The confirmations when depositing digital currencies
Updated 2 months ago
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 | 500 | 4 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.
