Four Ways You Can Speed Up Your Bitcoin Transactions
Bitcoin users will often encounter exchange-related problems. One of the main problems is the confirmation time for transactions. Aside from the blocks being 10 minutes apart, the network is often overwhelmed capacity-wise, meaning that you either have to pay more fees, or you have to wait even more for the transaction to be incorporated in a block. For those who either have limited time or not a lot of patience, here are some methods that can help you accelerate your bitcoin transactions.
ViaBTC Transaction Accelerator
A handy service that can put an end to your problem is the ViaBTC Transaction Accelerator. This tool was developed to help users speed up their network confirmation times for their transfers when the network is congested. While we’re waiting for Bitcoin to increase its block size and use its space more efficiently, there will be times when the confirmation can take hours, or even worse, days.
ViaBTC Transaction Accelerator can handle a maximum number of 100 transactions per hour, including transactions that are experiencing delays. It may not look like much, but it’s still useful for those who are looking to shorten transaction times by even the smallest margins. Users just have to enter their transaction IDs and solve a Captcha, and their transactions will be immediately included in the queue. These transactions will be prioritized and then added to the next block mined by the ViaBTC pool and other cloud mining clients. At the time this article was written, the service was available free of charge.
Child Pays for Parent
A common method used to accelerate transactions is known as “Child Pays for Parent.” By using this solution, users can make sure that their initial transactions receive network confirmations faster. This, of course, requires the estimation of the correct transaction fee instead of using the default one. When the network is congested, a bigger fee becomes more beneficial. This technique efficiently directs the unconfirmed transactions to other Bitcoin addresses.
Replace by Fee
As you might have guessed from its suggestive name, the “Replace by Fee” method implies creating the unconfirmed transaction once more, but this time with a higher associated fee. If your original Bitcoin transfer has not received network confirmation, it can be “respent” to the same address with the addition of a higher fee. Many Bitcoin wallets have this option incorporated, very useful, since network congestion is an ever-increasing problem.
However, try to remember that using Replace by Feeis not like spending your funds twice. Until the initial transfer is successfully confirmed by the network, the funds have not been spent. This is why replace-by-fee is such a useful method, as it solves the issue without enabling double spending.
Spending more cash on transactions is not always a wise idea. Sometimes, the best solution is to have patience and wait until the transaction gets confirmed through normal procedures. While it is true that this approach may eat up a lot of valuable time, it is also a very safe solution.
Should you ever be in the unfortunate situation of having your Bitcoins stuck in a transaction for 24 hours or more, rest assured that all hope is not lost, as you can give the previously described solutions a quick try.