How Many Block Confirmations for Bitcoin?7

When you send a Bitcoin transaction, it is not immediately considered final. The transaction must be confirmed by multiple blocks on the blockchain before it is considered secure and irreversible. The number of confirmations required for a Bitcoin transaction to be considered final varies depending on the level of security desired and the specific requirements of the recipient.

1 Confirmation

One confirmation means that the transaction has been included in a single block on the blockchain. However, it is still possible for the transaction to be reversed if the block is orphaned (removed from the blockchain). This is a rare occurrence, but it is possible, especially if the network is congested.

Sending funds with 1 confirmation is mostly used by:
Individuals that have transacted with the receiver multiple times in the past with no issues.
Senders and receivers who are well-known and respected within the community.
Transactions that are negligible in amount.

2 Confirmations

Two confirmations mean that the transaction has been included in two different blocks on the blockchain. This makes it much less likely that the transaction will be reversed, as it would require two blocks to be orphaned, which is extremely unlikely.

Sending funds with 2 confirmations is recommended when:
Sending a significant amount of money to an unknown receiver.
The recipient specifically requests a higher number of confirmations.
The sender wants to be extra cautious and ensure that the transaction is irreversible.

3+ Confirmations

Three or more confirmations are required by some exchanges and other businesses before they will credit the funds to your account. This is because they want to be sure that the transaction is irreversible before they release the funds.

Sending funds with 3+ confirmations is recommended when:
Sending a large amount of money to an unknown receiver.
Sending funds to an exchange or other business that requires multiple confirmations.
The sender is extremely cautious and wants to be absolutely sure that the transaction is irreversible.

How Long Does it Take to Get Confirmations?

The time it takes to get confirmations for a Bitcoin transaction depends on the network congestion. During periods of high congestion, it may take longer for transactions to be confirmed. However, on average, it takes about 10 minutes for a transaction to get one confirmation. Therefore, you can estimate the following for additional confirmations:
2 confirmations: 20 minutes
3 confirmations: 30 minutes
4 confirmations: 40 minutes

Can a Transaction be Reversed After Confirmations?

Once a transaction has been confirmed, it is very unlikely that it will be reversed. However, there are some rare cases where a transaction may be reversed, such as if the block that contains the transaction is orphaned or if the transaction is double-spent.

Double-Spending

Double-spending is when a sender tries to spend the same bitcoins twice. This is possible if the sender has two different versions of the blockchain, and they broadcast a transaction to one version of the blockchain and then a conflicting transaction to the other version of the blockchain.

However, double-spending is very difficult to do, and it is unlikely that you will encounter it in practice. If you are concerned about double-spending, you should use a confirmation service to help ensure that your transactions are not double-spent.

Conclusion

The number of confirmations required for a Bitcoin transaction to be considered final depends on the level of security desired and the specific requirements of the recipient. For most transactions, 1 confirmation is sufficient. However, for larger transactions or transactions to unknown recipients, 2 or more confirmations may be required.

2024-12-02

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