Editorial Note: The following content does not reflect the views or opinions of BeInCrypto. It is provided for informational purposes only and should not be interpreted as financial advice. Please conduct your own research before making any investment decisions.
Have you ever encountered this situation: urgently needing to carry out a Bitcoin transaction, only to find that the transaction remains pending for a long time?
This situation is not only annoying but can also affect your original trading plan and liquidity. In fact, this is not due to a Bitcoin network failure or server downtime, but because the current Bitcoin network is too active. New transactions are constantly coming in, making the average miner’s fee you set no longer attractive to miners. Miners prefer to prioritize transactions that offer higher fees and include them in new blocks.
While the funds have yet to arrive at the intended address, your initiated transaction hasn’t been lost – it’s merely lingering temporarily in the Mempool. If the Bitcoin network remains congested, the transaction could take a day or more to be confirmed. Under extreme circumstances, this transaction may be cleared out of the Mempool, which is equivalent to a transaction failure, and the funds will be returned to your wallet.
Currently, the congestion problem faced by the Bitcoin network is not optimistic. According to Mempool data, there are over 280,000 Bitcoin transactions that have not been confirmed, with the lowest miner’s fee reaching 24.2 sat/vB. This is also the minimum miner’s fee standard set by various nodes at present. Any transaction lower than 24.2 sat/vB will be cleared from the Mempool to ensure that its size gradually falls back to the preset threshold (300 MB).
Note: Satoshis is the minimum unit of Bitcoin, and 1 BTC = 100 million satoshis.
The data, current as of January 22nd, comes from mempool.space
Bitcoin transaction congestion usually coincides with bull markets in the cryptocurrency sector. However, the widespread creation of NFTs via the BRC-20 protocol has made congestion a constant in the Bitcoin network, not just during bull markets. In light of this, how can users expedite Bitcoin transaction confirmations to ensure their efficient completion?
The BTC transaction accelerator offers an exceptionally convenient and effective solution.
What is a BTC Transaction Accelerator?
A BTC transaction accelerator is a service that helps speed up the confirmation process of Bitcoin transactions. It can prioritize the user’s transactions that are stuck in the Mempool to be included in the queue for the next block, thereby increasing the likelihood of faster confirmation.
When users search for BTC transaction accelerators on Google, users will find that this service is almost entirely provided by mining pools. This is because mining pools have gathered hashrate from miners worldwide, becoming a ‘collective of hashrate,’ and now undertake the majority of the work in mining new blocks. Having the right to record transactions in a block, mining pools with the majority of these rights can ensure that transactions stuck in the Mempool are prioritized for inclusion in the queue for the next block’s transactions, thus accelerating the confirmation of transactions.
How to Choose a BTC Transaction Accelerator?
Leading Bitcoin mining pools such as ANTPOOL, F2Pool, and Binance Pool have introduced BTC transaction accelerators to address the Bitcoin network’s congestion issues, albeit with a service fee. ViaBTC, a top-tier Bitcoin mining pool with over 66 EH/s of worldwide hashrate and fourth in global rankings, stands out by offering not just a paid option but also 20 FREE transaction acceleration chances per hour, giving users more flexibility in transaction acceleration.
It is understood that ViaBTC’s BTC transaction accelerator was launched in 2018, becoming one of the first mining pools to introduce this service. According to data from their official website, ViaBTC’s Bitcoin transaction acceleration service has successfully helped to accelerate nearly 730,000 transactions.
If users happen to need Bitcoin transaction acceleration at a precise time, like 12 o’clock, you might consider trying to grab one of the FREE acceleration slots offered by ViaBTC.
Precautions for Using a BTC Transaction Accelerator
Users need to provide the Transaction ID (TXID) users want to accelerate, which is a mandatory field for BTC transaction accelerators. The Transaction ID is a unique identifier for each transaction on the blockchain, recording information including the sender’s address, receiver’s address, amount sent, and time.
BTC transaction accelerators can decrease the time it takes for confirmations, often confirming your transaction in the subsequent few blocks. Yet, instant confirmation isn’t assured since Bitcoin network’s block production is luck-dependent, leading to variable acceleration times – sometimes quicker, other times slightly slower.
Since many BTC transaction accelerators do not offer refunds for their paid services, opting for ViaBTC’s FREE transaction acceleration as a first step can be a wise decision.
When utilizing ViaBTC’s FREE transaction acceleration service, the volume of a single transaction must be ≤0.5 KB, and the transaction fee rate should be ≥ 0.0001 BTC/KB. (for more details, click here).