Confirmation Time | Binance Academy (2024)

FAQs

What happens if a block is confirmed at the same time? ›

If both transactions are pulled from the pool for confirmation simultaneously, the transaction with the highest number of confirmations will be included in the blockchain, while the other one will be discarded.

Confirmation time is defined as the time elapsed between the moment a blockchain transaction is submitted to the network and the time it is finally recorded into a confirmed block. In other words, it represents the total time a user has to wait until their transaction gets collected and confirmed by a miner node.

The following are instances in which user's will encounter the 128 block delay (~4-5 minutes at current block time): Depositing funds for trading - users must wait before these funds are credited for trading in the off-chain system.

Circle's platform requires 372 confirmations for transactions on Polygon before marking them as complete, which takes ~20 minutes.

It is common for six confirmations to be required which takes about an hour.

Blocking Someone on Android Messages and Apple iMessage

When you block a contact over Android or iPhone, they will still be able to send you text messages. These messages will not show up on your phone but the sender will see the messages as sent. They won't know that they've been blocked.

Block confirmation is a term used in the world of blockchain to refer to the process of validating a transaction and adding it to the blockchain. When a transaction is made on a blockchain network, it needs to be verified by a network of nodes before it can be added to the blockchain.

For transactions $1000-$10,000, at least three Bitcoin confirmations are required. For transactions $10,000 - $1,000,000, six Bitcoin confirmations are a minimum requirement at most exchanges. For transactions larger than $1,000,000, you may have to wait for as many as 60 confirmations to be safe.

Yes. The confirmation number is provided on the Confirmation Page to confirm payment information was successfully submitted.

What's the longest time that a BTC transaction can take? The minimum time for a Bitcoin transaction is 2 minutes, according to the recorded timestamps, and the maximum is 6:02 hours. Official data notes that the confirmation time with a 99.98% probability is somewhere between 7 minutes and 3:44 hours.

What does 12 confirmations mean? ›

The number of confirmations is the number of new blocks built over the block that your transaction was inserted into. If your transaction was inserted into block 1234567, waiting for 12 confirmations would mean waiting until block 1234578 is produced, AND your transaction is still in block 1234567.

In general, most blockchain networks aim to confirm transactions within a few minutes to an hour. However, if the network is experiencing a high volume of traffic, it can take longer for transactions to be confirmed. In some cases, it may take several hours or even days for a transaction to be processed and confirmed.

Pending transactions are those that haven't yet been processed by the Polygon network. You can speed up pending transactions by replacing them with a new transaction with a higher fee.

Currently, Ethereum can process 14 transactions per second (TPS)—while Polygon achieves speeds of up to 7,000 TPS. This makes everything built on the blockchain much cheaper and quicker, like an HOV lane on the highway.

Polygon has the potential to handle up to 65,000 transactions per second, whereas Ethereum can process only up to roughly 17 transactions per second.

CoinList waits for 30 confirmations to consider an ETH or ERC-20 transaction final. Although typically this should only take about ~5 minutes,this can take anywhere from five minutes to four hours.

Each new block added to the blockchain is another confirmation for your transaction. To ensure that your transaction will come through, you should wait for at least 3 confirmations. After 3 confirmations in the blockchain system, you will be able to see your deposit in the Transaction History.

Ripple's rapid transaction speed is one of its key characteristics. The XRP Ledger settles transactions in 3-5 seconds, as stated on the Ripple website. Compared to other cryptocurrencies like Bitcoin and Ethereum, which can take several minutes or even hours to process transactions, this is significantly quicker.

Blocking them will prevent them from contacting you in any way, and it's a strong statement that you don't want to have anything to do with them. On the other hand, if you're dealing with someone who is simply annoying or irritating, then ignoring them might be the better option.

One method you can use on any type of phone is by calling the person you suspect has blocked you. While typically you can expect to hear anywhere from three to 12 rings when you call someone before going to voicemail, a blocked number will only ring once and then go straight to voicemail, according to Tom'sGuide.com.

Does green text mean blocked? ›

Your old messages remain blue, but the latest texts you send after they've blocked you turn green. However, the bubble colors aren't accurate clues. They could mean the recipient turned off their phone, gone offline, or switched from iOS to Android.

At its most basic, Confirmation refers to the rite in which, after a believer has been baptized, they make a mature commitment to the faith, and receive an increased gifting of the Holy Spirit through the bishop's prayer, laying on of hands, and anointing. Once again, the Catechism puts it beautifully.

The other block time value worth mentioning is average block time. This is how long it actually takes the miners to mine a new block, on average. Block times can change a lot from block to block, because crypto mining is based on a variety of factors, including luck.

Six confirmations are widely considered to be safe and secure enough to prove your transaction will be valid and permanent. The initial transaction block represents the first confirmation, and you're advised to wait until five additional blocks are added, resulting in a six-link blockchain.

Your Liquid transaction is considered final and irreversible after two confirmations.

The 6 confirmations are required to stop someone attempting double spend. There's nothing magical about 6, it's just a number that was suggested early on. Finney Attack - Mining a block and trying to spend some inputs elsewhere. 51% attack - In which an attacker tries to create an alternative blockchain.

Purchase orders are legally binding contracts between the purchaser and the buyer, but that legal protection does not kick in until the purchase order confirmation takes place. If the purchase order is not confirmed and accepted by the supplier, it is not a contract.

The confirmation number, in combination with the application number, is used to verify the accuracy of the application number placed on correspondence filed with the Office to avoid misidentification of an application due to a transposition error (misplaced digits) in the application number.

An order confirmation is a document that is sent from the supplier to the buyer. It confirms that the order has been received and accepted.

A Confirmation of Transaction is a summary of the activities that relate to your claim, such as a cash settlement, repair or replacement.

Why is blockchain confirmation taking so long? ›

Every bitcoin transaction that's sent flows into what's called the mempool (short for memory pool) before it can be confirmed by miners. When there's a dramatic spike in transaction activity, the mempool can become congested because so many transactions are waiting to be included in the next block.

The holding period is designed to protect you from fraud if your debit/ credit card was lost or stolen.

If you have sent a transaction that is taking a long time to confirm, you can speed it up by using our increase fee feature. This resends your unconfirmed transaction with a higher fee. Bitcoin miners prioritize transactions with higher fees when selecting transactions to include in a block.

What is the average Bitcoin confirmation time? Bitcoin blocks, containing all the most recent transactions, are added to the blockchain every 10 minutes. That means in theory, your transaction will receive its first confirmation within 10 minutes of the request being sent.

If the transaction has been pending for a long time, it may be stuck. This can only be done if the transaction is still unconfirmed. Wait for the transaction to be processed. The network will eventually get less congested and the miners will pick up the transaction.

If your submission is clear and consistent, the automated verification may take anywhere from 5 minutes to 2 hours. If there are problems and a manual review is required, it may take approximately 5 business days.

Then, each block added after that initial block results in 1 confirmation. So, one confirmation takes 10 minutes, 3 take a half hour, etc. These confirmations are counted from the block that has been added.

Once a new transaction is verified and included in a new block, it will count as one confirmation. After an average of 10 minutes, another block will be created with that transaction, which will count two confirmation.

Ability to process transactions quickly: By using a consensus mechanism that completes the transaction confirmation process in a single block, Polygon can maintain fast transaction processing speeds.

Why is my Polygon transaction taking so long? ›

If there are no available nodes at the GWEI set, your transaction will sit in a pending state until a node is found that will accept it. That's why it sometimes takes 10 seconds for a transaction and other times it takes 10 minutes or more. If GWEI is set low (like 10 or 20), the transaction may never go through.

Polygon claims it can handle 7,000 transactions per second, thus eliminating the congestion-related worries on Ethereum. High-profile and secure: Although Polygon's PoS chain may not be as decentralized as Ethereum, it has a strong reputation for security in the crypto industry.

While other Ethereum killers offer an alternative platform for the self-executing smart contracts that are the building blocks of blockchain, Polygon is an attempt to make clogged and overly expensive Ethereum work better.

For its price to reach $5, Polygon would need to increase by around 230%.

Presently, the Solana chain can handle thousands of transactions per second, which is nearly 50,000 TPS. This making Solana one of the fastest chains in the crypto space. On the other hand, Polygon possesses a huge ability to process transactions quickly, with an average block time of 2.1 seconds.

Circle's platform requires 372 confirmations for transactions on Polygon before marking them as complete, which takes ~20 minutes.

As mentioned, there are two bridges on the Polygon network: the Plasma Bridge and the PoS Bridge. The withdrawal time varies depending on which Polygon Bridge you're using. The PoS Bridge withdrawal usually takes from 45 minutes to 3 hours, while the Plasma Bridge can take up to 7 days.

Polygon has its own cryptocurrency, called MATIC, which is used to pay fees on the Polygon network, for staking, and for governance (which means that MATIC holders get to vote on changes to Polygon).

"Accidental fork happens when two or more miners find a block at nearly the same time. The fork is resolved when subsequent block(s) are added and one of the chains becomes longer than the alternative(s). The network abandons the blocks that are not in the longest chain (they are called orphaned blocks)."

Block confirmation is a term used in the world of blockchain to refer to the process of validating a transaction and adding it to the blockchain. When a transaction is made on a blockchain network, it needs to be verified by a network of nodes before it can be added to the blockchain.

What if two miners successfully mine the next block at the same time? ›

if 2 miners mine a block almost simultaneous both blocks will be kept in memory. the next blocks will decide which chain the majority of miners work on. the longest chain automatically wins. the losing miner will also drop his found block and start working on the longest chain.

Every time you cross an intersection, turn a corner or change hundred blocks, you have moved to another block. In the example below, consider your block of residence to be "X": the first block away is the "one" block and the second is the "two" block. You can only park on your own block and blocks numbered "1" and "2".

You are looking at 200 blocks on a good day. That would be a 3 day job as you'd have to dig a footings trench at least a foot to a foot and a half deep equally allow concrete to set, securing the weight of the concrete blocks.

How Many Bricks Can A Bricklayer Lay in a Day? In a perfect setting with no issues, a bricklayer can lay up to 500 bricks a day.

For transactions $1000-$10,000, at least three Bitcoin confirmations are required. For transactions $10,000 - $1,000,000, six Bitcoin confirmations are a minimum requirement at most exchanges. For transactions larger than $1,000,000, you may have to wait for as many as 60 confirmations to be safe.

Why is this important? The more blocks that are mined (committed to the blockchain) after your transaction is committed to a block, the greater the chance your transaction is done and irreversible. Generally, a transaction is considered a success (or completed) after six block confirmations.

In spring 2024, the halving, a mechanism baked into the bitcoin system that periodically cuts the number of coins awarded in half, will slash mining profits.

Expect a glut of used cards to show up on eBay soon. Just one day after the Ethereum Merge, where the cryptocoin successfully switched from Proof of Work (PoW) to Proof of Stake (PoS), profitability of GPU mining has completely collapsed.

The primary downside of dual mining is that you will accumulate both coins slower than if you dedicated the whole GPU to one coin; if you are okay with less frequent payouts, this won't particularly matter.

How long does it take to get 3 Bitcoin confirmations? 3 confirmations from the bitcoin network take approximately 30 min - 1 hour and are used to avoid fraud and ensure transaction non-reputability.

What is a pending block? ›

In Ethereum, pending blocks are generated as they are queued for production by miners. These pending blocks include pending transactions that are picked out by miners, based on the highest reward paid in gas. This mechanism exists as block finality is not possible on the Ethereum network.