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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).

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Related Terms

Mining
It is the process of the miners verify and adding transaction recors into a block.
Wallet
Software client that handles storage of cryptocurrencies and allows users to send cryptocurrencies.
Bloodbath
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Wei
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