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For example, I withdrew 5 MIOTA from Bitfinex to my light wallet seed. I see 6 duplicate transactions, 1 of which went through and is reflected in my total balance, but the other 5 saying pending. What are these pending transactions, why do they exist, and is it okay that they are there?

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These are Reattaches of the same transaction. Only one of them can confirm, the others will stay pending forever. They'll eventually get pruned away during the next snapshot.

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