Blockchain Confirmations Explained

It may be very irritating to wait for a crypto deposit when it seems the transaction has already been completed, but it’s mostly not the transaction that is causing the trouble. The blockchain confirmation process is just as crucial to cryptocurrency network security. It ensures the validity of each transaction and minimises the fraudulent activities typical of the online world. 

Knowing everything about blockchain confirmations can give you useful insight into the deposit process.

What a Confirmation Actually Is

Blockchain confirmation occurs when a transaction is recorded in a valid block on the blockchain network. After the block is added to the blockchain, the transaction is confirmed for the first time and becomes part of the permanent ledger.

Further confirmations occur whenever a new block is added after the block that contains your transaction. If five blocks are added after your transaction is recorded on the blockchain, you get a total of six confirmations.

The more the confirmations, the safer it gets. Every new block confirms the transaction within the blockchain and makes it very difficult to change or revert. This is why every cryptocurrency platform requires a certain number of confirmations before any deposit is made into the player's account.

Confirmation Times by Network

Bitcoin (BTC) – While Bitcoin is famous for its high level of security, it does take some additional time. Typically, all deposits are made after getting 3-6 confirmations and require about 10-60 minutes. BTC is good for high value transfers with higher declared fees which makes miners prioritize your transaction confirmation over others.

Ethereum (ETH) – Confirmations with this coin are done rather quickly. Typically, deposits have 12-35 confirmations, completed in 3-10 minutes.

USDT (ERC-20) – As this kind of stablecoin operates on the same basis as Ethereum, it takes a comparable amount of time until the transaction is made.

USDT (TRC-20) – This type of USDT coin is popular among users as transactions are often fast, and fees are low. Most of them are made within 1-5 minutes (often under 30 seconds).

USDT (BEP-20) – Created on the BNB Smart Chain, this network offers lower fees and fast transactions, with deposits usually taking less than 2 minutes.

Litecoin (LTC), Dogecoin (DOGE) – Both these coins provide moderate confirmation times, with transactions being done in about 15-30 minutes, depending on the network situation.

XRP, Solana (SOL) – These coins are considered to be fast as deposits are made almost instantly, within seconds.

However, actual confirmation times may vary depending on factors such as network traffic.

Why So Many Confirmations?

Several confirmations ensure both user and platform protection in the event of peculiar blockchain operations. For instance, there is the operation known as a blockchain reorganisation, or "reorg," in which the blockchain temporarily rewrites the latest blocks in the system.

Even though a reorg is rare, the risk of it happening increases the likelihood that transactions that have just been confirmed will be altered. The more confirmations are demanded, the lower the chances of alteration. In this regard, a higher number of confirmations increases the likelihood of a permanent transaction record on the blockchain.

Why Your Deposit Might Still Be Pending

If your deposit has not been reflected in your account, there could be a few reasons. The first and foremost reason could be that your transaction needs more confirmations before it can get credited to your account.

Some other possible reasons for the delay might be congestion on the network, high traffic on the blockchain, or very low fees for your transactions to get processed. In addition, if you have used an unsupported network to send crypto, it will remain pending until further notice.

Common causes may include:

• Low confirmations.

• Network congestion.

• Low transaction fees.

• Unsupported deposit network.

In most cases, your transaction just needs more time to be confirmed.

Bottom Line

Blockchain confirmations verify the authenticity and legitimacy of cryptocurrency transactions. Each network requires a certain number of confirmations before considering a transaction authentic, which affects how quickly deposits are available. A pending deposit indicates that confirmations are still in progress.

Still Need Help?

If your deposit is confirmed on-chain but the funds still haven't been reflected in your casino wallet, please get in touch with our customer support via live chat or email (support@metaspins.com).