How to Confirm a Bitcoin Transaction. If you are waiting for a particular transaction to confirm, you can use a Block Explorer to check the number of confirmations.
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When you make a transaction with Bitcoin, it needs to be confirmed by the Bitcoin network before it can be completed. This confirmation process takes time, usually 10-20 minutes, and the transaction will not be completed until it is confirmed.
If you try to spend your bitcoins before the transaction is confirmed, your transaction will likely be rejected by the network. So, if you’re sending bitcoins to someone, make sure to tell them that they might not receive the bitcoins for a little while.
There are a few things you can do to speed up the confirmation process:
– Use a higher fee: If you include a higher fee than is required, your transaction will be confirm faster. How much faster depends on how much bigger your fee is than the minimum fee required.
– Include more confirmations: You can include more than one previous transaction in your new transaction. This is called “including more confirmations”. Each confirmation makes it harder for an attacker to reverse your transaction.
– Use SegWit: SegWit is a new type of transaction that can be confirmed faster than regular transactions. Not all wallets support SegWit yet, but if yours does, use it!
What is Bitcoin?
Bitcoin is a decentralized digital currency, without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain
What is a Bitcoin Transaction?
A Bitcoin transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin transactions are not instantaneous like credit card transactions. They take some time to be confirmed by the network. Each transaction is then authenticated and verified multiple times by other computers on the network. This redundancy is necessary because every node on the network has to come to consensus about all of the history of all Bitcoin transactions; otherwise, someone could attempt to spend the same bitcoins more than once—an attack called “double-spending.”
How to Confirm a Bitcoin Transaction?
To check the status of your transaction, you can go to any block explorer and enter your Bitcoin address. A block explorer is a website that shows all the Bitcoin transactions that have taken place in the past and is excellent for confirming payments.
Once you input your address, the block explorer will show you all of the recent transactions associated with that address, as well as the current balance. If your transaction is unconfirmed, it will be marked as “pending.”
If you see a green checkmark next to your transaction, that means it has been confirmed by the network and is now considered permanent.
Once you have sent a bitcoin payment from Wirex to an external bitcoin wallet, you will need to wait for the transaction to be confirmed by the blockchain.
Each transaction is then authenticated and verified multiple times by other computers on the network. The more confirmations a transaction has, the more trusted it becomes.
Most Wirex customers can expect to see their transaction confirm within 10-30 minutes*, although some may take longer due to network congestion. You can check the number of confirmations through the blockchain explorer for your particular transaction. If there are still zero confirmations after a prolonged period of time, or if your transaction is taking an unusually long time to process, please contact our support team for further assistance.
*Times may vary depending on network conditions