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Home»ADOPTION NEWS»Trust Wallet said Bitcoin node issues were causing missing and failed transactions.
ADOPTION NEWS

Trust Wallet said Bitcoin node issues were causing missing and failed transactions.

By Crypto FlexsNovember 30, 20232 Mins Read
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Trust Wallet said Bitcoin node issues were causing missing and failed transactions.
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Binance-owned Trust Wallet has reported issues with its Bitcoin nodes, causing users to make failed or delayed transactions and missing transaction history from the wallet app.

The non-custodial wallet provider attributed the issue to the recent surge in Bitcoin transactions. “The increasing number of transactions per block in the Bitcoin network is putting pressure on nodes, causing instability across providers,” the team posted on X.

Trust Wallet said it is closely monitoring the situation, but “users may experience missing transaction history and failed transactions on the Bitcoin Blockbook Chain for up to six hours.” Originally developed to support the Trezor wallet, Bitcoin Blockbook is a blockchain indexer and backend solution for cryptocurrency wallets, enabling efficient queries for specific information such as transaction history or wallet balance.

In response to the post, some users complained that the problem has been going on for several hours already. Trust Wallet said it is working hard to resolve the issue. But there has been no update since yesterday.

Trust Wallet did not respond to The Block’s request for comment.

Bitcoin transactions are increasing

The Bitcoin network’s 7-day moving average of transactions hit an all-time high of over 600,000 this week, according to The Block’s data dashboard.

According to the Dune Analytics dashboard, this increase is primarily due to the recent surge in Bitcoin ordinal inscriptions, with daily transaction volumes often reaching 300,000 to 400,000 over the past week.

The average Bitcoin transaction fee has also recently surged to around $14 amid a surge. This is well above the typical $1 to $2 range, but well below the record average fee of $50 in April 2021.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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