What is Unconfirmed in Crypto Transactions? Here's the Understanding and Causes!

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Bittime - In the crypto world, "unconfirmed" refers to transactions that have not been added to the blockchain. Nodes store unconfirmed transactions in pools. When a miner enters a transaction into a block, the transaction is considered confirmed.

However, recipients such as centralized exchanges (CEXs) may require multiple confirmations before they consider blockchain transactions secure enough to credit deposits. One of the common reasons why transactions get stuck in the mempool and have not been confirmed is due to opting for low fees.

What is Unconfirmed?

Unconfirmed in crypto transactions is a term used to describe transactions that have not been added to the blockchain, which is the digital ledger that records all crypto transactions. Unconfirmed transactions can cause some problems, such as delays, cancellations, or even loss of funds.

In this article, we will discuss what unconfirmed is in crypto transactions, why they occur, how to avoid or overcome them, and what impact they have on crypto users.

Causes of Unconfirmed in Crypto Transactions

There are several factors that can cause crypto transactions to become unconfirmed, namely:

Network density 

If there are many transactions submitted to the crypto network, then there will be competition between transactions for a place inside a block, which is a collection of transactions added to the blockchain.

Miners, i.e. entities responsible for finding and adding new blocks, will typically choose transactions that provide higher fees, thus leaving transactions with low fees.

This can cause low-fee transactions to remain unconfirmed for a long time, or even never confirmed at all.

Also Read How to Buy Crypto:

Inadequate transaction fees 

A transaction fee is an amount paid by the sender of a transaction to miners as an incentive to include their transaction in a block. Transaction fees may vary depending on the type of crypto, transaction size, and network demand.

If the transaction fees chosen by the sender are too low, then their transactions will be less attractive to miners, and will most likely be ignored. Therefore, it is important to choose transaction fees that are appropriate to the current network conditions, so that transactions can be confirmed quickly and securely.

Technical or human error

Sometimes, crypto transactions can become unconfirmed due to technical or human errors, such as errors in the destination address, amount, or format of the transaction. For example, if the sender mistypes the destination address, then their transaction will be rejected by the network, and will never be confirmed.

If the sender enters the wrong transaction amount or format, then their transaction may be rejected by the recipient, such as an exchange or wallet, which has certain requirements to accept the transaction. In these cases, the transaction may remain unconfirmed until the sender or recipient takes action to correct or cancel the transaction.

Cara Menghindari Unconfirmed dalam Transaksi Kripto

Untuk menghindari masalah unconfirmed dalam transaksi kripto, ada beberapa langkah yang dapat diambil, yaitu:

Memilih biaya transaksi yang tepat 

Sebelum mengirim transaksi kripto, penting untuk memeriksa kondisi jaringan dan biaya transaksi yang disarankan. Ada beberapa alat dan situs web yang dapat membantu pengguna untuk memperkirakan biaya transaksi yang optimal, berdasarkan ukuran transaksi, waktu, dan prioritas. 

Misalnya, untuk Bitcoin, pengguna dapat mengunjungi bitcoinfees.earn.com atau mempool.space untuk melihat biaya transaksi rata-rata dan waktu perkiraan konfirmasi. Dengan memilih biaya transaksi yang cukup tinggi, pengguna dapat meningkatkan peluang transaksi mereka untuk dikonfirmasi dengan cepat dan menghindari kemacetan jaringan.

Menggunakan fitur penggantian biaya 

Beberapa kripto, seperti Bitcoin dan Ethereum, mendukung fitur yang disebut sebagai replace-by-fee (RBF) atau speed up, yang memungkinkan pengguna untuk mengganti transaksi unconfirmed dengan transaksi baru yang memiliki biaya yang lebih tinggi. Dengan cara ini, pengguna dapat mempercepat proses konfirmasi transaksi mereka, atau bahkan membatalkan transaksi yang tidak diinginkan. 

However, this feature is not supported by all wallets or exchanges, and also depends on whether the original transaction allows reimbursement of fees or not. Therefore, users should check the availability and requirements of this feature before using it.

Wait or contact the recipient 

If the crypto transaction remains unconfirmed for a long time, and the user cannot or does not want to reimburse the transaction fee, then the last resort is to wait or contact the recipient. In some cases, unconfirmed transactions can be confirmed automatically after some time, if the network becomes less busy or miners enter transactions with low fees.

Even so, this cannot be guaranteed, and unconfirmed transactions can also be canceled by the network after a few days. If a user sends a transaction to another exchange or wallet, they can try to contact the receiving party and ask for their help to confirm or cancel the transaction. However, this also cannot be guaranteed, and depends on the policy and cooperation of the receiving party.

Conclusion

Unconfirmed in crypto transactions are transactions that have not been added to the blockchain, which can cause some problems, such as delays, cancellations, or loss of funds. Unconfirmed transactions can be caused by several factors, such as network density, insufficient transaction fees, or technical or human errors.

To avoid or resolve this issue, users can choose the right transaction fee, use the reimbursement feature, or wait or contact the recipient. Thus, users can improve their experience and security in crypto transactions.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application. Learn the Complete Guide on How to Buy Crypto on Bittime.

Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

What is Zero Confirmation Transaction or Unconfirmed Transaction?

What Is Blockchain Confirmation? How to Check

What is a Smart Contract?

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.