Do your Bitcoin transactions get stuck sometimes? If so, have you thought what to do in such situations?
Over the years, transactions on the Bitcoin blockchain has increased exponentially which results in huge traffic on Bitcoin’s blockchain. Plus, the limited 1 Mb block size and increased spam from Bitcoin Cash support doesn’t help either.
Currently, the Bitcoin blockchain processes over 200,000 transactions a day but back in November 2017, it was processing over 300,000 that had resulted in the fees per transaction to skyrocket.
These transactions are assembled in a backlog pool called mempool from where miners pick-up transactions in the priority of transaction fees attached to it. Therefore, more the transaction fees attached to your transaction, higher are the chances to get included in the next block.
But this can be an awfully long wait if the blockchain is already crowded. In such a situation, to accelerate your transaction, you can use Bitcoin transaction accelerators which are mostly paid but can be free at times if you are lucky.
A Bitcoin transaction accelerator is nothing but an off-chain paid/free request to a mining pool to deliberately include that particular transaction in the next block despite its low transaction fee. This creates an offline fee market for the mining pools.
But it is a very useful option.
Because many people who have paid low transaction fees by mistake aren’t as well equipped in applying Replace by fees (RBF) or Child pays for parent (CPFP) techniques to accelerate their transactions in a traffic jam situation.
That’s why it is important to look at some of the services that facilitate acceleration of Bitcoin transactions.