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News
10.11.2020
Blockchain confirmations

As our users already know, all inbound and outbound transactions with the Bitero platform are conducted using Bitcoin. In order to effectively and safely work while being decentralized, Bitcoin utilizes a blockchain and its process of approving and documenting payments using confirmations. In this article we will explain what are confirmations, and why it can sometimes take a longer time to get your payment approved.

What are Blockchain confirmations?

All public blockchains make use of blockchain approvals, with Bitcoin being no exception. These are important as they can help you understand how confident you can be when making a transaction. A transaction receives a confirmation every time its information is added to an existing block, confirmed, given a permanent location, and, afterwards, followed by more blocks.

Blockchain approvals are vital as they are a way of verifying and legitimizing information that will then become immutable. If a transaction is considered fraudulent, it is rejected from the blockchain: zero blockchain approvals mean zero transaction. Small payments usually require only one confirmation, however, the amount of necessary confirmations grows if the amount of funds being sent is larger. For example, sending one million dollars in Bitcoin would be expected to require around 60 confirmations.

Unconfirmed transactions

An unconfirmed transaction means that the transaction has not been included in a block and thus has not been completed. Most recipients require at least one confirmation to complete the transaction, including Bitero. Here are the most common reasons why your transactions might be unconfirmed:

1. You have just made the transfer. On regular traffic, the network needs at least 10 minutes, on average, and up to 2 hours to include the transaction in a block;

2. The blockchain fee is too low or absent. The lower the blockchain fee, the lower your transaction's priority in the network. Therefore, the longer the confirmation will take;

3. The network is overloaded. Due to its limited capacity, the network simply cannot process transactions fast enough, especially during high transaction periods.

As you can infer from the situations described above, usually the solution is simply to wait. Most transactions get completed within 30 minutes, but this process can, on some instances, take even a day or two (or even more if the blockchain is overloaded). We hope that this short article has shed a bit more light on why are confirmations important and their role in the transaction process when using Bitcoin and other blockchain powered cryptocurrencies.

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