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What are network confirmations and why are three confirmations required?

A confirmation means that there is consensus on the network that the bitcoin transferred is a valid transaction and has been included in one block on the Bitcoin blockchain. The block with the transaction will be buried under every block after it. Each of the subsequent blocks is another confirmation.

3 confirmations from the Bitcoin network take approximately 30 min - 1 hour, but this can vary. 

When receiving a bitcoin transaction, every user is free to determine at what point they consider a transaction confirmed. Coinfloor chooses 3 confirmations for the safety of our users’ funds.

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