What are confirmations?
When a transaction is broadcasted to the network, after a while, miners add it to the block. Once a transaction has been added, it receives the first confirmation. With each subsequent block, the number of confirmations increases. You can tell that transaction was successful If it has already received a few confirmations.
How do I use it?
You can track the progress using blockchain explorer and transaction hash (transaction ID or TXID). First, you need to find out what blockchain the coin/token uses. On the EarnPark platform, you can check it in the deposit window. Each coin with its own blockchain has a block explorer. Usually, it can be found on the coin's website or via its community. After you get the transaction ID and insert it into the block explorer, you will see the status of the transaction.
Blockchain Explorer Websites Here are some examples:
Bitcoin blockchain explorer: blockchain.info
Ethereum blockchain explorer: etherscan.io
Binance Smart Chain block explorer: bscscan.com
A blockchain explorer’s website typically has a search function. Here, you can search for:
An address: To find out more details about the address, its balance, or transactions.
A transaction hash (transaction ID): To verify whether a transaction has been completed and check how many blocks have already confirmed it.
What should I do next?
If the blockchain explorer shows that the transaction is already confirmed, it means that your funds have been successfully sent out.
What is the purpose of confirmation requirements?
To avoid the risks of double spending, funds aren’t credited until a certain number of confirmations have taken place. The more confirmations received, the more permanent/irreversible the transaction is. If the transaction ID is not in the blockchain, then the transaction simply does not exist.
How long do confirmations take?
Each block is found with a different speed depending on the blockchain. For example, on the Bitcoin blockchain, a block is mined every 10 minutes on average. EarnPark only credits BTC deposits to a client’s account after a minimum of 1 confirmation, which takes approximately 10 minutes.
However, sometimes when the network is overloaded, it can take up to 30 or even 60 minutes to mine a single block (1 confirmation).
As explained above, the time for blocks to be included in the blockchain may increase significantly when the network is overloaded due to high demand. This inevitably leads to delayed transactions.
What if my address has not received coins?
If you made a deposit from an external address to the EarnPark platform address and this transaction is not on the blockchain, your transaction does not exist. You should contact customer support of the platform you used to send the coins.
If you haven't received the funds withdrawn from the EarnPark platform, but the transaction is confirmed on the blockchain, do not worry. Please, wait a few minutes, we've already sent your coins. If you have not received a transaction ID, contact our support team.
How to verify a BTC blockchain transaction by transaction ID
If you visit the Blockchain.info website, you can see the latest transactions that went through the blockchain. Let's take a random transaction:
Hash (Transaction ID) - 1
If the status is confirmed, your balance should be updated already - 2
Received time - 3
Transaction’s block number and how many blocks have confirmed it - 4
Check using the deposit address You can also search for the address where the coins were sent to and see if it has already received them
Hash (Transaction ID) - 1
Address of the sender - 2
Address of the recipient - 3
The amount of BTC received at the address and the number of confirmations 4