UNCONFIRMED

While the term “unconfirmed” is generic across all things that have yet to be affirmed by either one’s active agency of initiating or doing, this term is used in cryptocurrency trading to pertain to a transaction yet to be appended in the blockchain. Simply put, an unconfirmed transaction in a blockchain is one that is yet to be included in a block, making the transaction incomplete.

There are at least three possible reasons why a transaction remains to be unconfirmed, these are:

1. The transaction had just been made. A blockchain network requires at least 10 minutes to include the processed transaction in a block.

2. The blockchain’s fee may be too low or absent altogether. Should a blockchain not have a fee, then it’s not going to be a priority. This being, it will take longer to process.

3. The network may be overloaded. With limited capacity, the network may not be able to process transactions fast enough, especially when the transaction lodged fell on high transaction periods.

Should one’s transaction be labeled unconfirmed, all the trader has to do is wait. If the blockchain proves to be overloaded, then the transaction will be confirmed within a day or two.