What Are Confirmations?
Confirmations are a process used to verify that a transaction has been successfully processed. This is done by comparing the details of the transaction with those stored in the blockchain ledger, which is an immutable record of all transactions on the network. Confirmations help ensure that no double spending or other fraudulent activity takes place and also helps prevent malicious actors from manipulating data within the system.
The number of confirmations required for a successful transaction varies depending on how secure you want your funds to be. Generally speaking, more confirmations mean greater security as it increases the difficulty for someone to manipulate or reverse a transaction without being detected. For example, Bitcoin requires six confirmations before it can be considered fully confirmed and safe from manipulation while Ethereum only needs one confirmation before it’s considered valid. It’s important to note that some exchanges may require additional confirmations beyond what is necessary for general use cases so always check with them first if you’re unsure about their requirements.