Roughly every ten minutes, a new block is created and added to the blockchain through the mining process. This block verifies and records any new transactions. The transactions are then said to have been confirmed by the Bitcoin network.
See more: 3 blockchain confirmation
For example, if Sean buys bitcoin and then sends one bitcoin to John, this transaction will remain “unconfirmed” until the next block is created.
Once that block is created and the new transaction is verified and included in that block, the transaction will have one confirmation. Approximately every ten minutes thereafter, a new block is created and the transaction is reconfirmed by the Bitcoin network.
While some services are instant or only require one confirmation, many Bitcoin companies will require more as each confirmation greatly decreases the likelihood of a payment being reversed. It is common for six confirmations to be required which takes about an hour. Knowing how many confirmations are required by the service provider can give you a good idea of how long it will take for your transaction to be completed.
How many Bitcoin Confirmations are Enough?
How to Check Bitcoin Confirmations
Once you make a transaction, your wallet should give you an option to view the transaction on a block explorer or give you the transaction ID.
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A transaction ID looks like this:
To check the number of confirmations for a transaction, paste the ID into a block explorer like nftgamef.com:
Press enter and then you’ll see more details about your transaction:
Try a New Wallet
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If your wallet is sending transactions that get stuck, you may be using an old wallet that doesn’t calculate fees properly. Try one of these:
What is the Average Bitcoin Confirmation Time?
The chart below illustrates the average amount of time it takes miners to find a block – one block found means one confirmation.
While the Bitcoin blockchain targets 10 minute blocks, sometimes they are faster and sometimes they are slower.
This is especially true when a major change in the network hash rate occurs, as it did in June of 2021, when all of China’s miners shut down.
In a matter of weeks, total hashrate fell by more than 55% from its peak in May of 2021.
But confirmations still come in and after a few difficulty adjustments, we were right back on our 10 minute block time average.
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- How many Bitcoin Confirmations are Enough?
- How to Check Bitcoin Confirmations
- Try a New Wallet
- What is the Average Bitcoin Confirmation Time?
- Is your Bitcoin Transaction Unconfirmed for Hours?
- How Many Confirmations Does Coinbase Need?
- Is it possible for a transaction to confirm in less than 10 minutes?
- How can I speed up confirmation times?
- Does Segwit decrease confirmation times?
- My transaction is stuck. How do I get it onto a block?