Each new block mined on top of that block adds another confirmation. For example, if a transaction is in block 800,000, then block 800,001 provides the second confirmation, and so on. The more confirmations a transaction has, the more secure it is generally considered.
Confirmation time is an important consideration for merchants, exchanges, and anyone accepting cryptocurrency payments. Most service providers do not consider a transaction final after just one confirmation. Instead, they typically wait for multiple confirmations before treating the payment as irreversible.
The number of confirmations considered sufficient varies by blockchain. Bitcoin users usually wait for at least 6 block confirmations, which takes roughly 60 minutes on average, to consider a transaction highly secure. Blockchains with shorter block times may require more confirmations to achieve a similar level of security.
Because confirmation times fluctuate with network demand, average confirmation time is often a more useful metric than the time of any single transaction. This average can help users and developers assess the typical performance of a blockchain network and compare different networks.
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