Skip to main content

Why is my wallet transaction 'Pending'?

When will my digital currency purchase or local currency deposit arrive?

If you are a daily Bitcoin user who sends and receives coins frequently chances are that you have run into a transaction that didn’t confirm immediately the next block. There are two main reasons why a Bitcoin transaction may be pending, the first is that the transaction is invalid and was created fraudulently, since the signature doesn’t match with the corresponding key the network rejects the transaction all together. The other most common reason that a transaction isn’t confirming is because the sender sent too low of a miners fee.

Why is my Bitcoin transaction pending and not confirming?

SHARES102
If you are a daily Bitcoin user who sends and receives coins frequently chances are that you have run into a transaction that didn’t confirm immediately the next block. There are two main reasons why a Bitcoin transaction may be pending, the first is that the transaction is invalid and was created fraudulently, since the signature doesn’t match with the corresponding key the network rejects the transaction all together. The other most common reason that a transaction isn’t confirming is because the sender sent too low of a miners fee.
While the fraudulent bitcoin transaction will not confirm, a transaction with a low fee might confirm or be dropped from the network if a long enough time has passed. However, the transaction must meet the minimum relay fee (MIN_RELAY_TX_FEE) which is currently set to 0.0001 BTC. The minimum relay tx fee is the minimum amount that the transaction fee has to be in order for the particular node to relay the transaction. Before a transaction can be confirmed by the miners it needs to be seen by them, as a result tranasctions that never relay will never get confirmed.
So lets say that you sent a transaction with a fee smaller than the MIN_RELAY_TX_FEE, you can still get that transaction to get relayed by a node if the node has overridden the MIN_RELAY_TX_FEE value to be less than 0.0001. According to David Schwartz from the Bitcoin Stack Exchange, one of the core developers Luke Dash Jr. runs one such node, with IP address 173.242.112.53. You can check if your transaction was relayed or not by visiting blockchain.info and searching for either the sending or receiving address or the txid.
Simply relaying the transaction isn’t enough to get it confirmed, the transaction might need to be relayed over and over until a miner will pick it up and confirm it. Conversely, if you need the transaction to be confirmed urgently and the transaction hasn’t been relayed you can try signing the transaction again but this time adding a higher fee. Coinb.in offers great tools to help you sign, broadcast, verify, and create new transactions.

Comments

Popular posts from this blog

Duncan Logan just tweeted that he's on board Electroneum

I have been a buyer and holder of bitcoin and Etherreum for a long time but this will be the first ICO I buy into--Duncan Logan.

What is Electroneum?

Electroneum (ETN) is a cryptocurrency that can be mined with a smartphone, requiring almost no technical knowledge or prior experience. This sets it apart from other cryptocurrencies (like Bitcoin) which require expensive hardware and technical know-how to mine.
Electroneum’s unique mobile mining experience allows anyone with a smartphone to earn ETN coins by letting the miner app run in the background.
It was designed specifically with mobile users in mind, thereby appealing to a potential market of 2.2 billion smartphone users around the world. Unlike other cryptocurrencies, Electroneum has a user-friendly, beginner-oriented interface that allows users to seamlessly transfer ETN coins between one another, check their balances, and mine coins.
Being a cryptocurrency, Electroneum is created, held, and spent electronically, and has no phy…

Police Bust Alleged $13 Million Crypto Pyramid Scheme

Police in China's northwestern city of Xi'An have arrested the founders of a claimed nationwide cryptocurrency pyramid scheme that allegedly amassed 86 million yuan ($13 million) from over 13,000 people.
According to a report from local media source Huashang News, Wednesday, the scheme launched in March 28 this year after months in preparation by a primary suspect who has has the surname Zheng, as well as three other accomplices.
The report cited an investigation from the police who said the scheme used a cryptocurrency called Da Tang Coin (DTC) that is linked to DTC Holding - a firm under the suspect's control and registered in Hong Kong - to allegedly hoax potential members of the pyramid scheme.
In various promotional events in multiple cities in the country, the scheme claimed that new members can make 80,000 yuan (roughly $13,000) per day with an initial investment of $480,000 to purchase the DBTC at $0.50 per token, according to the report.
These promises of high r…

Is Bitcoin Legal?

Bitcoin is of interest to law enforcement agencies, tax authorities, and legal regulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it. Bitcoin has proven to be a contentious issue for regulators and law enforcers, both of which have targeted the digital currency in an attempt to control its use. We are still early on in the game, and many legal authorities are still struggling to understand the cryptocurrency, let alone make laws around it. Amid all this uncertainty, one question stands out: is bitcoin legal? The answer is, yes, depending on what you’re doing with it. Read on for our guide to the complex legal landscape surrounding bitcoin. Most of the discussion concerns the US, where many of the legal dramas are currently playing out. Alternatively, you can access our comprehensive Regulation Report for worldwide expert …