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Trust Wallet, a leading self-custody and multi-chain wallet boasting over 70 million users, is experiencing issues with its Bitcoin nodes.
The heightened transaction volume has reportedly led to instability among various node providers, causing technical difficulties for Trust Wallet users relying on these nodes for their Bitcoin transactions.
Trust Wallet Experiences Bitcoin Node Issues
According to the post on X, the primary impact experienced by Trust Wallet users is potential issues related to the disappearance of transaction history within the Bitcoin-block book chain, along with instances of failed transactions. The post also highlighted that Trust Wallet’s platform team is actively monitoring the situation and working on implementing measures to address and resolve the challenges users face.
📢 Important BTC Node Update
Dear Trust Wallet Users,
We want to inform you that we’re experiencing a BTC node issue. Here are the details:
Cause: Increased transactions per block in the Bitcoin network are putting pressure on nodes, causing instability across providers.…
— Trust Wallet (@TrustWallet) November 29, 2023
The team is actively monitoring the situation. Despite the challenges, the post stated that the company is committed to delivering prompt and effective solutions to ensure the smooth operation of its services.
In addressing the issue, Trust Wallet reassured users that under the current conditions, they might encounter incomplete transaction histories for the Bitcoin ledger, with potential disruptions lasting up to six hours. The team plans to provide further updates to keep users informed about the progress and solutions being implemented to address these technical challenges.
Bitcoin Network Congestion
Bitcoin’s network has encountered a notable increase in transaction fees due to heightened competition for block space during a period of elevated network activity this week.
This congestion was influenced by several factors, including a Bitcoin price rally that saw the cryptocurrency reaching over $38,500 before stabilizing around $37,000. Additionally, a resurgence in Bitcoin Inscriptions, particularly the use of ordinals allowing non-BTC tokens to be inscribed on the blockchain, increased demand for network capacity.
During network congestion, issues may arise in Bitcoin transfers due to the transaction load, potentially leading to delays in receiving sent BTC. In such situations, users may need to wait for the transaction to be completed, testing their patience amid adverse conditions.
Meanwhile, Alchemy Pay, a prominent fiat-crypto payment solution provider, has entered a new partnership with Trust Wallet. The integration offers users a broader range of on and off-ramp solutions, contributing to the acceleration of Web3 adoption by reducing entry barriers for retail users.
Trust Wallet users can now easily convert between crypto and fiat using various international and local payment methods, with support for more than 30 fiat currencies and 10 million cryptocurrencies across over 100 blockchains.