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Crypto Terms:  Letter C
Jun 19, 2023 |
updated Apr 02, 2024

What is Confirmation Time?

Confirmation Time Meaning:
Confirmation Time - the amount of time passed from the second a transaction is sent to the second it’s recorded in the blockchain network.
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Let's find out Confirmation Time meaning, definition in crypto, what is Confirmation Time, and all other detailed facts.

Confirmation time is the amount of time it takes for a transaction to be sent to the blockchain and confirmed

The process has a few steps. A miner includes a transaction to a block while the other network nodes validate the block. This means that the block has one confirmation. However, having only one confirmation is not the most optimal option. The general rule of thumb is to wait for a few more confirmations to guarantee that the transaction is secure. Every new block added on top will be considered another confirmation.

Depending on the blockchain network, the number of confirmations is different. Bitcoin recommends 6 confirmations for successful transactions. On the other hand, Ethereum requires at least 7 confirmations, however, participants usually wait for a higher number than that to ensure the transaction is irreversible. 

Some blockchains offer to speed up the confirmation process for a higher transaction fee. This fee serves as an incentive for miners to do that specific transaction first. 

It’s possible to use confirmation time as a metric when calculating the average speed of a blockchain network. Although, it’s not as accurate due to fluctuations in demand and other individual circumstances. A better alternative to determine the speed of a blockchain network is through the average confirmation time in relation to the recent blocks and the current state.