What is a cryptocurrency transaction

What is a confirmation of a cryptocurrency transaction?

At the time when a transaction gets into the block, it can be said that the transaction is confirmed. In other words, the transaction has found a permanent place in a blockchain. A number of transaction confirmations mean the number of blocks that were added to the blockchain after the first confirmation. To be sure that the transaction is included in the blockchain and that recipient got the coins, it is recommended to have a certain amount of confirmations (one confirmation is equal to one block). This means that minimum of that exact amount of blocks needs to be added to the blockchain after the block with the initial transaction. Then you can be 99% sure that the coins you sent will hit the target. The number of confirmations is various for different blockchains. For some of them a few transactions is enough while others require to have more.

What is a cryptocurrency transaction hash?

When you send your cryptocurrency you want to follow the transaction and understand what stage it is at. To be able to do it, you receive a unique identifier that usually consists of a random set of numbers and letters. This is called a transaction hash. Simply defined, you can consider transaction hash as a tracking number for your transaction.

How to cancel a cryptocurrency transaction?

As soon as a transaction has been made and added in a block it can not be replaced or canceled. Transactions are getting into the whole blockchain process extremely fast and there is simply no time to make any cancellations. That is why it is recommended to check several times all the transaction details and make sure that they are correct before you click the “Send” button.

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SimpleSwap.io

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