How do Bitcoin block confirmations work?

Bitcoin block confirmations secure transactions on the blockchain. A transaction gains one confirmation when included in a mined block, with subsequent blocks adding more, ensuring irreversibility.

Key Aspects:

• Process: Transactions wait in the mempool, are selected by miners, and receive a first confirmation upon successful block addition via Proof-of-Work.
• Time: A new block is mined every 10 minutes, on average.
• Security: One confirmation is fine for small amounts; six is the industry standard for high-value transactions, providing near-finality and preventing double-spending or chain reorganizations.