Blockchain confirmationsDwain Ross 23 / December / 20 Visitors: 225
Bitcoin, being an electronic currency, can be used to conclude deals and pay for goods or services. But, since it exists only in electronic form, it can be used only on the Internet. At the same time, the system requires confirmation of each completed operation. This is the only way to achieve security and accuracy of financial transactions. But how can you check how long it will take to transfer funds and how to get blockchain confirmations? Sometimes these questions determine the time of receipt and even the conclusion of important transactions.
How many confirmations does a transaction require?
In order to find out how many confirmations are required to complete the transaction and how long you will have to wait for the funds to be received, it is necessary to understand the features of the blockchain transfers. This process consists of several stages:
- the addressee sends money;
- information about transactions is formalized in special blocks, each of which has a number and a hash (special data);
- further blocks are sent for testing on different computers;
- if everything is done correctly, the information obtained replenishes the various databases;
- checked blocks are added to the chain;
- money is received by the recipient.
The transaction must be verified in 6 blocks. If this does not happen, the crypto money will not reach the final addressee. Accordingly, the sending time depends on the speed of confirmation.
Why does transaction confirmation time vary?
Having figured out the overall transaction process, you should know what affects the speed of processing and verifying information. Usually the final time is affected by:
- network workload;
- sharp rate changes;
- low commission.
The influence of the first factor is especially noticeable. When the blockchain system needs to process many requests, users have to wait. You might have to wait especially long during the days of peak activity, which are infrequent, but still happen. The commission paid to miners is of great importance. The higher it is, the higher the priority will be. The size of the operation also has an additional effect: sending large amounts will be finished much faster.
Ways to speed up confirmation
Theoretically, it is impossible to speed up confirmation of transactions because you cannot increase the speed of data processing on someone else's computer. But in reality, it is somewhat different. You can use several options:
- increase the size of commission;
- use proven reliable wallets;
- open the transaction;
- use multi-functional wallets that support multi-signatures.
Confirmation of transaction
Sending cryptocurrency is important not only for the sender but also for the recipient. Sometimes, when you do not want to wait, you can just confirm their sending. In situations when use of accelerators is inconvenient or impossible, you can:
- choose a convenient wallet that supports confirmation of the transfer (this wallet should be used by both parties);
- use the website blockchai.info.
When choosing option 2, you just need to know the payment hash. You should inform the recipient so that they can enter the numbers on the website. These actions will allow you to see all the necessary information about the transaction.
Depending on the conditions, the time for making a payment can be either instantaneous or delayed for several days. Therefore, you should think about all the details and decide how to speed up the confirmation process in advance. And the most important is the size of the commission and the reliability of the chosen wallet. If miners receive a good reward, the priority of data processing will increase sharply.