The main purpose of the transaction confirmation procedure is to prevent the repeated spending of the same funds. After the transfer of funds by the sender, the transaction enters the network for execution, as well as inclusion in the block. In this case, transaction confirmation is usually called the process of adding a transaction to the found block.
One block includes one confirmation. After receiving your confirmation transaction, the cryptocurrency will become available for further use.
Many factors influence the speed of this process. Among them: are the speed of the Internet connection, the size of the commission indicated during the transfer, the congestion of the network itself, etc. The average transaction confirmation time is from 30 minutes to several hours. However, if the Bitcoin/altcoins network is congested, this procedure may take from 2 days to 2 weeks.
Only if a certain number of confirmations are received by the network, the withdrawal of funds will be technically possible (depending on the type of cryptocurrency credited).
We accept payments to the wallets of the WhiteBIT exchange. She set the following number of blocks required to confirm the payment:
|Ticker||Number of network confirmations||Ticker||Number of network confirmations|
|BTC BEP20||40||ETH BEP20||25|
In the case of the number of confirmations for the DASH coin, the situation is as follows. Implemented a function called InstatSend. In this case, transactions immediately come to us. Based on experience, transactions using InstatSend are confirmed by the network in less than 2 seconds.