When a transaction is broadcasted to the blockchain, it is presented to be included in a block by the miners. When it appears in a block, the transaction has received 1 confirmation.
With each additional block, the number of confirmations increase for the transaction. This is done to avoid the risk of double spending, and therefore funds are not credited until a minimum number of confirmations have taken place.
This varies by cryptocurrency. Each block is found at a different rate depending on the blockchain speed. For example with Bitcoin, a block is found on average every 10 minutes and CoinSmart requires 3 confirmations before crediting a client's account, which takes approximately 30 minutes.
|
Crypto Network |
Confirmations Required |
Estimated Time* |
|
Bitcoin (BTC) |
3 |
30 minutes |
|
Ethereum (ETH and ERC20) |
15 |
3 minutes |
|
Cardano (ADA) |
15 |
10 minutes |
|
Stellar (XLM) |
N/A |
Instant |
|
Litecoin (LTC) |
6 |
15 minutes |
|
Bitcoin Cash (BCH) |
6 |
60 minutes |
|
EOS (EOS) |
N/A |
Instant |
* Estimated confirmation times are approximations and will vary based on the overall conditions and traffic on the network. CoinSmart does not guarantee any confirmation times and has no ability to affect the speed that transactions are confirmed on the respective blockchains. We strive to complete all crypto withdrawals within 1 hour.
Comments
2 comments
I want to close my account
How can I do the refund?
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