Finality
Quick Answer
Finality is the guarantee that a blockchain transaction cannot be reversed once confirmed. Faster finality means faster checkout and lower fraud risk for merchants.
Full Definition
Finality is the guarantee that a blockchain transaction cannot be reversed, altered, or cancelled once confirmed. Different blockchains offer different levels of finality — probabilistic finality (Bitcoin, where deeper confirmations reduce reversal risk) versus absolute finality (chains with BFT consensus where a transaction is final after one confirmation). For merchants, finality determines when a payment can be considered safely received. Faster finality means faster checkout and lower fraud risk.
Related Terms
Fiat Currency
Fiat currency is government-issued money like USD, EUR, or GBP. In crypto payments, fiat is the settlement currency most merchants prefer — they accept crypto but receive fiat.
Fiat Off-Ramp
A fiat off-ramp converts cryptocurrency into fiat currency and deposits it into a bank account. SpacePay provides same-day fiat off-ramping for merchants.
Fiat On-Ramp
A fiat on-ramp converts traditional currency into cryptocurrency, allowing users to purchase crypto using bank transfers or credit cards to fund their wallets.