Understanding "Block Confirmations" and "Confirmation Count"
Block confirmation occurs when miners successfully bundle your deposit or withdrawal transaction into a blockchain block. Each confirmation increments the "confirmation count." Different cryptocurrencies and networks require varying confirmation counts for transactions to finalize.
Example: When withdrawing crypto to an external wallet, the transaction starts with 0 confirmations. Once mined into a block and validated by miners, it gains 1 confirmation. Each subsequent block added to the chain increases this count. Higher confirmations enhance security by making data tampering exponentially harder.
How to Check Confirmation Count in the App
Navigate to Deposits:
- Open the app’s Assets tab → Tap Deposit → Select Digital Currency Deposit.
- Choose the cryptocurrency and network. The required confirmation count for deposits displays at the bottom of the page. Funds arrive once confirmations meet this threshold.
Track Transaction Progress:
- Access your Deposit/Withdrawal History via the record icon (top-right).
- Select a transaction to view its real-time confirmation status.
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Pro Tip:
- Use the "Blockchain TXID" to explore transaction details on a blockchain explorer.
- If funds don’t arrive despite sufficient confirmations, contact the receiving platform and share the TXID for resolution.
FAQ Section
Q1: Why do confirmations take longer for some coins?
A1: Network congestion and consensus mechanisms (e.g., Proof-of-Work vs. Proof-of-Stake) affect speed. Bitcoin typically requires 6 confirmations (~1 hour), while Ethereum may need 12–30.
Q2: Can I cancel a transaction during confirmation?
A2: No. Once broadcasted, transactions are irreversible until miners process them.
Q3: How do I find my TXID?
A3: It’s listed in your transaction details. Paste it into explorers like Etherscan or Blockchain.com.
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Key Terms: blockchain confirmations, TXID, deposit security, crypto withdrawals, network validation