The Bitcoin (BTC) network is often praised for allowing users to transfer cryptocurrencies quickly and anonymously. However, transfers are made for a certain fee (called a fee). Underpayment most often leads to a stuck bitcoin transaction. So what? In this text, Bitcoin Min LLC explains how blockchain works and what to do in this case.
● Blockchain is a huge database and technology that enables anonymous fast transfer of funds.
● The network is maintained by so-called miners, who are rewarded with special fees. Anyone who transfers BTC within the blockchain pays the latter.
● The fees are regulated in a special way, based on a “who gives more?” auction. The transaction can get stuck on the blockchain if the fee is too low.
● In this case we can unblock the transmission in different ways.
How does blockchain work?
First, one needs to understand what blockchain is. This text will only highlight the critical points of this breakthrough technology. Blockchain is a technology developed over 10 years ago by an anonymous creator – Satoshi Nakamoto. In practice, it is a huge database available to everyone. Various transactions can be performed with a given cryptocurrency (e.g. BTC, Ether, Litecoin, etc.).
Funds are transferred between two users. Transfers can be rejected or coins can be returned by the recipient. It is worth noting that once shipped, digital currencies cannot be refunded. It is therefore important to always check exactly which address you are sending your BTC to.
The currently most popular and widespread application of the technology is, of course, cryptocurrencies. But it will also prove its worth in many other areas – it is intended to revolutionize the financial sector, trade, transport and education. In short, technology really has enormous potential.
My bitcoin transaction is unconfirmed
Unconfirmed Bitcoin…
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