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What are the confirmations required for Coinbase transactions?

avatarHarun XiaoLoung WanitpatumrataDec 25, 2021 · 3 years ago3 answers

Can you explain the confirmations required for Coinbase transactions? How does it work and why is it important?

What are the confirmations required for Coinbase transactions?

3 answers

  • avatarDec 25, 2021 · 3 years ago
    When you make a transaction on Coinbase, it needs to be confirmed by the network before it is considered valid. Confirmations are essentially the number of times the transaction has been included in a block on the blockchain. The more confirmations a transaction has, the more secure and irreversible it becomes. This is important because it prevents double spending and ensures the integrity of the transaction.
  • avatarDec 25, 2021 · 3 years ago
    Confirmations are like the seals of approval for your Coinbase transactions. Each confirmation represents a block added to the blockchain that includes your transaction. It's a way for the network to verify and validate your transaction. The more confirmations your transaction has, the more trust and security it gains. It's like waiting for multiple confirmations from different sources before trusting a piece of news.
  • avatarDec 25, 2021 · 3 years ago
    Confirmations required for Coinbase transactions vary depending on the cryptocurrency. For Bitcoin, it is generally recommended to wait for at least 6 confirmations, which takes about 1 hour. However, for smaller transactions or less valuable cryptocurrencies, fewer confirmations may be sufficient. It's always a good idea to check the specific requirements for the cryptocurrency you are dealing with.