The number of confirmations that AFRIDAX requires to consider a transaction final for some of the assets on our platform:
NAME | CONFIRMATIONS | EXPECTED RECEIVE TIME TO
AFRIDAX
Bitcoin (BTC) | 2 | 20 Minutes
Ethereum (ETH ) | 30 | 15 Minutes
Binance Smart Chain (BSC)| 30 | 15 Minutes
Tron (TRX) | 30 | 3 Minutes
Dogecoin (DOGE) | 4 | 5 Minutes
Litecoin (LTC) | 4 | 10 Minutes
Solana (SOL) | 50 | 2 Minutes
Cardano (ADA) | 5 | 2 Mimutes
Ripple (XRP) | 20 | 2 Minutes
The inclusion of a transaction in a block
A Bitcoin or Ethereum transaction is considered unconfirmed until it has been included in a block on the blockchain, at which point it has one confirmation. Each additional block is another confirmation.
Understanding Confirmations
When you make a transaction with a cryptocurrency like Bitcoin or Ethereum, it's initially broadcasted to the network, but it isn't immediately considered finalized. This is because the transaction needs to be added to a "block" on the blockchain—a public, decentralized ledger that records all transactions.
Think of the blockchain as a chain of blocks, where each block contains a list of transactions. Before your transaction is included in a block, it’s considered unconfirmed, meaning it’s still waiting to be officially recorded.
Once a transaction is included in a block, it receives its first confirmation. This means that the network has validated your transaction, and it’s now part of the blockchain. However, one confirmation is generally not enough to consider the transaction fully secure, especially for larger amounts of money.
Every time a new block is added to the blockchain after your transaction, it gains another confirmation. Each additional confirmation strengthens the security of the transaction, making it increasingly difficult for anyone to tamper with or reverse it. For example, a Bitcoin transaction is often considered fully secure after receiving 3 to 6 confirmations, which typically takes about 30 to 60 minutes.
In summary, when you send or receive cryptocurrency, your transaction starts off as unconfirmed. It becomes more secure with each confirmation, as more blocks are added to the blockchain, ensuring that the transaction is permanent and cannot be easily altered.
Important Reminder:
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Cryptocurrency transactions are irreversible. Always verify the recipient's address and network before confirming your withdrawal.
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Please take note of the Cryptocurrency Risk outlined in this article.
Need Assistance?
If you encounter any issues or have questions regarding the deposit process, our support team is available to assist you. Please submit a support request via the platform, and we will promptly address your inquiries. You can view our status page here.