A confirmation (confirmation) is one of the key concepts of the Bitcoin network and other blockchains. It means that a transaction has been included in a block and thereby recorded in the distributed ledger. When a user sends a transfer, information about it spreads across the whole network and enters the nearest found block — this is the first confirmation. Each subsequent block added on top gives the transaction one more confirmation and makes it more protected from cancellation.
How many confirmations are needed
For a transfer the rule of six confirmations is considered reliable: after five more blocks have appeared on top of the block with the transaction, the probability of its cancellation becomes extremely small. Since a new block in the Bitcoin network is found on average about once every ten minutes, full confirmation usually takes about an hour. At the same time, the change in balance for the sender and receiver in their wallets is most often displayed almost immediately, even before all confirmations are gathered.
The confirmation mechanism protects the network from double-spending — an attempt to spend the same coins twice. The more expensive the transfer, the more confirmations it is reasonable to wait for. Understanding this process helps you correctly judge when funds can be considered finally received.
