coingecko (thumbnail mini)
Continue in app
Track prices in real-time
coingecko (thumbnail mini)
Continue in app
Track prices in real-time

Block Confirmation

By CoinGecko | Updated on Mar 03, 2020
When a new block of information has been verified for addition onto the blockchain, it has one confirmation. Each additional blocks added onto the blockchain gives the referenced block another additional confirmation. The further back a block is on the blockchain, the more costly it becomes to reverse it (through malicious means). Block confirmation is typically used by crypto exchanges to consider a cryptocurrency transaction final to protect themselves against bad actors who aim to reverse transactions after depositing (known as double spending).

Share this with a friend!

Related Terms

KYC (Know Your Customer)
KYC stands for "Know Your Customer", a process for business entities are required to verify its clients and assessing them.
Hashrate
Total processing power of a blockchain or what is the same, are the amount of hash values that can be made in a period of time.
REKT
A shorthand slang for “wrecked”, typically describes bad trades that results in losses.
Open Source
Open-source software is a type of software released under a license in which the copyright holder grants users the rights to study, change, and distribute the software to anyone and for any purpose.
Hungry for more knowledge?
Back to Glossary or Subscribe to our newsletter.