Confirmation Requirements for Cryptocurrency Payments

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Introduction

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.

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What is a Blockchain Confirmation?

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.

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Why Confirmations Matter

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.

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Confirmation Requirements

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.

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Payment Processing Times

The time it takes for a transaction to confirm depends on the cryptocurrency chosen and its blockchain network:

• Quick Networks: Transactions on networks like Ethereum or Solana may confirm within seconds to minutes.
• Slower Networks: Transactions on Bitcoin or Monero might take longer, depending on network congestion and block time intervals.

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Checking Your Transaction Status

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.

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List of Coins and their Blockchain Explorers

Below you find a list of coins, their blockchain explorer URLs, and the coins’ confirmation requirements before a payment is accepted and an invoice can be marked as PAID.

AVAX (Avalanche C-Chain): SnowTrace - snowtrace.io - 1 block

BCH (Bitcoin Cash): Blockchair - blockchair.com/bitcoin-cash - 6 blocks

BNB (Binance Smart Chain): BscScan - bscscan.com - 5 blocks

BTC (Bitcoin): Blockchain.com - blockchain.com/explorer - 1 confirmation

CGPT (on Binance Smart Chain): BscScan - bscscan.com - 5 blocks

DAI (on Polygon): PolygonScan - polygonscan.com - 1 block

DAI (on Ethereum): Etherscan - etherscan.io - 1 block

DAI (on Binance Smart Chain): BscScan - bscscan.com - 5 blocks

DASH: Dash Blockchain Explorer - explorer.dash.org - 2 confirmations

DOGE (Doge): Dogechain - dogechain.info - 1 block

ETH (Arbitrum One): Arbiscan - arbiscan.io - 1 block

ETH (Ethereum): Etherscan - etherscan.io - 1 block

ETH (Binance Smart Chain): BscScan - bscscan.com - 5 blocks

LTC (Litecoin): Blockchair - blockchair.com/litecoin - 2 confirmations

MATIC (on Ethereum): Etherscan - etherscan.io - 1 block

MATIC (on Polygon): PolygonScan - polygonscan.com - 1 block

SHIB (Ethereum): Etherscan - etherscan.io - 1 block

SOL (Solana): Solscan - solscan.io - 1 block

TON (TON): TON Live - ton.live - 1 block

TRX (Tron): Tronscan - tronscan.org - 19 blocks

USDC (on Ethereum): Etherscan - etherscan.io - 1 block

USDC (on Arbitrum One): Arbiscan - arbiscan.io - 1 block

USDC (on Avalanche C-Chain): SnowTrace - snowtrace.io - 1 block

USDC (on Binance Smart Chain): BscScan - bscscan.com - 5 blocks

USDC (on Polygon): PolygonScan - polygonscan.com - 1 block

USDT (on Polygon): PolygonScan - polygonscan.com - 1 block

USDT (on Arbitrum One): Arbiscan - arbiscan.io - 1 block

USDT (on Ethereum): Etherscan - etherscan.io - 1 block

USDT (on Binance Smart Chain): BscScan - bscscan.com - 5 blocks

USDT (on Tron): Tronscan - tronscan.org - 19 blocks

USDT (on Solana): Solscan - solscan.io - 1 block

USDT (on Avalanche C-Chain): SnowTrace - snowtrace.io - 1 block

VERSE (Ethereum): Etherscan - etherscan.io - 1 block

XMR (Monero): Monero Blocks - moneroblocks.info - 10 blocks

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Conclusion

We at EDIS Global are committed to providing secure and convenient payment options. Understanding the confirmation process helps ensure a smooth and secure transaction experience. If you have any questions or need assistance with your cryptocurrency payment, please contact our support team.

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