Bit coins are a new type of currency that was created in the year 2009. They are so called Crypto currency which don’t need centralised network for transactions. According to Satoshi Nakamoto, the inventor of Bit coins “it is a peer- to-peer electronic cash system.” Its main intention is to avoid double spending. It doesn’t require any server or centralised authority to maintain balances and ledgers unlike in the traditional baking system. After a series of failed attempts to create digital currency in the 90s Bit coins came in to light in the year 2009. What if there is no centralised network to maintain records? It means it is decentralised. All the peers in the entity need to maintain list of all transactions and if one of the peers in the network disagree with any one of the balance or entry then the whole transaction is cancelled and everything has to come from the beginning. It is true that decentralised system maintains everything but what if your transaction comes as not confirmed? This is nothing but unconfirmed bitcoin transaction.
Unconfirmed bit coin transaction means that the transaction has not been entered in to the block or in other words it is called not mined properly. With the help of a series of mathematical formulae all the transactions are entered the fail of which will lead to unconfirmation. This process of mining the currencywith the help of unique mathematical algorithm is called BIT COIN MINING. So now if the mining is not done properly there is chance that your transaction does not get confirmed.
Some reasons why your transaction may not get confirmed:
- If you have just made the transaction you will have to wait for at least 15 minutes for the transaction to get completed. It takes 10-15 minutes for the block to run the formula.
- If the blockchain fee is very less or not at all there, then you may find that the transaction is not getting reflected. The higher the block chain fee the faster your transaction will get blocked.
- Bitcion network has limited capacity. If the transactions are more than what it can take, then it gradually slows down and can even come to a pause when transaction periods are at peak.
These are the basic reasons for a transaction not getting confirmed. You can wait for a day or two to get confirmation when the network is overloaded. In most cases where block chain fee is very low your transaction may remain in unconfirmed status for a long time. If it is more than a week don’t wait and take suggestion of a help desk and follow their instructions.