What is Blockchain confirmation?
Blockchain confirmation means that the transaction has been processed by the network. This is a measure of how many blocks have passed since your transaction was added to the blockchain. Once your transaction has been included in a mined block, the transaction receives a confirmation. The more confirmations, the more secure your transaction, and the faster it will be processed.
Why do we need it?
To avoid the risks of double-spending (the case if the same single token can be spent more than once), the transaction is not completed until a certain number of confirmations have not reached.
How to watch confirmation progress?
Each transaction in the blockchain has a progress bar that shows the confirmation progress. You can check your transaction confirmation status using the transaction ID (TxHash/txid/Hash) from your wallet transaction history. Simply copy the Tx into the relevant currency explorer searching bar.
Why my transaction is confirming too long?
The transaction confirmation delay could be caused by the high transaction volume in the blockchain. Such a thing happens due to the high activity in the market and, as a result, a large number of transactions.
Can I cancel the crypto transaction?
If your transaction is pending on the wallet provider side and is not yet in the blockchain, then you can contact the wallet support and find out if it can be canceled.
If your transaction is already on the blockchain, it cannot be canceled.
Please be advised:
We can not affect the speed of the confirmation process;
The transaction confirmation time could vary based on the conditions of the corresponding network.