What is Confirmation?

Confirmation

Confirmation refers to a transaction being included in a new block. The state in which a transaction has not been incorporated into a block is called unconfirmation.

Common currencies are controlled by a central organization and are trusted. When you buy, sell, or settle a transaction, you trust that coin or bill to perform the transaction.

Cryptocurrencies, on the other hand, do not have a central organization, so the trustworthiness of the transaction depends on the act of making the right transaction between users.

Bitcoin has a mechanism for users to approve each other’s transactions to ensure that they are legitimate. The transactions are approved by miners and added to the blockchain, the chain of past transactions, to be recognized as legitimate.

If there is no approval process, there is a risk that if many fraudulent transactions occur somewhere else, the trust and value of the cryptocurrency could be lost.

The more confirmations, the more secure the transaction

When a transaction is included in a block, the approval count is 1. If another block is connected to that block in the same blockchain, the transaction will have 2 approvals.

When a transaction reaches 6 approvals, it is considered sufficient evidence that the transaction cannot be overturned.

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