Summary
Pending transactions are unconfirmed and it is essential to wait for confirmation to ensure the transaction is secure and irreversible. If you have initiated a transaction and it is still pending, you can speed up or cancel that transaction.
Table of contents
What are Pending Transactions?
In the cryptocurrency world, a pending transaction refers to a transaction that has been broadcast to the network but has not yet been confirmed and added to the blockchain. When a user initiates a transaction, it is sent to the network, where it awaits validation by miners or validators, depending on the consensus mechanism of the particular blockchain. This validation process involves adding the transaction to a block, which is then confirmed and linked to the existing chain of blocks—hence the term "blockchain."
How Pending Transactions Work
When a cryptocurrency transaction is made, it enters a queue known as the mempool (short for memory pool). This mempool is essentially a holding area where unconfirmed transactions wait to be picked up by miners or validators. Each transaction includes a fee, which incentivizes miners to prioritize it over others. The higher the fee, the faster the transaction is likely to be confirmed, as miners typically select the most profitable transactions to include in the next block.
The time it takes for a transaction to move from "pending" to "confirmed" can vary greatly. It depends on several factors, including network congestion, the fee paid, and the specific blockchain's average block time. For example, Bitcoin typically has a block time of about 10 minutes, but during periods of high network activity, confirmation times can be longer.
The Importance of Waiting for Confirmation
When receiving cryptocurrency, it is crucial to wait until the transaction is no longer pending and has been confirmed on the blockchain. A pending transaction is not yet immutable and could potentially be reversed or double-spent, depending on the network’s security.
Why Confirmation Matters:
Finality: Once a transaction is confirmed, it becomes part of the blockchain and cannot be altered. This finality is what makes blockchain technology so secure. Until a transaction is confirmed, there is no guarantee that it will be included in the blockchain.
Double-Spending Risk: In a pending state, a transaction could be vulnerable to a double-spending attack, where an attacker tries to spend the same cryptocurrency in two different transactions. Confirmation by the network ensures that the transaction is valid and that the cryptocurrency cannot be spent again.
Peace of Mind: For both parties in a transaction, knowing that the payment is confirmed provides peace of mind. The sender knows their funds have been properly transferred, and the receiver knows they have securely received their payment.
In summary, while a pending transaction indicates that a transaction is in progress, it does not provide the security or finality of a confirmed transaction. Waiting for confirmations is a best practice in cryptocurrency transactions to ensure that the transfer is legitimate and irreversible.
Cancelling or Speeding Up Pending Transactions
You can cancel or speed up pending transactions that you have initiated on the Ethereum network (note that this feature is currently only available for Ethereum). Here’s how:
Tap on the pending transaction, which is displayed on the app’s home screen:
2. Once the transaction detail is displayed, select Cancel or Speed up:
3. Note that cancelling or speeding up a transaction does incur a fee to the Ethereum network. You will be asked to slide the arrow to confirm:
