What Is Unconfirmed?
In cryptocurrency, unconfirmed refers to transactions not yet added to the blockchain.
These transactions are stored in the mempool of nodes until they are included in a block by miners, at which point they become confirmed.
However, certain receivers, such as centralized exchanges, may require multiple confirmations before considering a transaction safe enough to credit a deposit.
Unconfirmed transactions can occur when users choose to pay a low fee, leading to slower processing and potential delays in confirmation.
How Do Unconfirmed Transactions in Crypto Work?
When users submit transactions, they are stored in the mempool of nodes.
Miners then select transactions from the mempool and include them in blocks, confirming and adding them to the blockchain.
Once a transaction is confirmed and added to the blockchain, it becomes irreversible.
However, orphaned blocks can possibly contain confirmed but not widely accepted transactions by most nodes.
Challenges of Unconfirmed Transactions
An unconfirmed transaction indicates that it has not yet been picked up by a miner for inclusion in the blockchain.
Typically, this occurs during high network congestion or when blockchain transactions experience delays.
The likelihood of unconfirmed transactions increases with higher demand for blockchain transactions.
If a transaction remains unconfirmed for an extended period, it may be due to a low fee, which is less attractive to miners for block inclusion.
In such cases, transactions can remain unconfirmed indefinitely if the fee offered is significantly lower than necessary.
What Happens if BTC Is Unconfirmed?
In the case of Bitcoin, if a transaction remains unconfirmed for more than 24 hours, it can be canceled.
A Bitcoin transaction typically requires confirmation from at least three miners to be considered confirmed.
Can Unconfirmed Transactions Be Canceled on Ethereum?
On the Ethereum network, unconfirmed transactions can be canceled by submitting a new transaction with the same nonce but a higher gas price.
Miners prioritize transactions with higher gas prices.
By submitting a new transaction with a higher gas price, miners are more likely to include it in a block, effectively canceling the previous transaction.