The confirmations when depositing digital currencies

In order 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 are a measure of how many blocks have passed since a transaction was added to the blockchain. Once a transaction has been included in a mined 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 in the list below.

How long do confirmations take?

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

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

Digital currency

Confirmations required

Estimated time*

0x

30

10 minutes

Aelf

30

5 minutes

Aeternity

60

5 minutes

Aion

100

20 minutes

Aragon

30

10 minutes

Ark

51

15 minutes

Basic Attention Token

30

6 minutes

Bitcoin

3

30 minutes

Bitcoin Cash

15

2 hours

Bitcoin Satoshi Vision

12

60 minutes

Cardano

15

10 minutes

Chainlink

30

6 minutes

Cybermiles

10

2 minutes

Decred

6

30 minutes

DigiByte

20

5 minutes

Enjin

30

9 minutes

EOS

400

Near-instant

Ethereum

30

10 minutes

Ethereum Classic

14400

115 hours

Gas

5

60 seconds

Golem

30

5 minutes

Holochain

30

3 minutes

ICON

3

Near-instant

IOST

100

60 seconds

IOTA

1

60 seconds

Komodo

30

30 minutes

Lisk

300

50 minutes

Litecoin

10

30 minutes

Loopring

30

5 minutes

Nano

1

Near-instant

Nebulas

50

15 minutes

NEM

10

10 minutes

NEO

5

60 seconds

NULS

40

10 minutes

OmiseGO

30

6 minutes

Ontology

10

10 minutes

Ontology Gas

10

10 minutes

Power Ledger

30

10 minutes

Pundi X

30

8 minutes

Qtum

20

60 minutes

Ravencoin

60

60 minutes

ReddCoin

20

12 minutes

Request Network

30

15 minutes

Ripple (XRP)

1

Near-instant

Status

30

15 minutes

Steem

20

60 seconds

Stellar

1

Near-instant

Storm

30

10 minutes

Stratis

60

20 minutes

Tezos

30

30 minutes

Tron

20

60 seconds

VeChain Thor

20

2 minutes

VeThor Token

20

2 minutes

Verge

100

5 minutes

Vertcoin

900

12 hours

Waltonchain

30

15 minutes

Waves

10

10 minutes

Zilliqa

5

5 minutes

*Execution times can vary based on the conditions of the network, but approximate times are listed in the table.

Please note: Bitvavo is not able to affect the speed at which transactions are confirmed on their respective blockchains.


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