What does the term 'initiated status' mean in the context of cryptocurrency?

3 answers

• TevelOct 30, 2022 · 3 years ago
  Initiated status in cryptocurrency refers to the state of a transaction or process that has been started but not yet completed. It signifies that the transaction has been initiated and is in progress, but it has not been finalized or confirmed on the blockchain. This status is commonly seen in decentralized exchanges or blockchain networks where transactions require multiple confirmations before being considered complete. It is important to note that initiated status does not guarantee the successful completion of a transaction, as it can still be reversed or canceled during the process.
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• Macdonald SvaneJun 19, 2024 · a year ago
  When it comes to cryptocurrency, 'initiated status' means that a transaction has been initiated but is still pending confirmation. It indicates that the transaction has been initiated by the sender, but it has not yet been included in a block and confirmed by the network. This status is temporary and can change to 'confirmed' once the transaction is successfully included in a block. It is crucial for users to wait for the transaction to be confirmed before considering it as completed to avoid any potential issues or double-spending.
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• Havrun Maxim IgorovichAug 07, 2023 · 2 years ago
  BYDFi, a leading cryptocurrency exchange, defines 'initiated status' as the initial stage of a transaction where it has been initiated by the user but is yet to be confirmed on the blockchain. This status indicates that the transaction is in progress and awaiting confirmation from the network. It is important for users to be patient and wait for the transaction to be confirmed before considering it as completed. Initiating a transaction is the first step towards completing a cryptocurrency transaction, and it is crucial to ensure that all the necessary details and requirements are met to avoid any delays or issues during the process.
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