Last Friday, Coinbase released a statement saying it will reduce the number of confirmation requirements for four crypto assets on its platform.
The first of course being Bitcoin.
Ethereum Classic, Zcash, and Litecoin will also be included in the group of four who's confirmation requirements will be lowered.
According to Bitcoinist, Bitcoin for example, required 6 confirmations up to this point. Now, Coinbase is cutting that number in half to only 3. Ethereum Classic required 5676 confirmations, and now that number is 3527. At the same time the number of necessary Zcash confirmations so far was 18, but from now on it will only be 12. LTC, on the other hand, needed 6 requirements, but now Coinbase believes that this number should be 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.
This article is not intended to be financial advice. As always, do your due diligence before investing, and never invest more than you can afford to lose.