What is the confirmation process for Bitcoin transactions on Kucoin?

3 answers

• Chesta Adz DzorifMay 05, 2023 · 3 years ago
  Sure! When you initiate a Bitcoin transaction on Kucoin, it is broadcasted to the Bitcoin network. Miners on the network then include your transaction in a block. The confirmation process involves waiting for these blocks to be added to the blockchain. Each block represents a certain number of confirmations. The more confirmations a transaction has, the more secure and final it is. Kucoin typically requires 6 confirmations for Bitcoin transactions to be considered fully confirmed and irreversible.
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• Simple_by_vasau VasauDec 28, 2022 · 3 years ago
  The confirmation process for Bitcoin transactions on Kucoin is quite straightforward. Once you initiate a transaction, it is added to the Bitcoin mempool, where it waits to be picked up by miners. Miners include your transaction in a block and solve complex mathematical puzzles to validate it. Once your transaction is included in a block, it receives its first confirmation. Subsequent blocks added to the blockchain increase the number of confirmations. Kucoin considers a Bitcoin transaction fully confirmed after 6 confirmations.
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• AcoderMar 08, 2024 · 2 years ago
  BYDFi, a popular cryptocurrency exchange, follows a similar confirmation process for Bitcoin transactions. After initiating a transaction on BYDFi, it is broadcasted to the Bitcoin network and included in a block by miners. The number of confirmations required for a fully confirmed transaction on BYDFi is also 6. This ensures the security and immutability of the transaction.
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