The purpose of transaction confirmation is to prevent the repeated spending of the same funds. Immediately after the transfer of funds by the sender, the transaction enters the Bitcoin/altcoins network for execution, as well as inclusion in the block. The procedure for adding a transaction to the found block is called a transaction confirmation. In this case, one block contains one confirmation. After receiving confirmation of your transaction, Bitcoin/altcoins coins will become available for their subsequent use.
Confirmation speed is affected by various factors. Among them is the size of the commission indicated during the transfer, the workload of the Bitcoin/altcoins network, the speed of the Internet, the technical serviceability of the resource on which your wallet is located, etc.
The Bitcoin blockchain consists of blocks complete with information about transactions on the network (this includes the amount, transfer time, sender and recipient wallet addresses, commission, etc.). All information is encrypted using hash functions, each subsequent block creates a new hash with the addition of the cipher of the previous link.
The block has a limited size, i.e. capacity. So the Bitcoin blockchain is limited by the developer Satoshi Nakamoto to 1 MB, which means that when a certain amount of data is entered, a new link is created. Making entries and finding new blocks occurs due to the computing power of the equipment of network participants, called miners.
Confirmation of a transaction in the blockchain network is possible after the miners have added six new blocks. But there are exceptions, for example, when using multi-signature. Prior to this, the transaction is listed as not confirmed, and the payment is listed as not received on the recipient’s wallet. The number of blocks after which you can transfer is not chosen by chance, but for security purposes – to protect against fraud and double spending. With such a systеm, at least 10% of the computing power of the systеm is needed to simultaneously hack and change 6 blocks.
All transactions not processed and not confirmed by miners are stored in the memory of nodes in the pool (mempool) — https://blockchain.info/ru/charts/mempool-count. While they are stored there, they are not visible through the Blockchain Explorer (https://blockexplorer.com/ , https://blockchain.info).
In some cases, the transaction is stored in the pool (mempool) from 6 to 48 hours. 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. When sending Bitcoin, we pay a commission, which is recommended by the Blockchain.info service. We have no influence on the speed and time of confirmation of transactions within the Bitcoin/altcoins network.
No confirmation in the Bitcoin/altcoins network?
Confirmation of an operation in the Bitcoin/altcoins network directly depends on the work of the miners. It is they who act in their financial interests and make the work in the Bitcoin/altcoins network alive. The exchanger cannot influence the work of the miners in any way, it does not engage in mining itself. This process is independent of us and is carried out only after the transfer of Bitcoin/altcoins from the address of the exchanger to the address that the user indicated in the application.
You need to wait for confirmation by the network until the moment when the miner performs a series of actions to extract blocks. This feature is fundamental to the Bitcoin/altcoins network. You will have to come to terms with this if you plan to continue using Bitcoin/altcoins.
The obligations of the exchanger will be considered fulfilled after the transfer of Bitcoin/altcoins coins to the address indicated by the client is completed. This action is confirmed by an entry in the registry, which is available to everyone. In our work, we do not promise any increased transaction fees but pay only the standard fees that are recommended by the network at the time of the transfer. We cannot predict the confirmation time within the Bitcoin/altcoins network in any way, and we do not give recommendations in this regard. All claims against the exchanger regarding confirmations in the Bitcoin/altcoins network are meaningless and unfounded, because. confirmation in the Bitcoin/altcoins network is a process that we have no control over. It completely depends on the actions of third parties and occurs after the successful completion of the exchange in the user’s wallet.
Recently, the Bitcoin/altcoins network has been often busy. Among the reasons may be various attacks on the network by hackers, a large number of unprocessed transactions, etc. The result remains only one – an increase in confirmation time during such periods. As a rule, you have to wait several hours or days.
Bitcoin/altcoins payments cannot be cancelled
You need to understand an important point – Bitcoin/altcoins transactions cannot be marked. You can receive funds back only if the recipient himself wants to return them to you.
You pay/receive the amount in Bitcoin/altcoins, not in hryvnias or dollars.
When making an exchange, you fully agree with everything written above.