Confirmation Time
Quick Answer
Confirmation time is the duration between a transaction being broadcast and receiving its first block confirmation. It ranges from under 1 second (Solana) to 10 minutes (Bitcoin).
Full Definition
Confirmation time is the duration between a transaction being broadcast to a blockchain network and receiving its first block confirmation. It varies by network: Bitcoin averages 10 minutes, Ethereum approximately 12 seconds, Solana under one second, and Polygon around two seconds. For merchants, faster confirmation times mean faster checkout experiences. Layer 2 networks provide near-instant confirmations, making crypto payments as fast or faster than traditional card payments.
Related Terms
Chargeback
A chargeback is a forced payment reversal initiated by a cardholder's bank. Crypto payments are chargeback-free by design because blockchain transactions are irreversible once confirmed.
Cold Wallet
A cold wallet is cryptocurrency storage not connected to the internet, providing maximum security against hacking. Examples include hardware wallets like Ledger and Trezor.
Consensus Mechanism
A consensus mechanism is the protocol by which a blockchain network agrees on the state of the ledger. Common types include Proof of Work (Bitcoin) and Proof of Stake (Ethereum).
Cross-Chain
Cross-chain refers to interoperability between blockchain networks, enabling asset transfers across them. Essential for multi-chain payment gateways that accept payments from any supported chain.
Crypto Payment Gateway
A crypto payment gateway is software that enables merchants to accept cryptocurrency payments and receive settlement in fiat or stablecoins. It handles wallet connection, exchange-rate conversion, and payout.
Custodial Wallet
A custodial wallet is a cryptocurrency wallet where a third party holds and manages the private keys on behalf of the user, offering convenience but introducing counterparty risk.