Confirmation Time

Duration of time required before the confirmation of a transaction.

Confirmation time is the duration of time that is required before a transaction is confirmed and added to the blockchain. One confirmation is not enough to ascertain that a miner’s transaction is secure, instead, a few more confirmations will guarantee the security of a miner’s transaction.

Most of the time, speeding up the confirmation process will require a miner to pay a transaction fee— which is usually high. In Ethereum for instance, a minimum of Seven (7) confirmations are required to guarantee a successful transaction. Likewise, for Bitcoin, a minimum of Six (6) confirmations are required.