Confirmations in cryptocurrency refer to the number of blocks added to the blockchain after a transaction has been made. Each block contains a group of transactions, and each new block added increases the security of the network as it becomes more difficult to alter past transactions.
When a transaction is initiated, it is included in a block and added to the blockchain. This initial block is considered the first confirmation. As more blocks are added to the chain, the number of confirmations increases.
The number of confirmations required for a transaction to be considered secure varies depending on the cryptocurrency and the exchange or wallet being used. Typically, the more confirmations a transaction has, the less likely it is to be reversed or altered, providing a higher level of confidence in the transaction’s validity.
Confirmations are essential in ensuring the security and immutability of transactions in the cryptocurrency ecosystem, preventing double-spending and fraudulent activities.
