Confirmation Time: When Is a Transaction Truly Complete?
Confirmation time is the period from when a blockchain transaction is submitted until it is written into a valid block and receives confirmations. It is affected by fees, network demand, network architecture, and other factors, so the actual wait can vary.
What Confirmation Time Means
Confirmation time begins when a transaction is submitted to the network and continues until the transaction is collected, written into a block, and verified as valid by other nodes. Once included in a valid block, the transaction receives its first confirmation. Each new block subsequently added to the chain generally adds another confirmation.
Why multiple confirmations are needed
The latest block is not absolutely secure, so recipients generally do not treat a transaction as irreversible after only one confirmation. The required number of confirmations depends on the network's security mechanism and computing power. Using Bitcoin as an example, users commonly regard at least six block confirmations as highly secure.
Factors That Affect the Wait
Network demand, user behavior, blockchain architecture, and transaction fees all affect actual confirmation speed. Higher fees may encourage miners to prioritize a transaction, though the effect depends on the network. When comparing network efficiency, average confirmation time is usually more informative than the duration of a single transaction.
Original Tutorial
https://www.binance.com/zh-CN/academy/glossary/confirmation-time
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