6Confirmations

Crypto terminology for 6Confirmations refers to the practice where six confirmations on the blockchain validate a transaction's authenticity, enhancing security and trust in cryptocurrency transactions.

The term “6 confirmations” refers to the number of times a transaction must be verified by nodes in a blockchain network before it is considered secure and final. Each confirmation occurs when a new block is added to the blockchain. In practice, when a transaction is initiated, it gets included in a block. Once the block is mined and added to the chain, that counts as the first confirmation. Subsequent blocks built on top of that block provide additional confirmations. Six confirmations are commonly considered a standard for security, especially for larger transactions. This is because the longer a transaction is part of the blockchain, the more challenging it becomes to reverse it. If a malicious actor tries to double-spend or alter the transaction, they would need to control over 50% of the network’s hashing power to override it, which is highly unlikely with established cryptocurrencies. Therefore, waiting for six confirmations before accepting a transaction is seen as a safe practice to ensure its validity.

Latest Resources and Blogs