Difference between revisions of "Transactions Confirmation"
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(Created page with "This is how many transactions have been processed/validated and added to its ledger so far since it began existing, either through mining or other means, including private ones off-chain. Confirmed transactions cannot be reversed without cooperation from others involved with keeping records on the network's shared ledger (see consensus). Cryptocurrencies need at least six confirmations before they can be considered finalised but more often than not, only take one dependi...") |
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A transaction is said to be confirmed when either: | |||
* The block in which is included is considered final by the consensus algorithm(this happens is some PoS blockchains) | |||
* The block in which is included has enough child blocks that it is considered final by convention (ex. 6 for BTC) | |||
With the "number of confirmation" usually one refers to the number of child blocks of the block in which the transaction is included | |||
== Sources: == | == Sources: == | ||
https://fintechmagazine.com/financial-services-finserv/140-blockchain-and-crypto-words-ultimate-z-glossary | https://fintechmagazine.com/financial-services-finserv/140-blockchain-and-crypto-words-ultimate-z-glossary | ||
[[Category:Glossary]] | [[Category:Glossary]] | ||
Latest revision as of 21:52, 28 April 2022
A transaction is said to be confirmed when either:
- The block in which is included is considered final by the consensus algorithm(this happens is some PoS blockchains)
- The block in which is included has enough child blocks that it is considered final by convention (ex. 6 for BTC)
With the "number of confirmation" usually one refers to the number of child blocks of the block in which the transaction is included