Bitcoin Transaction Confirmations
When you receive Bitcoin, it’s not instantly usable. Bitcoin needs “confirmations” from the Bitcoin network to be valid and secure. This prevents fraud, like someone trying to spend the same Bitcoin twice.
How it Works:
- Transaction Broadcast: Your Bitcoin transaction is sent to the network.
- Miners and Blocks: “Miners” group transactions into “blocks.”
- Confirmation = Block Inclusion: When miners verify a block and add it to the blockchain (the Bitcoin record), your transaction gets one “confirmation.”
Multiple Confirmations = Security:
Each confirmation makes the transaction more secure and harder to reverse. Industry standard is 6 confirmations for finality.
Ybex requires at least 2 Bitcoin network confirmations before processing your exchange. This ensures transaction validity and security for your exchange.