What is Bitcoin Confirmation?

2017-10-02 00:00:00:

Usually, when receiving bitcoin coins, the new owner cannot immediately dispose of them. Once a transaction is made, it is sent to the Bitcoin network for execution and must be included in a block in order to become legitimate. The process of including a transaction in a found block is called a transaction confirmation. Inclusion in 1 block = 1 confirmation, when such confirmations are typed 6 and higher, the transaction is considered confirmed. This feature was introduced to protect against repeated spending of the same bitcoins.

The speed of 1 confirmation takes about 20 minutes on average, but this can be influenced by various factors. Among them: network load, rate fluctuations, the size of the commission. The lower the commission, the lower the priority of the transaction.

Online confirmation does not always depend on the size of the commission paid. The whole process depends on the speed of mining the cryptocurrency. The higher their mining, the faster the confirmation will come. If mining becomes more difficult, then the confirmation rate also decreases. If the digital currency freezes in the system, then you just need to wait until the transaction is included in the next block or is automatically credited to the account.