Binance Reduces the Number of Block Confirmations on BTC and ETH Networks for Deposits & Withdrawals

Binance crypto exchange recently announced that it has eased the procedure of deposits and withdrawals on BTC (Bitcoin) and ETH (Ether) blockchain networks. It has brought down the Number of Confirmations.  The announcement noted the community and user feedback as the reason for this improvement.

On a public blockchain network, a block confirmation means the inclusion of a transaction in a block on the blockchain. Generally, the miners on the public blockchain network validate and add transaction to the block. As an example, if 31 blocks are confirmed for a given transaction then it means that 30 blocks are successfully mined since the transaction.

Binance is a highly famed cryptocurrency exchange which is spread on a global level. It provides its user with a platform for trading more than 100 cryptocurrencies. In the year 2018, Binance has also achieved the title for being the biggest cryptocurrency exchange in the world in terms of the trading volume.

Latest Adjustments

The company announcement noted two significant adjustments to the number of block confirmations which are required for user deposits and withdrawals.

• The adjustment made for Bitcoin (BTC) states that only 1 block confirmation is required for deposits. Earlier, Binance required at least 2 block confirmations were required. Now the number of confirmations has been brought down to one. it also states that 2 block confirmations are required to carry out withdrawals.

• Furthermore, the next significant adjustment made is basically for ETH and ERC20 tokens. Previously, the company asked for a total of 30 block confirmations in order to make both deposits and withdrawals. However, now, only 12 block confirmations are needed for both deposits as well as for withdrawals. It should be noted that most of the ERC20 tokens run on Ethereum (ETH) blockchain platform.

Binance has been the forefront of innovations among crypto exchanges. The latest development will surely add to the better trading experience on Binance cryptocurrency exchange.