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WALLSECOnchain Forensics
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Transactions

Confirmation

In one sentence

A block added on top of the block containing your transaction; more confirmations mean less chance of reversal.

A transaction becomes part of the ledger when it is included in a block. Each subsequent block makes rewriting that history exponentially more expensive, which is why services wait for a number of confirmations before crediting funds.

After a handful of confirmations a transfer is, in practical terms, permanent. This is the technical reason nobody can cancel a cryptocurrency payment the way a bank can recall a transfer.

Related terms

Finality

The point at which a transaction can no longer realistically be reversed by the network.

Block

A batch of transactions added to the ledger together, linked to the block before it.

Transaction hash

The unique fingerprint of a transaction, used to look it up on any block explorer.

More in Transactions

Transaction hashBlock explorerFinalityIrreversibility

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