What is the required number of confirmations?

A confirmation means that a crypto transaction has been verified and added to the blockchain by the network, through the process known as mining. After a transaction is mined it gets included into the blockchain and it gets one confirmation. Different cryptocurrencies have different times they take to mine a block. This called the blocktime. In Bitcoin’s case a new block is added to the blockchain every 10 minutes on average. Then, after each new block is mined every transaction in the blockchain gets an additional confirmation. Each confirmation decreases the likelihood of a transaction being reversed and double spent.

We require a certain amount of confirmations for incoming crypto transactions. Only after a certain amount of confirmations is a transaction considered as received. After that we will be able to convert your crypto to fiat or other cryptocurrencies. In the following table you will find the required number of confirmations and the estimated time it takes for each cryptocurrency to reach that level of confirmation.