Information about the Irrevocability of Crypto Asset Transfers
Crypto asset transfers take place on decentralized blockchain networks. Unlike traditional bank transfers, blockchain transfers are inherently irreversible once they have been confirmed a sufficient number of times by the network. This confirmation process ensures the security of transfers.
A block confirmation means that the block containing the transfer has been accepted as part of the blockchain, and new blocks have been mined or validated on top of it. The more confirmations a transfer receives, the more difficult and unlikely it becomes to modify or reverse the transfer.
- Always check the accuracy of the address before transferring.
- Ensure that the network (blockchain) you use for the transfer is correct and that both the sending and receiving wallet addresses operate on the same blockchain.
- Include all required identification details with the transfer.
Transferring crypto assets to the wrong address, on the wrong network (blockchain), or with incomplete information may result in the permanent loss of the transferred assets.
The table below describes the confirmation requirements and special considerations for transferrable crypto assets supported by Kvarn X. Please note that the times listed are estimates and may vary significantly depending on network congestion and transaction fees.
| Cryptocurrency (symbol) | Blockchain | Consensus mechanism | Probable confirmation (estimated time) | Irreversibility | Special notes and restrictions |
|---|---|---|---|---|---|
| Bitcoin (BTC) | Bitcoin | Proof-of-Work (PoW) | 1-2 confirmations (~10–20 min) | 6 confirmations (~60 min) | Irreversibility is probabilistic. 6 confirmations is the industry standard for high security. Network congestion may extend confirmation times. |
| Ethereum (ETH) and all ERC-20 tokens: Aave, ApeCoin, Chainlink, Compound, Decentraland, GALA, The Graph, The Sandbox, Uniswap, USDC | Ethereum | Proof-of-Stake (PoS) | "Justified" (~6-7 min) | "Finalized" (~13 min) | Irreversibility is deterministic; once a transfer is "finalized", it cannot be changed. Network load affects transaction fees. |
| Algorand (ALGO) | Algorand | Pure PoS (PPoS) | 1 confirmation (~3-4 sec) | 1 confirmation (~3-4 sec) | Irreversibility is deterministic and almost immediate. |
| Avalanche (AVAX) | Avalanche (C-Chain) | Avalanche Consensus | ~1-2 seconds | ~1-2 seconds | Irreversibility is deterministic and almost immediate. |
| Bitcoin Cash (BCH) | Bitcoin Cash | Proof-of-Work (PoW) | 1-2 confirmations (~10–20 min) | 10 confirmations (~100 min) | Requires more confirmations than Bitcoin to achieve equivalent security level due to lower hash rate. |
| Cardano (ADA) | Cardano | Ouroboros (PoS) | ~5-6 blocks (~2 min) | ~15-20 blocks (~5-7 min) | Irreversibility is probabilistic but achieved significantly faster than Bitcoin. |
| Cosmos (ATOM) | Cosmos Hub | Tendermint BFT | 1 confirmation (~6-7 sec) | 1 confirmation (~6-7 sec) | Irreversibility is deterministic and fast due to BFT consensus. |
| Dogecoin (DOGE) | Dogecoin | Proof-of-Work (PoW) | 6 confirmations (~6 min) | ~20-40 confirmations (~20-40 min) | Faster block time requires more confirmations to achieve high security level. |
| Ethereum Classic (ETC) | Ethereum Classic | Proof-of-Work (PoW) | ~100 confirmations (~25 min) | ~4000+ confirmations (~12-16 hours) | Requires significantly more confirmations to minimize 51% attack risk due to lower hash rate. |
| Kusama (KSM) | Kusama | Nominated PoS (NPoS) | 1 block (~6 sec) | ~2-3 blocks (~12-18 sec) | Polkadot's "testnet" with deterministic and fast irreversibility. |
| Litecoin (LTC) | Litecoin | Proof-of-Work (PoW) | 1-2 confirmations (~2.5–5 min) | 6 confirmations (~15 min) | Operates like Bitcoin but with four times faster block time. |
| Moonbeam (GLMR) | Moonbeam | Nominated PoS (NPoS) | ~12 seconds | ~24-60 seconds | Operates on top of Polkadot network, so its deterministic irreversibility depends on Polkadot's finalization cycle. |
| NEAR Protocol (NEAR) | NEAR | Nightshade (PoS) | ~1-2 seconds | ~1-2 seconds | Irreversibility is deterministic and fast. |
| Polkadot (DOT) | Polkadot | Nominated PoS (NPoS) | ~12-24 seconds | ~24-60 seconds | Irreversibility is deterministic and achieved when transfer is finalized by GRANDPA protocol. |
| Polygon (POL) | Polygon (PoS) | Proof-of-Stake (PoS) | ~32 blocks (~1-2 min) | ~128 blocks (~5 min) | Ethereum sidechain. Security is based on regular checkpoints to Ethereum mainnet. |
| Solana (SOL) | Solana | Proof-of-History (PoH) | "Optimistic" (~1-2 sec) | "Finalized" (~13 sec) | Irreversibility is deterministic and extremely fast. |
| Stellar (XLM) | Stellar | Stellar Consensus (FBA) | ~3-5 seconds | ~3-5 seconds | Irreversibility is deterministic and fast. |
| Tezos (XTZ) | Tezos | Liquid PoS (LPoS) | 1 confirmation (~15 sec) | 2 confirmations (~30 sec) | Irreversibility is deterministic and achieved after two blocks. |
| TRON (TRX) | TRON | Delegated PoS (DPoS) | 1 block (~3 sec) | ~19 blocks (~1 min) | Final irreversibility is achieved with delay through the so-called last irreversible block. |
| XDC Network (XDC) | XDC Network | XDPoS | 1 block (~2 sec) | ~3-5 blocks (~6-10 sec) | Irreversibility is deterministic and fast. |
| XRP | XRP Ledger | RPCA | ~3-5 seconds | ~3-5 seconds | Transfer is deterministic and irreversible immediately when included in confirmed blockchain. |