Confirmation Requirements for Cryptocurrency Payments
Confirmation requirements for cryptocurrency payments when purchasing VPS services from EDIS Global. Ensure your transaction is secure and recognized swiftly with our comprehensive guide to blockchain confirmations.
At EDIS Global, we offer our valued customers the flexibility to pay for Virtual Private Server (VPS) services using various cryptocurrencies. To help you understand our payment process and how your invoices are marked as paid, this article outlines the importance of blockchain confirmations and what you need to expect when making a payment.
When you make a payment using cryptocurrency, the transaction is initially unconfirmed and pending. It becomes confirmed once it’s included in a block on the blockchain. Each additional block that is added on top of this block is another confirmation, which further secures the transaction against reversals like double-spending.
Confirmations are essential for the security of blockchain transactions. The number of confirmations required varies by cryptocurrency and is set to mitigate the risks associated with each blockchain’s unique characteristics, including the likelihood of transaction reversal and the average time to mine a block.
When you pay your invoice with cryptocurrency, the transaction must meet a certain number of confirmations before we mark your invoice as paid. Here’s a breakdown:
Fast Confirmations (1 block): For most cryptocurrencies, including AVAX, DAI, SHIB, SOL, TON, USDC, USDT, and VERSE, only one confirmation is needed. This means your payment will typically be recognized quickly.
Moderate Confirmations (2-6 blocks): Currencies like BCH and LTC require more confirmations, which means it might take slightly longer for your payment to be acknowledged.
Increased Confirmations (10-19 blocks): TRX, USDT on Tron, and XMR require a higher number of confirmations. This ensures enhanced security but means that payment recognition can take longer.
Please note that the number of confirmations required is subject to change based on the evolving security landscape of each cryptocurrency network.
You can check the status of your transactions using a blockchain explorer for the respective cryptocurrency (blockchain). Enter your transaction ID (TXID) into the explorer to see how many confirmations your transaction has.