Confirmation

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.