Confirmations when depositing digital currencies
Confirmations when depositing digital currencies Confirmations when depositing digital currencies

Confirmations when depositing digital currencies

To credit a digital currency deposit to your Bitvavo account, the deposit needs a minimum number of 'confirmations' on its blockchain.

What are confirmations?

In digital currency, confirmations measure how many blocks have passed since a transaction was added to the blockchain. Once a transaction has been included in a block, the transaction has received 1 confirmation. With each subsequent block, the number of confirmations increases for the transaction. The more confirmations, the more secure the transaction.

Why are there confirmation requirements? 

To avoid the risks of double spending, funds will not be credited until a certain number of confirmations have taken place. An overview of the required confirmations for each digital currency can be found on the networks page linked below.

How long do confirmations take?

How long confirmations take depends on the digital currency, as each digital currency has a different timeframe for how quickly blocks are created.

Example

On the Bitcoin blockchain, a block is mined on average every 10 minutes. Bitvavo credits Bitcoin deposits to an account after 3 confirmations, which takes around 30 minutes.

Please note: Sometimes, it can take bitcoin miners longer to mine a single block. This process is outside of Bitvavo's control.

An overview of the number of confirmations per digital currency

An overview of the number of confirmations required when depositing digital currency can be found on our networks page.

Some of our new assets are in 'trade-only' mode. Deposits and withdrawals for these assets will be enabled at a later date. 

Please note: Bitvavo is not able to affect the speed at which transactions are confirmed on their respective blockchains. Execution times can vary based on the conditions of the network.

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