Bitcoin Forum

Hi,

I just did a bitcoin transaction from my trezor wallet to my binance account, with BTC network. This is is the first time it happens to me : the transaction is "unconfirmed", and moreover there is somtehing I dont understand, I post here the screenshot:

https://ibb.co/pzf6yC2

What worries me the most is that the amount I wanted to transfer is 0.7BTC, but I dont understand this total input/output (0.99) ? When I look at the outputs, the 0.7 are going to my binance address, but the 0.29 are going to an unknown adress...

Does someone has an idea of what is happening to me and how I can handle that ? (cancel the transaction ?)

Thanks

How much did you intend to send to Binance? 0.7 BTC?
Because if so, there may easily be that the address you don't recognize is another address in your own wallet and the 0.29 BTC is the change returning to you.
However, you have to check if that address is indeed yours.

Thanks for your reply.

Yes, I wanted to send 0.7.
I don't really understand why would it be some change returning ? But maybe you're right, I don't know how to check if this address is mine (in Trezor it seems like I only have one).
Do you know how I can do to complete or cancel this transaction ?

That's how bitcoin transactions work.  
Every time you receive a transaction, you receive a UTXO.
Let's say you have received two transactions. In each of them you received 0.5 BTC. Now you have two UTXOs and you want to spend 0.75 BTC.
As you UTXOs must be spent completely, you have to use both UTXOs. So you make a transaction with two inputs and two outputs.
One of receiving addresses is owned by the recipient and the other on is your own address which receives the remaining balance of UTXOs.


The network is so congested now.
If you are not in hurry, just wait. Your transaction will be confirmed.
If you are in hurry, you can bump the fee.

You had a total of 0.99359277 on the Trezor? Yes, most likely the 0.29 is the change and you don't know how to see it.

As to why, it's like if you give a $100 bill to pay $90 and you get a $10 bill back, what happens is that with BTC it doesn't just go with round numbers, you can get the idea that you've paid with a 0.99359277 BTC bill although the change goes to a different address for privacy reasons, as in some transactions it is difficult to know what the change is and you may want to hide it.

Ok ok, I really feel like a newbie now  ;D thanks for all your replies.

If so, is it normal that my transaction is unconfirmed (it was 1 hour and 40 minutes ago) and do I just have to wait ?

There are currently around 50K unconfirmed transactions in the mempool. If you are in a hurry you can maybe increase the fee (as long as you enabled the RBF for the transaction) but if you are not in a hurry you can simply wait, it will eventually get confirmed but nobody knows exactly when.

You should :P I'm surprised there are still people owning (almost) a full Bitcoin without knowing how it works. Short version: think of it as banknotes: you give a 100 dollar banknote to pay 70, and you get back 30.

At 10 sat/byte: yes. Someone (https://jochen-hoenicke.de/queue/#BTC,24h,weight) made a lot of transactions at slightly higher fee than yours.

There's a reasonably good chance that your transaction will be processed before Monday (possibly much sooner). Since you have proven limited knowledge in handling transactions, maybe waiting is a good option.
Or, I've seen in that screenshot that you have bump fee button too...(but I'm not familiar with the wallet you're using).

Yes. Miners prioritize transactions based on the fee paid for them.

OP has paid 14 sat/vbyte for the transaction in question (https://blockchair.com/bitcoin/transaction/7e630c6e8ffabc094ace7c2b923ea8a4295ec4346a6f2d2fb0b2acbdfb384479). It's now about 4.5 vMB from the tip and it shouldn't take a long time to be confirmed.

It's Binance. They are migrating all their wallets for some reason: https://www.binance.com/en/support/announcement/c8d82e9c6c694be8b8d2cd88227ae1ea

You can see the activity on their hot wallet address has skyrocketed over the last couple of days, coinciding with the huge mempool spike: https://explorer.bitquery.io/bitcoin/address/bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3h?from=2022-04-13&till=2022-05-12

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OP's transaction has now confirmed. What I'm more confused about is why he would receive 1 BTC at the end of 2019 when it was worth <$9k, hold it right through $40k, $50k, and $60k, and then send it to Binance to sell during a dip. ???