exchanges – Is it credible {that a} “caught transaction” was the true reason behind binance pausing bitcoin withdrawals?


Within the questions you linked, the phrase “caught transaction” is one sometimes utilized by people who find themselves unaware of the impact of chosen transaction charge on affirmation time.

As everyone knows, this type of “caught transaction” can not delay different individuals’s transactions.

In response to a Coindesk article

Cryptocurrency change Binance defined what brought on the non permanent withdrawal points involving bitcoin on Monday in a collection of tweets, saying they stemmed from repairs it was doing to handle small {hardware} failures.

  • Binance wrote that it was “repairing a number of minor {hardware} failures on pockets consolidation nodes earlier immediately, which brought on the sooner transactions that have been pending to be broadcast to the community after the nodes have been repaired.”

  • The corporate stated that “these pending consolidation transactions had a low gasoline charge, which resulted within the later withdrawal transactions – which have been pointing to the pending consolidation UTXO – getting caught and never in a position to be processed efficiently.” (UTXO refers to unspent transaction output.)

  • In an effort to repair these points, Binance stated it needed to “change the logic to solely take profitable UTXO from consolidation transactions or profitable withdrawal transactions. This repair may even stop the identical situation from occurring once more.”

So primarily, the issue was inside Binance. Some mixture of {hardware} situation and bugs of their inner software program. The transactions they constructed to hold out buyer’s requests have been depending on a consolidation transaction that had been affected by repairs to {hardware} failures.

The reference to “gasoline charges” appears a bit odd to me, they in all probability imply low transaction charges. Nevertheless I consider it’s clear the issue was not merely the identical kind of “caught transaction” sometimes referred to by informal Bitcoin customers. It was not merely an exterior situation of Bitcoin blockchain congestion or charge escalation. The fault lay wholly inside Binance.


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