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What does 'unconfirmed' mean?

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It means that the transaction has not yet been included in the blockchain, and is still reversible. A transaction typically takes around 10 minutes to be confirmed. When that happens, it is said that one confirmation has occurred for the transaction.

With each subsequent block that is found, the number of confirmations is increased by one.

To protect against double spending, a transaction should not be considered as confirmed until a certain number of confirmations is seen.

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