Confirmation
In the world of cryptocurrency, a confirmation is a record in the blockchain that verifies and confirms a transaction. When someone sends cryptocurrency to another person, they are sending instructions for how many coins should be transferred from one address to another. This instruction gets logged into what’s called an unconfirmed transaction pool (also known as mempool). Miners then pick up this information and work on verifying it by solving complex mathematical puzzles using specialized computers with powerful processing power. Once these solutions are found and verified, new blocks of data containing the transactions will get added onto existing chain of blocks (i.e., blockchain). At this point, the transaction is considered confirmed since it has been securely included in recent block(s) within the blockchain network.
The number of confirmations required before any given transfer can be considered final varies depending on which coin or token you’re dealing with; however typically 6-7 confirmations is recommended for complete assurance that your funds have safely reached their destination address – though some may require more than 7 confrimations for extra security purposes if needed . The average time taken per confirmation also depends largely on factors such as hash rate & network congestion at any given moment so there’s no fixed rule here either. For example Bitcoin generally takes an approximate 10 minutes per confirmation while Ethereum only requires around 15 seconds due to its faster block times & higher difficulty settings used by miners when validating transactions across its distributed ledger technology platform..
