At the time of publication, more than 69,000 transactions are waiting in line to be confirmed by a Bitcoin miner. Since Bitcoin’s price spiked, transaction fees have climbed to $ 10-20 per transfer at certain times, and people paying less than the median fee may have to wait a while. However, people may not realize that there is a tool that people can use called a transaction accelerator, a platform that increases the likelihood that a transaction will be confirmed.
Bitcoin’s transaction backlog and transfer fees are increasing
On Wednesday, February 17, 2021, Bitcoin (BTC) hit a lifetime price high of $ 52,640 per unit. Since then, the value of BTC has pulled back a hair, but the crypto asset has continued to hold steady between $ 51,000 and $ 52,000.
Meanwhile, BTC fees have also steadily increased, as the cost per transfer is currently USD 16.62 to bring a transaction to the next block, according to bitcoinfees.cash data. BTC’s average fee is lower, around $ 10.76 per transfer, according to the web portal. Statistics from bitinfocharts.com show that the average Bitcoin transaction today is $ 22.70, or 0.0000011 BTC per byte.
Because the fees are so high and competitive, the Bitcoin network’s transaction jam (mempool) shows that a large number of unconfirmed transactions are waiting to be deleted. Data from the Blockchain.com website shows the number of mempool transactions, or the total number of unconfirmed transactions in the mempool, exceeded 69,000 transactions on Thursday. Cryptocurrency transaction statistics from txstreet.com show that 77,034 transactions are waiting for confirmation from the BTC miner.
Unfortunately, the number of outstanding transactions and the ability to compete with higher fees has resulted in people having to wait a long time for a single confirmation. Long ago, if a small fee could complete a BTC transaction in 10 minutes, it can take hours and even days to complete a single transaction if the fee is too low.
Users can take advantage of a tool that is available in a few select BTC wallets called “Replace-by-Fee” (RBF). Most BTC wallets, however, do not use the RBF protocol. However, there is a tool called a Transaction Accelerator that allows users to pay a fee and push a transaction faster.
Accelerate a Bitcoin transaction with Bitcoin Cash-Powered Transaction Accelerators
The web portals btc.com and viabtc.com both offer transaction accelerators, and users can even pay with bitcoin cash (BCH) to expedite a transfer. The web portal pushtx.btc.com states that leading Bitcoin mining pools are working together to provide the transaction accelerator service.
“By using our transaction accelerator, the probability of a transaction being confirmed can be increased to 75% within 1 hour and to 98% within 4 hours,” the website says. The person who wants to expedite a transaction simply adds the transaction hash and the program gives an estimated fee. Btc.com, which was just acquired by a Chinese lottery company, is now the third largest mining pool on the Bitcoin network.
Viabtc is also a mining operation that offers users a number of other cryptocurrency services. The company’s mining pool is the sixth largest mining pool, pointing to hashrate on the Bitcoin network on February 18. Viabtc also offers a Transaction Accelerator (TX) service. One is free and the other service can be paid for using Bitcoin Cash (BCH) Speed up a transfer.
“When a transaction is pending caused by a crowded BTC network or low miner fees,” explains Viabtc’s transaction accelerator website. “With TX Accelerator you can speed up the confirmation of a BTC transaction.”
Users may need a tool like a transaction accelerator because they want their transactions to be confirmed quickly. The problem with slow transactions and confirmation times is that prices fluctuate and a person can lose money trying to send BTC to an exchange for a timely trade. Transaction accelerators are simply a patch for an ongoing problem, but they are definitely better than nothing and worth knowing.
Also, since btc.com and viabtc.com’s transaction accelerator users can take advantage of Bitcoin Cash (BCH), they can take advantage of the low transfer fees of the BCH network. Data from bitinfocharts.com, bitcoinfees.cash, and txstreet.com show that the current fee to enter the next BCH block is only $ 0.0035, or a third of a penny.
What do you think of the btc.com and viabtc.com transaction accelerators? Let us know what you think on this matter in the comments section below.
Tags in this story
$ 10 transaction fee, $ 20 fee, arrears, BCH, bitcoin cash, bitcoin cash transaction, bitcoin transaction, BTC, BTC.com, fee market, mempool, miner fee, network fee, acceleration, transaction accelerator, transfer, txstreet.com, Unconfirmed transactions, ViaBTC, Viabtc.com
Photo credits: Shutterstock, Pixabay, Wiki Commons, Reddit r / btc, txstreet.com, bitinfocharts.com, viabtc.com, btc.com,
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