Every once in a while, a Bitcoin transaction may fail to confirm and/or become stuck. This so happens for various of reasons and stuck transactions usually get approved after several days. However, waiting isn’t always an option for most players looking to use their funds in online cryptocurrency casinos. Fortunately, it is possible to clear stuck transactions with simple steps.
What happens when you send digital coins to someone?
Whenever you send someone cryptocurrency, the transaction goes through different computers that run Bitcoin protocols throughout the world to verify the validity of the transaction. Once this is done, the transaction is put in some kind of limbo, waiting to be picked up by a miner and entered into a Blockchain transaction. So until the transaction is picked, it is treated as a pending or unconfirmed transaction.
To ensure that your transaction gets included on the block and picked up by a miner, you need to ensure that you add a sufficient mining fee to it. Naturally, miners prefer transactions with the highest fees since that is how they get their earnings. If your fee is high enough, then your transactions would go out much faster.
Getting the fee right
Transaction fees are calculated relative to the transaction and every transaction has a size. The cheapest fee is 60 Satoshis per byte. Your wallet should be able to calculate the size of your transaction. Most wallets also automatically add the required fees to ensure that your transaction gets confirmed as soon as possible, others will give you an option to choose from according to the confirmation time you desire.
What happens if the transaction doesn’t get confirmed ever?
For the most part, transactions stay in a limbo until they get included into a block. Sometimes, a transaction may stay in the mempool (limbo state) for too long. In this case, the transaction will be dropped from the systems of the holding computers. This simply implies that the transaction has been automatically canceled.
Some cryptocurrency wallets may attempt to rebroadcast an expired transaction in a bid to keep the transaction longer in the mempool. This can happen until a miner pays attention to the transaction and picks it to be included into a block.
Double Spending is a technique used to clear stuck transactions. Double spending usually happens when a single coin is used more than once. A successful double spending will always invalidate an unconfirmed transaction and by implication clear it. Technically, double-spending an unconfirmed transaction is similar to a double-spending-confirmed transaction.
The Bitcoin community has generally adopted six blocks as the ideal confirmation period. This means that once the transaction is incorporated in a block on the Blockchain, which is also followed up by another 6 blocks, the transaction would then be considered confirmed.
In case the transactions are very large, the owners of the coin will have to wait for larger numbers of block confirmations. A good wallet will give the number of blocks that are required for the confirmation. This way, the user can decide for themselves when more confirmation is required.
Where the transactions are relatively small, the user might be okay with shorter confirmation period; as low as one or zero blocks. With one confirmation, the risk of losing the confirmation to reorganization is very low and can be re-included just after reorganization occurs.
How long does six blocks take?
The most common answer to this question is 1 hour. But there is more to that than meets the eye. Blocks are usually found in random fashion and therefore it is impossible to accurately tell the duration it takes for six blocks to be found. The average time can be longer or shorter depending on the cumulative hash-power of the network.
At an ultimate level, any transaction is usually incorporated in the Blockchain and this means that it is confirmed. It is important to note that cryptocurrency community uses a safe policy of examining transaction confirmed when they’re included with high profitability. The time that this takes is very variable: it can be anything from tens of minutes to several hours or in some rare cases days.
A transaction is generally unconfirmed when it is generated and cryptographically signed. Any transaction is confirmed once it is incorporated in the block chain. This means that the Blockchain doesn’t offer reliable consistency to guarantee that the data incorporated in a Blockchain will be there forever. This simply means that the depth of the Blockchain keeps increasing and the last block at a given instance may not be so in the future time. The transaction is therefore confirmed once it’s contained in a block which will not be the last in the Blockchain. The last block on the chain can be orphaned in a reorganization – something that usually happens when the number of blocks is smaller and less likely to happen to a large number of blocks.
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