DeutschConfirmation stands for “Bestätigung”.
What is a Confirmation?
There are two types of Confirmations.
When discussing the functionality of the blockchain, a confirmation refers to when a transaction is sent to a network in a valid block and the transaction is confirmed. This function is intended to prevent double spending.
In connection with opening an account on crypto exchanges and trading platforms, the confirmation of the actual registration as well as – against the background of the obligation to prove identity on the basis of applicable legal guidelines – the legitimization. Due to the risks in the crypto universe, more and more countries are mandating such proof of identity – the KYC procedure.
