- AML (Anti-Money Laundering)
- ASIC
- Atomic swap
- Austrian School of Economics
- Batching
- Bitcoin Address
- Bitcoin Client
- Bitcoin Core
- Bitcoin Improvement Proposal (BIP)
- Bitcoin Network
- Block
- Block Header
- Block Height
- Block Reward
- Blockchain
- BTC
- Bubble
- Chain Reorganization
- Coinbase Transactions
- CoinJoin
- Confirmation
- Cryptocurrency Mixer
- Cryptography
- DAO (Decentralized Autonomous Organization)
- DCA (Dollar-Cost Averaging)
- DEX (Decentralized Exchange)
- Difficulty of Bitcoin
- Digital Signature
- Distributed Ledger
- Don’t Trust, Verify
- Double Spend
- Dust
- DYOR (Do Your Own Research)
- Encryption Algorithm
- Exchange
- Exchange Volume
- Extended Public Key (xPub)
- Fear of Missing Out (FOMO)
- Fiat
- Flippening
- FORK
- FUD
- Genesis Block
- Graphics Processing Unit (GPU)
- Halving
- Hard Fork
- Hash
- Hash Rate
- Hashing
- HODL
- Hyperbitcoinization
- Inflation
- Initial Block Download (IBD)
- Intrinsic Value
- Know your customer (KYC)
- Layer 2
- Light Client
- Lightning Network
- Margin Trading
- Market Depth
- Mempool
- Miner
- Mining
- Mining Pool
- Mt. Gox
- Multisignature
- NFT (Non-Fungible Token)
- Nocoiner
- Node
- Nonce
- Not Your Keys, Not Your Coins
- Off Chain
- On Chain
- Operations Security (OPSEC)
- Orphaned Block
- Payment Channel
- Peer-To-Peer (P2P)
- Precoiner
- Private Key
- Proof of Keys
- Proof of Work (PoW)
- Protocol
- Public Key
- Public Key Cryptography
- QR Code
- Recovery Seed Phrase
- Rekt
- Sat
- Satoshi Nakamoto
- Schnorr Signature
- Segregated Witness (SegWit)
- SHA-256
- Shitcoin
- Sidechain
- Signature
- Smart Contracts
- Soft Fork
- Testnet
- To The Moon
- Transaction
- Transaction Fee
- Unconfirmed Transaction
- Unspent Transaction Output (UTXO)
- UTXO Set
- Virgin Bitcoin
- Wallet
- XBT
- Zero Confirmation Transaction
- Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK)
An unconfirmed transaction is a payment created by a cryptocurrency community member but did not go through the verification process. Simply put, the transaction is passed into the vault, but for it to be validated, the miner must manually confirm its authenticity. This procedure usually takes some time - from several minutes to several days. The duration of the verification procedure directly depends on several factors:
- network congestion;
- transaction message size;
- transaction cost.
User activity is not always static. At some point, there is an active growth or fall in the price of a cryptocurrency, and as a result, users begin to buy or sell such an asset en masse. The throughput of the Bitcoin network is only 7 transactions per second. Accordingly, when the load increases, miners cannot cope with the volume; payments are processed as best they can. However, it is worth considering here that when the network is congested, priority is given to transactions with a larger commission (this amount goes to pay for miners' services). Each user can change the commission at their own discretion, considering the current situation on the network. Increasing the commission is a direct way to speed up the transaction processing process and ensure it leaves the unconfirmed status.
The size of the message also affects the speed of the scan. If there is only one transaction output, there can be several inputs. Therefore, verification is required more labor-intensive.
Ways to solve the problem
Lack of payment confirmation during peak network load conditions is not a critical problem. Just wait a little, and the transaction will be processed. If there are doubts that validation does not occur for other reasons, you can:
- clear cache;
- increase the amount of payment for miner services;
- use a special device to speed up validation.