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[MCS Trading Academy] What is 1 Confirmation on the Bitcoin Blockchain?

5 months ago

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On MCS, Bitcoin deposits are processed after 1 block confirmation is complete on the blockchain. We will explain exactly what 1 confirmation here means.

 

 

A block with my transaction is produced = 1 Block Confirmation

 

In the Bitcoin network, a block is produced approximately every 10 minutes which includes transactions that occurred within the timeframe. The transactions included in this block are said to have 1 block confirmation and until this point, the transaction will remain "unconfirmed". When a new block is created after the 1st confirmation, the transaction is reconfirmed by the network and is said to have 2 block confirmations. Therefore, as additional blocks are produced after the 1st block confirmation, the number of confirmations also increase.

 

 

The More Confirmations, The More Trustworthy - an Outdated Statement

 

For a Bitcoin block to be produced, at least 51% of the network must verify the block. Thus, assuming there are 100 miners, a block verified by more than 51 miners will be recognized as a real Bitcoin block. In the past, 1 block confirmations were highly exposed to 51% attacks, so it was often said to be reliable after 3~6 block confirmations. However, as the Bitcoin blockchain ecosystem has become more sophisticated over time, a large amount of money is required to even attempt the attack in order to deny the confirmation. Therefore, it is safe enough to say that attacks are almost impossible and 1 Block confirmation is a trustworthy indicator of a transaction.

 

       

       

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Thank you.

     

     

     

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Published 5 months ago