Block Confirmation
By CoinGecko | Updated on Mar 03, 2020
When a new block of information has been verified for addition onto the blockchain, it has one confirmation. Each additional blocks added onto the blockchain gives the referenced block another additional confirmation.
The further back a block is on the blockchain, the more costly it becomes to reverse it (through malicious means). Block confirmation is typically used by crypto exchanges to consider a cryptocurrency transaction final to protect themselves against bad actors who aim to reverse transactions after depositing (known as double spending).
Related Terms
Hashgraph
Hashgraph is a distributed ledger system that has been compared to the blockchain idea as a continuation or successor.
Hot Wallet
It is a tool that store your cryptocurrencies and always connected to internet
BitLicense
Refers to the business license issued by the New York State Department of Financial Services (NYSDFS) to companies dealing with Cryptocurrencies (subject to certain exceptions) in New York.
Replay Attack
A replay attack is a form of network attack when valid data transmission is fraudulently intercepted, then delayed or resent to mislead the receiver into doing what the hacker wants.
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