What is a cryptocurrency transaction blockchain confirmation? | Learn about crypto and DeFi | Get Started with Bitcoin.com (2024)

FAQs

What is a cryptocurrency transaction blockchain confirmation? | Learn about crypto and DeFi | Get Started with Bitcoin.com? ›

A confirmation represents the acceptance of a new block (containing several transactions) by the blockchain network. Once a miner has successfully added a new block to the blockchain, one 'confirmation' has occurred. This means that the transactions within the block are verified and are now part of the blockchain.

A confirmed transaction means that the transaction has been included in a block, and therefore included in the blockchain. That means the transaction has now been officially recorded and verified, the payment can now be processed, and it can no longer be reversed.

A transaction is a transfer of Bitcoin value on the blockchain. In very simple terms, a transaction is when participant A gives a designated amount of Bitcoin they own to participant B.

Where do I find my Bitcoin transaction ID? From the Bitcoin.com Wallet app's home screen, tap on the "Funds" icon in the bottom toolbar. Select the blockchain of the transaction you are looking for. For example, if your transaction was on the Bitcoin blockchain, select Bitcoin.

A blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority.

A confirmation represents the acceptance of a new block (containing several transactions) by the blockchain network. Once a miner has successfully added a new block to the blockchain, one 'confirmation' has occurred. This means that the transactions within the block are verified and are now part of the blockchain.

Bitcoin transactions are generally considered completed once they have been confirmed in 1-6 blocks. As each block on average takes 10 minutes to be confirmed into a new block by the Bitcoin Mining process, this means your transaction will take anywhere from 0-60 minutes on average to be completed.

Examples of scams are giveaways, hustles involving new romance, phishing, extortion emails, fake company alerts, blackmail, "rug pulls," and may involve fake mining apps or networks. Signs of crypto scams include poorly written white papers, excessive marketing pushes, and get-rich-quick claims.

Blockchain, in its simplest form, resembles a digital ledger that records transactions across numerous computers. This ledger is not centralized in any one location but distributed across multiple nodes, ensuring that it's transparent and secure.

The key thing to understand is that Bitcoin uses blockchain as a means to transparently record a ledger of payments or other transactions between parties.

When your BTC is now confirmed on the blockchain? ›

A Bitcoin transaction is confirmed when it is combined in a block with other transactions and added to the blockchain. A new block is added approximately every 10 minutes, and every new block added thereafter means greater assurance of an irreversible transaction.

A Bitcoin transaction can remain unconfirmed forever if your miner fee bid is too low. Now that there's huge congestion in the Bitcoin blockchain network some transactions could remain unconfirmed for 2 weeks depending on the transaction fee, and the mempool status.

If the recipient states that they did not receive the bitcoins, please ask them to confirm the receiving address. If you have sent to the correct address but the recipient cannot see the bitcoins in their wallet, then it is possible you have mistakenly sent BCH to a BTC address (or vice-versa).

Transactions on the blockchain that have not yet received confirmation are the payments that are waiting to be added to a block. These transactions are visible to the network but lack confirmation on the blockchain. They are vulnerable to double-spending, where the same funds are spent more than once.