One Confirmation Does Not Always Mean “Settled”
A confirmation means a block includes your transaction. Each later block adds another confirmation and makes reversal harder, especially on Bitcoin’s proof-of-work chain—but it is not a universal instant-finality switch. Platforms set deposit thresholds based on the chain, amount, and risk. Binance Academy notes that high-value Bitcoin transfers commonly wait for several confirmations (often 3–6); Ethereum services may instead rely on protocol finality.
Why it matters: accepting an unconfirmed transfer as final carries more double-spend or chain-reorganization risk. My takeaway: check the receiving service’s confirmation policy, not just your wallet’s “sent” notice.
What confirmation threshold does your exchange use?
Source: Binance Academy — https://www.binance.com/en/academy/articles/how-are-cryptocurrency-transactions-verified
#CryptoEducation #Blockchain #Bitcoin
A confirmation means a block includes your transaction. Each later block adds another confirmation and makes reversal harder, especially on Bitcoin’s proof-of-work chain—but it is not a universal instant-finality switch. Platforms set deposit thresholds based on the chain, amount, and risk. Binance Academy notes that high-value Bitcoin transfers commonly wait for several confirmations (often 3–6); Ethereum services may instead rely on protocol finality.
Why it matters: accepting an unconfirmed transfer as final carries more double-spend or chain-reorganization risk. My takeaway: check the receiving service’s confirmation policy, not just your wallet’s “sent” notice.
What confirmation threshold does your exchange use?
Source: Binance Academy — https://www.binance.com/en/academy/articles/how-are-cryptocurrency-transactions-verified
#CryptoEducation #Blockchain #Bitcoin