The first cryptocurrency and one that is supported by blockchain technology is Bitcoin. The use of this technology makes it decentralized, secure, and immutable. By using this technology you can perform a secure way of transaction to send or receive the funds. When the user initiates the transaction on the Bitcoin blockchain, they have to wait for a while to confirm the transaction. And during this wait, their transaction was called an unconfirmed transaction. To know more about these concepts read the given article so let’s get started!
What is an Unconfirmed Bitcoin Transaction?
A transaction is broadcast to the network when it is started. After broadcasting, it has to wait until the successful verification. The mining node does the verification process called the miner and the process is known as mining. The interval between after broadcasting and before verification, the transaction is called an unconfirmed transaction. Furthermore, an unconfirmed transaction means a transaction that is in the queue and waiting for verification.
To confirm the transaction, a miner has to solve mathematical puzzles or complex cryptographic functions. After solving these puzzles the transaction is confirmed by the mining node. After successful confirmation, the transaction is added to the block and broadcasted to the distributed ledger. Once it is confirmed by the network it cannot be reversed for a lifetime. On the other hand, in case of unsuccessful verification, the transaction is rejected by the network.
Confirmation of Bitcoin transactions can take a min or max confirmation time depending on the various conditions. For instance, two transactions were initiated by the two users Alice and Bob. Alice is paying more fee transaction fees than Bob, so here Alice's transaction will take less time for the confirmation, and on the other hand Bob’s transaction will take more time and remain in the queue along with the other user’s transactions. The time in which Bob’s transaction will be in the queue is called an unconfirmed transaction and not a fully processed transaction. Because it is not fully processed, the user can reverse the transaction anytime when the transaction is unconfirmed and can utilize the Bitcoin into it anywhere else.
Conclusion
Overall, in the Bitcoin blockchain network when users want to perform a transaction. It is broadcasted to the Bitcoin network and waits for verification and before the verification, it is called an unconfirmed transaction till the successful verification. It will be included in the block after successful verification or rejection incase of an invalid transaction. Unconfirmed transactions can be reversed anytime and the user can utilize it anywhere else.
