Bitcoin Deposits on Coinbase will now Require only Three Confirmations
Coinbase has just released a new announcement, stating that it will reduce the number of confirmation requirements for four crypto assets on its platform.
The United States’ largest crypto exchange, has brought in some welcome changes to its platform. Coinbase has just announced that it has changed the confirmation requirements for four different cryptocurrencies, including Bitcoin, Ethereum Classic, Zcash, and Litecoin.
What changes did Coinbase introduce?
Until now, Coinbase had strict confirmation requirements for each of the aforementioned assets. Most of these conditions were put in place over a year ago. Back then, the exchange did not have a consistent approach that informed users of each coin’s confirmation requirement.
This led to situations where some assets ended up having overly-conservative confirmation requirements, while others did not have enough. Three out of four assets listed above were among those that had a higher number of confirmation requirements than necessary, as the exchange admits in its new statement.
Bitcoin, for example, required 6 confirmations up to this point. Now, Coinbase is cutting that number in half, with the new requirement being only 3. ETC required 5676 confirmations, and now, Coinbase is ready to reduce that number to 3527. In the case of ZEC, the number of necessary confirmations so far was 18. From now on, however, it will only be 12.
LTC, on the other hand, needed 6 requirements so far, but now, Coinbase believes that this number should be twice as high, and so the number was increased to 12. In other words, BTC, ETC, and ZEC will now see much faster deposits, but in the case of LTC, the process will last somewhat longer than it used to. Coinbase believes that this is necessary in order to reduce the risks and prevent issues such as 51% attacks impacting the exchange’s customers.
The changes come as part of Coinbase’s constant efforts to ensure the best possible customer experience, without sacrificing the security of the platform and users’ funds. As such, the exchange is always open to making new adjustments, as long as they can maintain their extremely high security standards.
Do you trade on Coinbase? What do you think about the exchange’s decision to change the number of requirements? Let us know your thoughts down in the comments.
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