Why is my Bitcoin transaction unconfirmed?

Transaction costs are calculated based on the transaction’s data volume and network congestion.

As a block can only hold 4 MB of data, the number of transactions that can be executed in one block is limited. Therefore, more block data is required for a larger transaction. As a result, more significant transactions are usually charged on a per-byte basis.

When you use a BTC wallet to send a transaction, the wallet will typically provide you with the option to choose your Bitcoin fee rate. This charge will be determined in satoshis per unit of data (there are 100,000,000 satoshis in one Bitcoin) consumed on the blockchain by your transaction, abbreviated as sats/vByte. This rate will then be multiplied by the size of your transaction to get the total fee you’ll pay.

If you want your transaction to be confirmed right away, your optimal fee rate may vary significantly. If you don’t mind waiting, spending 2 sats/vByte will usually allow you to confirm your transaction within a day or a week.

Transaction fees also reflect the speed with which the user wants to have the transaction validated. When a user initiates a transaction, it goes into the mempool (transactions that have not yet been put to the blockchain and are being stored in volatile memory).

Upon validation, it is included in the block. Miners choose which transactions to validate and include in the block. When there is a backlog of transactions waiting to be validated, it creates an incentive for miners to process transactions with higher fee rates first. Most miners target transactions with high fee to byte ratios. When network transactions begin to reduce, transaction fees will fall.

Bitcoin exchanges, which connect buyers and sellers, calculate their fees in two ways: either a fixed fee per transaction or a percentage of total transaction volume over the previous 30 days. Exchanges use a tiered fee structure, depending on the total dollar volume transacted in both circumstances.

Fee arrangements are designed to encourage traders to trade frequently. As a result, costs for high-value and high-frequency transactions are correspondingly reduced. Fees for small, infrequent transactions are frequently higher.


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Ethereum failing to target core Web 3 issues, says NEAR co-founder

Illia Polosukhin, the co-founder of NEAR protocol, thinks Ethereum development has a focus problem. He says engineers should be fixing crucial issues that will enable Web 3 to scale to billions of users.

“We need simplicity of usage. We need easy programmability. We need composability that is natural to the applications. I don’t see the current Ethereum evolutions targeting any of those goals.”, Polosukhin said in an exclusive interview with Cointelegraph.

Polosukhin envisions a new version of the internet, or Web 3, in which the user will retain full ownership of their own data and assets. He believes this new iteration of the internet won’t be based on a single “killer app” but instead a combination of different apps.

“Our goal is that users in control of their data, they’re in control of their money and assets. They are able to govern these platforms, which means there is no need to build an everything-fulfilling platform.”, he said.

Thus, improving both blockchain technology’s scalability and interoperability is key in order to build the foundations of Web 3. According to Polosukhin, while Ethereum remains the dominant smart-contract platform, it lacks NEAR’s focus on achieving those goals.

Specifically, he thinks Ethereum’s reliance on Layer 2 solutions or rollups to solve its scalability problem could lead to tradeoffs in terms of composability.

“Rollups naturally will kind of create less compatibility and create more sub-spaces in which things are happening.”, he said.

As a Layer-1 solution alternative to Ethereum, NEAR aims to solve the scalability issue by leveraging sharding technology, a process that splits the protocol’s infrastructure into several segments, without sacrificing composibility.

“By actually scaling up the composable structure, we allow to have a lot more applications running closely with each other with the same financial models”, explains Polosukhin.

A core component of NEAR’s composibility feature is the Rainbow Bridge, a protocol that allows a free transfer of assets from the Ethereum blockchain and vice-versa.

“That allows not just to send tokens around, but it actually allows to read the state of each chain from the other chain so you can actually pass any generic messages between them and execute contracts.” he explained.

NEAR was one of the fastest-growing development communities in 2021. According to Polosukhin, one of the protocol’s main attractivity consists in offering popular and easy-to-use programming languages such as Java and Rust. Another factor was the $800 million fund announced last year for developers to build on the NEAR protocol.

“Buiding development of core components and then other people can build on their own companies and projects have been very powerful”, he said. 

Watch the full interview on our YouTube channel and don’t forget to subscribe!


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SundaeSwap launches on Cardano but users report failing transactions

Cardano’s first decentralized app (DApp) SundaeSwap has launched but is causing a frustration among users due to congestion, platform errors and failed transactions.

Is it just a case of expected teething troubles under an influx of excited users or is there more to it?

SundaeSwap is a decentralized exchange (DEX) and token staking platform. It’s mainnet launch today marks a milestone in the Cardano (ADA) ecosystem by being the first DApp of to utilize its smart contracts.

The ADA price climbed 50% over the past week leading up to the launch of SundaeSwap, meaning a successful launch is a high stakes game for Cardano.

Trading on the DEX started at 9:45pm UTC on Jan. 20. It took less than two minutes for users on the project’s Discord server to begin complaining about failed transactions and network congestion.

By 10:07pm UTC, SundaeSwap CEO Mateen Motavaf posted a message in bold font and all caps trying to address the volume of complaints in the server:


The SundaeSwap team hosted a Twitter Spaces AMA at about 1am UTC to further address any issues that traders were having with the platform. In light of the tremendous backlog of orders holding up swaps, or ‘scoops’ as they’re called on SundaeSwap, one user asked what the expected effect of an upcoming Cardano node upgrade would have. Chief Technical Officer Matt Ho answered:

“Once the change happens on the 25th, we expect greater than a 2X throughput increase from strictly the memory bump by itself as additional protocol parameters become available.”

Another user noticed that an order was filled on the DEX before it was launched on the website. A tech-savvy trader can bypass the website user interface and execute trades directly on the underlying smart contracts for any DEX.

Ho responded that: “There were so many things to deal with, we didn’t believe maybe, to our naivete, that someone would have constructed a transaction by hand ahead of time.”

By 2:40am UTC, users were still complaining of failed transactions and orders pending for over four hours. CIO Pi Lanningham responded on Discord: “Orders will continue to be processed (currently around 2500 orders per hour; currently ~11k orders on chain, ~1600 of them within slippage tolerance).”

The SundaeSwap team has not yet responded to Cointelegraph’s request for further comment.

The core team of the project expected a large backlog of orders ahead of the launch based on the performance of the testnet about one month ago. In a Jan. 8 blog post, the team wrote:

“We want to inform you all that while orders may take days to process, everybody’s orders will be processed fairly and in the order they were received.”

Related: Cardano goes ‘full send’ with a 50% ADA rally ahead of SundaeSwap launch

By using the performance of the SundaeSwap platform from a previous test phase, the team acknowledged the possibility of poor performance at first, but said “we’re very confident that the protocol can meet the normal day-to-day load once things settle down.”

The Cardano blockchain introduced smart contracts to the platform following the Alonzo hard fork last September. Within one week, over 2,000 smart contracts were deployed on the blockchain with a timelock without becoming operational.