How does Coinbase's four-day confirmation period work?

3 answers

• jacobApr 05, 2021 · 4 years ago
  Sure! When you make a transaction on Coinbase, it goes through a confirmation process to ensure the transaction is valid. During this four-day confirmation period, Coinbase verifies the transaction by confirming it on the blockchain. This process helps prevent fraud and ensures the security of your funds. Once the transaction is confirmed, it is added to the blockchain and becomes irreversible. This confirmation period may vary depending on the cryptocurrency you are transacting with.
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• Freelancer UmarJan 21, 2024 · 2 years ago
  The four-day confirmation period on Coinbase is a security measure to protect both the buyer and the seller. It allows enough time for the transaction to be verified and ensures that the funds are not released until the transaction is confirmed. This helps prevent double-spending and other fraudulent activities. It's important to note that the confirmation period may be longer for certain cryptocurrencies due to their specific blockchain protocols.
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• ABIR DRIDINov 08, 2021 · 4 years ago
  BYDFi, a digital currency exchange, also implements a similar confirmation period for transactions. This is to ensure the security and integrity of the transactions on their platform. During this period, the transaction is verified and confirmed on the blockchain. Once the confirmation is complete, the transaction is considered final and cannot be reversed. This helps protect users from potential fraud or unauthorized transactions.
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