For a cryptocurrency transaction to go through, it will need to be confirmed and added to the blockchain. This process ensures security and authenticity, but there are times when it might take a while.
Let’s break things down.
Understanding Crypto Transaction Confirmations
Whenever you initiate a cryptocurrency transaction, it needs confirmation. In the case of Bitcoin, for instance, your transaction is immediately added to a “block” of other similar transactions when you initiate it. This block is then verified by participants on the blockchain - called “miners.”
Basically, miners have one simple job - to verify each transaction in a block and ensure that there are no duplicates. This way, the blockchain remains secure and authentic. When the verification is done, the block is confirmed and added to the blockchain, and your transaction now goes through.
How Long Do Confirmations Take & Why Can They Be Delayed?
Different blockchains have estimated periods needed for transaction confirmations. These include:
For Bitcoin, a block is confirmed in about 10 minutes
For Ethereum, blocks are confirmed in about 5 minutes
For Solana, blocks are confirmed in just a few seconds
However, there are times when transaction confirmation can take longer. This can happen due to reasons such as:
Network Congestion: If a blockchain has too many transactions, confirmation can take longer
Miner Shortages: If there aren’t enough miners on the network at a point, this increases the confirmation time
Mining Difficulty: The difficulty in mining can also make the confirmation process more challenging, which will increase the confirmation time too.
All in all, crypto confirmations can be a bit of a tricky subject. But, if you have any complaints about transaction delays, please feel free to reach out to us at support@exchanger101.com