What is the confirmation process for Ethereum transactions on Binance?

3 answers

• Dec 30, 2021 · 3 years ago
  When you initiate an Ethereum transaction on Binance, it goes through a confirmation process to ensure its validity and security. First, Binance verifies the transaction details, including the sender, recipient, and amount. Then, the transaction is broadcasted to the Ethereum network. Miners on the network compete to include the transaction in the next block by solving complex mathematical puzzles. Once a miner successfully mines a block and includes your transaction, it is considered confirmed. The number of confirmations required for a transaction to be considered final varies, but typically, 12 confirmations are required on Binance. The confirmation time depends on the network congestion and the gas price you set for the transaction. It can range from a few minutes to several hours.
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• Dec 30, 2021 · 3 years ago
  The confirmation process for Ethereum transactions on Binance involves several steps. First, Binance checks the transaction details and ensures that the sender has sufficient funds. Then, the transaction is broadcasted to the Ethereum network, where miners compete to include it in a block. Once the transaction is included in a block, it is considered confirmed. The number of confirmations required for a transaction to be considered final may vary depending on the network conditions. Generally, it takes around 12 confirmations for a transaction to be fully confirmed on Binance. The confirmation time can vary depending on the network congestion and the gas price you set for the transaction. It is recommended to check the transaction status on Binance to track the progress and confirmations.
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• Dec 30, 2021 · 3 years ago
  At BYDFi, the confirmation process for Ethereum transactions on Binance is similar to other exchanges. When you initiate a transaction, it undergoes a verification process to ensure its accuracy and security. The transaction details are checked, and then it is broadcasted to the Ethereum network. Miners on the network compete to include the transaction in a block. Once the transaction is included in a block, it is considered confirmed. The number of confirmations required for a transaction to be considered final may vary, but typically, 12 confirmations are required on Binance. The confirmation time depends on various factors, including network congestion and gas price. It is advisable to monitor the transaction status on Binance for real-time updates.
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