Confirmation on a cryptocurrency blockchain occurs when the transaction in question is included in a block added to the blockchain. How long confirmations take depends on the coin, as each coin has a different time frame for how quickly blocks are mined.
With Bitcoin, a block is added roughly every 10 minutes. That means there will be one confirmation every 10 minutes starting once an unconfirmed transaction is added to the blockchain (an unconfirmed transaction is a transaction that is waiting to be added to the blockchain by miners). Then, each block added after that initial block results in 1 confirmation. So, one confirmation takes 10 minutes, 3 take a half hour, etc. Most Bitcoin transactions are typically confirmed within 3 to 24 hours, depending on various factors like transaction fees and network congestion.
These confirmations are counted from the block that has been added. For example, if your transaction was included in block 100 and there are 110 blocks, the trade then has 11 confirmations. It’s counted from the block the transaction is included in.
As already stated, Bitcoin takes around 10 minutes, and this is what is known as “block time”, and can be pushed out longer due to various reasons, like:
· Mining difficulty and high network usage.
· Transaction fees: Miners tend to prioritize transactions with higher fees. Transactions with lower fees may experience longer delays as miners attend to higher-fee transactions first.
· network congestion if there are so many transactions going on · For faster processing, consider including higher transaction fees when making Bitcoin transfers. This significantly increases the likelihood of your transaction being prioritized by miners.
However, it should be noted that Pandar doesn’t determine when the coin will arrive in your wallet, it is completely a blockchain decision.
Be rest assured that, as long as the transaction is seen on the blockchain or you get a notification, then it’s coming. It might take some time, sometimes longer than usual, but it will come. To monitor the status of your Bitcoin transaction, you can use blockchain tracking platforms like Blockchair. Simply input your transaction ID to check real-time updates on its confirmation status.
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