully verified and irreversible. On the other hand, Ethereum transactions require up to 12 confirmations. Some cryptocurrencies may require fewer or more confirmations, depending on their’s security protocols.
It’s important to note that the time it takes to confirm a transaction may vary depending on network congestion and fees paid per transaction. Transactions with higher fees tend to be processed faster as nodes prioritize transactions with higher commissions.
On Coin24.io, we check network confirmations for every transaction and display their status to our users. Therefore, our users can verify the transaction and have peace of mind knowing that their transactions are secure and verified by the blockchain network.