Transaction confirmation is necessary in order to prevent the repeated spending of the same funds. As soon as the sender transfers the funds, the transaction enters the network for execution and inclusion in the block.
It is the process of adding a transaction to the found block that is called transaction confirmation.
One block includes one confirmation. As soon as your transaction is confirmed, the cryptocurrency becomes available for the further use.
How long does it take to confirm the blockchain network?
The speed of confirmation depends on many factors, such as: the workload of the network itself, the amount of the commission indicated during the transfer, the speed of the Internet connection, etc.
On average, transaction confirmation lasts from 30 minutes to several hours. But sometimes confirmation can be expected from 2 to 14 days if the network is overloaded.
Withdrawal of funds will become technically possible when a certain number of confirmations occurs (depending on the type of cryptocurrency credited).
Required number of confirmations depending on the currency
We accept payments to the wallets of the WhiteBIT exchange. The WhiteBIT exchange has set the following number of blocks required to confirm the payment:
|Ticker||Number of network confirmations|
As for the number of confirmations for the DASH coin. The InstatSend function is implemented there, so transactions immediately come to us. Analysis shows: on average, InstantSend Dash transactions are confirmed by the network in less than two seconds