Why is it important to wait for 30 network confirmations before considering a transaction final?

3 answers

• Nov 24, 2021 · 3 years ago
  It is essential to wait for 30 network confirmations before considering a transaction final in the world of digital currencies because it ensures the highest level of security and trust. Each confirmation represents a block being added to the blockchain, which is a decentralized ledger that records all transactions. Waiting for 30 confirmations means that the transaction has been validated by multiple nodes in the network, making it extremely difficult for any malicious activity to alter the transaction history. This waiting period helps prevent double-spending and ensures the integrity of the transaction.
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• Nov 24, 2021 · 3 years ago
  Waiting for 30 network confirmations may seem like a long time, but it is necessary to ensure the transaction's finality. The more confirmations a transaction has, the more secure and irreversible it becomes. This waiting period allows for any potential forks or reorganizations in the blockchain to be resolved, reducing the risk of a transaction being invalidated. It also provides ample time for any network delays or congestion to be resolved, ensuring that the transaction is processed smoothly and accurately.
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• Nov 24, 2021 · 3 years ago
  BYDFi, a leading digital currency exchange, recommends waiting for 30 network confirmations before considering a transaction as final. This waiting period is crucial to ensure the highest level of security and trust in the digital currency ecosystem. By waiting for 30 confirmations, users can have peace of mind knowing that their transactions are validated by multiple nodes in the network, making it extremely difficult for any fraudulent activities to manipulate the transaction history. It is a best practice that BYDFi encourages all users to follow to protect their digital assets.
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