A block confirmation time is the amount of time it takes to verify a new block on a specific blockchain. For example one block confirmation on bitcoin’s blockchain takes an average of 10 minutes. In order to ensure that transactions are accurate it is necessary to wait for multiple block confirmations.
Here is the list of average block confirmation times:
- BTC has a confirmation time of 10 minutes
- LTC has a confirmation time of 2.5 minutes
- ETH has a confirmation time of 20 seconds
- BCH does not have consistent confirmation times and as such the time to for a confirmation varies.
Note: If there is high network activity on a blockchain then these confirmation times can slow drastically.
Gatecoin requires multiple confirmations to increase the validity of the transactions.
- BTC requires 6 confirmations, which will take approximately 60 minutes
- LTC requires 16 confirmations, which will take approximately 40 minutes
- ETH requires 50 confirmations, which will take approximately 17 minutes
- BCH requires 20 confirmations and without accurate block confirmation times this can take upwards of two hours.