Bitcoin Network Validation (Confirmations)
What is Bitcoin Validation?
Bitcoin transactions require validation by the Bitcoin network before they are fully recognized and spendable.
Validation Process:
Bitcoin transactions are:
- Broadcast to the Bitcoin network.
- Collected by miners and grouped into blocks.
- Confirmed when a block containing the transaction is added to the blockchain. Each block adds one “confirmation.”
Purpose of Validation:
Validation prevents double-spending of Bitcoin, ensuring transaction security and integrity.
Confirmation Levels & Ecex Requirement:
- Typically, 6 or more confirmations are considered final confirmation on the Bitcoin network.
- Ecex requires a minimum of two (2) Bitcoin network confirmations before processing exchange applications. This ensures transaction validity and security for all Ecex exchanges.