Lexicon

In the realm of cryptocurrency, a 'confirmation' signifies that a transaction has been verified through the mining process and successfully recorded in a blockchain block alongside other transactions. As the blockchain grows with the addition of more blocks, each containing numerous transactions, the initial transaction gains more confirmations, thereby embedding it more deeply within the blockchain. This process, which varies in duration across different cryptocurrencies, enhances the security and irrevocability of the transaction. For Bitcoin, the typical confirmation time is approximately 10 minutes. Many cryptocurrency exchanges mandate a certain number of confirmations before considering a transaction fully secure and finalized.