Block confirmation refers to the process of validating and adding a new block of transactions to the existing blockchain. When a new block is created, it needs to be confirmed by the network through a process called mining.
Mining involves solving complex mathematical algorithms that require a significant amount of computational power. Once a block is successfully mined, it is added to the blockchain, and the transactions contained within it are considered confirmed.
The number of confirmations a block has received indicates the level of security for that transaction. The more confirmations a block has, the more secure and immutable the transaction becomes.
Typically, cryptocurrency exchanges and wallets require a certain number of confirmations before considering a transaction as complete. This helps prevent double-spending and ensures the integrity of the blockchain network.
