Confirmation is a crucial step in the process of validating and adding a transaction to a blockchain. It signifies that a network of nodes has reached a consensus that the transaction is valid and should be included in the blockchain’s ledger. The number of confirmations a transaction receives depends on the blockchain’s protocol and the network’s activity level. Multiple confirmations increase the level of trust and security associated with a transaction, as it becomes progressively more challenging for malicious actors to reverse or alter it. Confirmations are particularly important for large transactions, where the risk of fraud is higher, and for exchanges and services that require a specific number of confirmations before considering a deposit as final.
Confirmation
CRYPTO GLOSSARY
Blockchain
- Altcoin
- Block
- Blockchain
- Confirmation
- Cross-Chain
- Crypto Glossary
- Cryptocurrency
- Cryptography
- Custodial Wallet
- dApp (Decentralized App)
- Decentralization
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- Oracles (Blockchain Oracles)
- Private Blockchain
- Private Key
- Proof-of-Stake (PoS)
- Public Key
- Public Key Infrastructure (PKI)
- Richard Heart
- Satoshi Nakamoto
- Seed Phrase (Recovery Phrase, Seed Words)
- SLIP-0039
- Smart Contract
- Smart Contract Audit
- Stablecoin
- Token
- Tokenomics
- Validator
- Vitalik Buterin
- Wallet Address
- Whitepaper
Crypto Finance
- Airdrop
- All Time High (ATH)
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- Circulating Supply
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- Volatility
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- Wei
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- zk-SNARK
Crypto Security
- All Time Low (ATL)
- BIP-39
- Confirmation
- Crypto Glossary
- Cryptography
- Cryptojacking
- Custodial Wallet
- Decentralization
- Decentralized Private Network (DPN)
- Fake Airdrops
- Hardware Wallet
- Immutable
- KYC (Know Your Customer)
- Malware
- Open-Source
- Passphrase
- Pharming
- Private Key
- Public Key
- Public Key Infrastructure (PKI)
- Seed Phrase (Recovery Phrase, Seed Words)
- Shamir Backup (Shamir’s Secret Sharing)
- SLIP-0039
- Smart Contract Audit
- Trojan
- Two-Factor Authentication (2FA)
- Virtual Private Network (VPN)
- Wallet
- Wallet Address
- Zero-Knowledge Proof (ZKP)
- Zero-Knowledge Proofs (ZKPs)
- zk-SNARK