What is a Cryptocurrency Transaction?
A Blockchain is a digital ledger of transactions that is duplicated and distributed across a network of computer systems that is participating in securing a cryptocurrency network. Each block in the Bitcoin and Ethereum blockchains contain a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. This is the underlying tech that is also implemented on other blockchains.
A Confirmation of the transaction means that it has been processed by the network of computers and is highly unlikely to be reversed. Transactions receive a confirmation when they are included in a block and then for each subsequent block.
This article will help explain the Transaction Status that you will see on the Trust Wallet app.
- Completed
- Pending
- Failed
“Completed” Status
This status is an indication that the transaction has accepted by the network and is already being broadcasted across all participating computers. At this point, the transaction is considered final and irreversible.
The Block Confirmations count shown on the blockchain explorer is an indication that this transaction is already recorded and will still continue to increase, as more computers on the Ethereum blockchain is accepting and finalizing this transaction.
“Pending” Status
A Pending status happens when a transaction has been submitted to the network and it is not yet being processed. Network congestion, as well as the fees used, can cause a transaction to go to a pending state. It is still possible to cancel transactions on the Ethereum network, here is a guide that can be used to do so. But for other blockchains, the user would have to wait for it to be processed or dropped by the network.
To known more about the Pending transaction, you can tap on More Details .
“Failed” Status
When the transaction submitted shows a Failed status, it simply means that the transaction has encountered an error that can be due to the following reasons:
- The fees used was not enough, an “Out of gas” error. Lowering the transaction fees (gas fees) can be a factor on why this happens.
- The transaction was Reverted. This issue usually occurs when the Smart Contract rejects the transaction due to some incorrect parameters of a submitted transaction or with an error on the contract itself.
To known more about the Failed transaction, you can tap on More Details.
Troubleshooting
If you need further assistance in solving transaction related issues, please check out our Trust Wallet Troubleshooter for Transaction issues.