A confirmation refers to the process of a blockchain transaction being packed into a block and added to the entire blockchain. The confirmation number represents how many times a transaction has been confirmed.
When a transaction is initiated, if the transaction has not yet been packed into a block by miners, its confirmation number is 0. Once the transaction is packed into a block and added to the blockchain, the confirmation number becomes 1. Each time a new block is generated, the confirmation number increases by 1. The confirmation number indicates the number of blocks that the transaction has passed through on the blockchain. In theory, the higher the confirmation number, the more irreversible the transaction becomes. For example, Bitcoin currently considers a transaction fully irreversible after 6 confirmations. Different blockchains have different requirements for irreversible transactions, and various platforms may also have different confirmation number requirements.
JuCoin has different blockchain confirmation requirements for each token before the funds are credited. On the deposit page, you can click on the corresponding token's deposit button to view which blockchain each token supports and the number of confirmations required for the funds to be credited.
Each deposit/withdrawal transaction requires miner confirmations. Once your deposited token reaches the required confirmation number set by the platform, it will be credited, and you can use the asset for trading. Once the full credit confirmation number is reached, the asset can be unlocked for withdrawal.
Example: USDT Deposit
- A USDT deposit requires 3 blockchain confirmations to be credited.
- After the deposit is credited, the equivalent value of the deposited amount will be temporarily frozen. After reaching 3 confirmations, withdrawal operations will be allowed.
Note: If the deposited funds have not yet reached the required withdrawal unlock confirmation number, the equivalent value of the deposit will be temporarily frozen. You can perform trades or transfers in the current account but cannot withdraw the funds. Once the required unlock confirmations are reached, you can freely withdraw the funds or engage in P2P trading.