Block Confirmation
By CoinGecko | Updated on Mar 03, 2020
When a new block of information has been verified for addition onto the blockchain, it has one confirmation. Each additional blocks added onto the blockchain gives the referenced block another additional confirmation.
The further back a block is on the blockchain, the more costly it becomes to reverse it (through malicious means). Block confirmation is typically used by crypto exchanges to consider a cryptocurrency transaction final to protect themselves against bad actors who aim to reverse transactions after depositing (known as double spending).
Related Terms
Application Programming Interface (API)
It is a software that acts like an intermediary or a bridge that lets two applications talk to each other. It is the one that lets applications, data and devices interact.
Bear Market
Contrary to bull market, it indicates the direction of the market going for downward trend.
Satoshi
A unit measure for the smallest divisible unit of a bitcoin. 1 bitcoin is equal to 100 Million Satoshi.
Blockchain
In Bitcoin's case, blockchain describes its decentralized, public ledger which contains transactional information.
Hungry for more knowledge?
Back to Glossary or Subscribe to our newsletter.