Friday, June 9, 2023

Zero Confirmation/Unconfirmed Transaction

by Hideo Nakamura
Zero Confirmation/Unconfirmed Transaction

Zero Confirmation/Unconfirmed Transaction

A zero confirmation or unconfirmed transaction is a transaction that has been broadcast to the network, but not yet included in a block. Since it does not have any confirmations, it can still be reversed and is considered to be at risk of double-spending.

When sending or receiving cryptocurrency, there are several steps involved which must occur for the transfer to complete successfully. The first step is broadcasting the transaction on the network. This means that all nodes connected to the blockchain will receive your information and form an agreement on whether or not they accept this transfer as legitimate. If accepted by all nodes, then it will become part of a block with other similar transactions (a process known as mining). When this happens your funds are credited into their destination address; however before this takes place you may see evidence of its pending status with 0 confirmations i.e., Zero Confirmation/Unconfirmed Transactions.

While waiting for confirmation it’s important to note that without sufficient number of confirmations from miners there exists an inherent risk associated with these transactions due to potential double spending attacks – where money could be sent twice by accident or maliciously attempting spend same coins twice leading up loss for one party involved in such transaction(s). To reduce chances of fraud and theft when dealing with Zero Confirmations/ Unconfirmed Transactions it’s recommended taking additional measures such as contacting parties directly through secure communication channel (using tools like Signal) or waiting until minimum threshold number of confirmations required by wallet provider has been achieved before proceeding further (usually 3-6 confirms are deemed enough depending on type & value amount transferred).

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