Today’s post is based on Bitcoin Confirmations review.
Before talking about Bitcoin confirmations,you should know about bitcoin. for those who still don’t know “what is Bitcoin?” let us take some refresher.
Bitcoin is the first and the most popular cryptocurrency for digital assets in this Era. Bitcoin is the first decentralized digital currency. Nowadays Bitcoin is going up like a rocket launcher. It is the most convenient way of making a good amount of money in a short amount of time for digital market traders. you can check our post on bitcoin price history chart.
At this point in time, most of the population is included in the Bitcoin growth chart. Many of world leaders, economists, industry experts, CEO’s and investors are investing in Bitcoin as well as giving their advice, thoughts on Bitcoin for the average traders.
Between this, all famous thoughts about Bitcoins, An American broadcaster, and filmmaker, A financial program broadcast featuring Heterodox economics theories ‘Max Keiser’ said that “Bitcoin is the currency of resistance… If Satoshi had released Bitcoin 10 yrs. earlier, 9/11 would never have happened”
So for an average user Bitcoin is the Strongest cryptocurrency and the origin of all Altcoins. trading in Bitcoins you can make a good amount of asset. So trading involves lots of Buying/selling and deposit/withdrawals request. This request are verfied by miners in blockchain. this request need bitcoin confirmation. So in this post, we going to discuss all the major facts about Bitcoin Confirmation.
So let us start…..
What is Bitcoin Confirmations ?
When the trading transactions are transmitted to the Bitcoin network, it can be included in a block that is published to the network. When this operation is done it shows that the transaction has been mined at a depth of 1 block. With each consecutive block that has been found the number of Blocks deep is increased by one.
If you want to be confirmed your trading, a transaction should not be considered as confirmed until it reaches a certain number of Blocks deep. This process is considered as Bitcoin Confirmation process.
To understand in a simple language, in every five-to-ten minutes a new block is created and added to the Blockchain through the mining process. These blocks are being verified and recorded as a new transaction. Then the transaction is said to be verified by the Bitcoin network.
Let us assume that Mahesh sends a certain amount of Bitcoin to fakre, this transaction will remain unconfirmed until the next Block is created. Once the Block is created and added to the Blockchain the transaction will be verified and added to the blockchain and the transaction will receive one confirmation.
Approximately in every Five to ten minutes, the transaction will receive one confirmation. The chances of the transaction are being confirmed increases with the increase in the number of confirmations from the blockchain.
How many Bitcoin confirmations are Enough?
There is some certain amount range for the Bitcoin Confirmation. Let us see some of them.
- Transactions with Zero confirmation
- Payments with Zero confirmations can be reversed with less amount of cost.
- I recommend that wait for at least one confirmation.
- But in some exceptional cases, it can be acceptable especially for low amount goods and services.
- Transactions with One confirmation
some Transactions with One confirmation are sufficient for small Bitcoin payments below $1000.
- Transactions with three confirmations
some Transactions with three confirmations are adequate for the payment range of $1000 to $10000. Many of the exchanges have the limit of at least three confirmations for Deposit.
- Transactions with Six conformations
Transactions with Six confirmations are enough for ample amount of payments ranging between $10,000 to $10,00,000.
Six confirmations is said to be a standard limit for most of the transactions. this is consider as secured way.
- Transactions with Sixty confirmations
Transactions with Sixty confirmations are recommended for payments greater than $10,00,000.Less than Sixty confirmations can be considered as acceptable. But Sixty Confirmations are taken as to be the safe way.
How to check Bitcoin Confirmations?
- When the transaction process is done, your wallet will show you an option to check your transaction on a block explorer or you will receive your transaction ID directly.
- For your refrence here is a sample of a transaction ID that how it looks like?
- you can check number of transaction by placing your transaction ID Into block explorer tool.
- After that click on the search bar option.
- Here you will see all the information about your number of confirmations on your transaction.
What is Average Bitcoin Confirmations Time ?
- Each additional confirmation is a new Block.
- It is being found and added to the end of the Blockchain.
- Miners create a block by solving the proof of work for their proposed block.
- The average time of a Block interval is 10 minutes.
- Not every interval is exactly of 10 minutes. It’s just an average.
- Followed by a statical process known as “Poisson”
- Here random events or operation happen with the same probability.
- Mining process has no memory, at every second a block has the same chance to being tracked.
- The chances of your transaction to be confirmed within 10 minutes is greater than 60%
- But for that you have to pay high fee as compared to market rate.
Is your Bitcoin Transaction unconfirmed for hours ?
- Your Bitcoin transaction will remain unconfirmed for some hours.
- You need to be calm for this.
- If your transaction remained unconfirmed after 72 hours also than you can re-send your transaction.
Why is my Bitcoin Transaction is unconfirmed ?
- For an unknown amount of time until a miner decides to process your transaction and solves the block your transaction will remain unconfirmed.
- This could possibly take several days or week or there are chances that it will never be done.
- Your wallet and any Bitcoin node will show it as unconfirmed or your transaction will be stuck.
- Block sizes are limited.
- It means that only limited amount of transaction can be processed in a certain timeframe.
- At the initial stage of Bitcoin, there were not that many transactions are done as compared to present because of the fewer
- So because of that lots of Block space were free for the transactions.
- Now as the popularity is increasing with the increase in the number of users so transaction fees and transaction confirmation time is rising day by day.
How to Speed up Bitcoin Confirmations ?
- You can use viaBTC TRANSACTION ACCELERATOR.
- It is designed to speed up the network confirmation of a user for their transfer during the time of congestion.
- You can use “Child pays for parent” method.
- By using this method user can ensure that their original transaction gets faster network confirmations.
- Another thing you can do that everyone knows if your transaction is stuck that means your fee is too low as compared to the market fee.
- So you have to change your fee for the miner.
- The best option for a user according to me is to wait.
- Under normal circumstances wait till the transaction gets confirmed. It will take a good amount of time.
How to cancel unconfirmed Bitcoin Transactions ?
- If the unconfirmed transaction is not confirmed for several days it means that it has been deleted from the network.
- Nowadays there is no easy way to delete your unconfirmed transaction.
- For doing so you have to publish the same transaction with the higher amount of fees.
- After that, the one transaction will enter into the Blockchain (probably the transaction with the higher fees) will automatically delete the other one from the unconfirmed pool.
How to stop/reverse a Bitcoin Confirmations with 1 or fewer confirmations?
- A Bitcoin transaction which has been already broadcast to the network cannot be reversed.
- This happens because bitcoin act like a normal which give asurity that your money is safe after all transaction.
So overall Bitcoin confirmation will take some good amount of time under a general situation. If you want to speed up your transaction confirmations use the any of the methods mentioned above or just simply Replace the fee. But replacing fee is not always a solution. There are chances that with the higher amount of fee also your transaction will be stuck.
So just is patient and wait for your turn. The Blocks are limited and the users are increasing day by day. So the transaction confirmation timing will also increase. until Bitcoin developers find another option for this.
If you find any difficulty about Bitcoin Confirmations then you can ask me in comment section about this.
If you Like this post then share this on any social media platform. let other knows about this process.
You Can also subscribe to coinraja for more bitcoin help post. just fill the email list on the top bar.