ViaBTC helps speed up the verification process of Bitcoin transactions

Have you ever experienced this situation: to make an urgent Bitcoin transaction, only to find out that the transaction is pending for a long time?

Not only is this situation frustrating, but it can also affect your original marketing plan and cash flow. In fact, this is not due to a Bitcoin network failure or server outage, but because the current Bitcoin network is very active. New transactions are coming in all the time, making your average payout attractive to miners. Miners prefer to prioritize high paying transactions and include them in new blocks.

Before the funds arrive at the intended address, the transaction you initiated isn't lost – it's just being held temporarily in Mempool. If the Bitcoin network remains congested, the transaction may take a day or more to confirm. In extreme cases, this transaction may be cleared from Mempool, which is equivalent to a transaction failure, and the money will be returned to your wallet.

The congestion problem currently faced by the Bitcoin network is not optimistic. According to Mempool data, there are more than 280,000 unconfirmed Bitcoin transactions, with the lowest miner fee reaching 24.2 sat/vB. This is also the minimum mining payout standard currently set by various nodes. Any transaction below 24.2 sat/vB will be purged from the Mempool to ensure that the size gradually returns to the previous threshold (300 MB).

Note: Satoshis is the lowest unit of Bitcoin and 1 BTC = 100 million satoshis.

Data as of January 22 comes from mempool.space.

Bitcoin trading booms usually coincide with bull markets in the cryptocurrency sector. However, the proliferation of NFTs through the BRC-20 protocol has led to constant congestion in the Bitcoin network, not just during bull markets. In light of this, how can users speed up Bitcoin transaction verifications to ensure they are completed efficiently?

BTC Trading Instant provides an exceptionally convenient and efficient solution.

What is BTC Trading Accelerator?

BTC Transaction Instant is a service that helps speed up the verification process of Bitcoin transactions. User transactions stuck in Mempool can be prioritized to be queued for the next block, thereby increasing the chance of faster confirmation.

When users do a quick search for BTC trading on Google, users will find that this service is almost exclusively offered by mining pools. This is because mining pools collect Hashret from miners around the world and become ‘Hashret Pools' and now do most of the work of mining new blocks. With the right to record transactions in a block, many of these rights allow mining pools to ensure that transactions stuck in the mempool are prioritized for inclusion in the next block's transaction queue, thereby speeding up transaction validation.

How to choose a BTC trading accelerator?

Leading Bitcoin mining pools such as ANTPOOL, F2Pool and Binance Pool have introduced BTC transaction accelerators to address Bitcoin network congestion issues, albeit with a service fee. With over 66 EH/s and 4th worldwide, ViaBTC's top-ranked Bitcoin mining pool is not only a paid option, but also stands out by offering 20 free transaction acceleration opportunities per hour. .

ViaBTC, one of the first mining pools to introduce this service, is understood to have launched BTC transaction acceleration in 2018. According to data from their official website, ViaBTC's Bitcoin Transaction Acceleration Service has successfully helped accelerate nearly 730,000 transactions.

Official website

If users want to speed up real-time Bitcoin trading like 12 hours, they might consider trying to grab one of the free slots offered by ViaBTC.

Precautions for using BTC trading accelerator

Users must provide the Transaction ID (TXID) they wish to expedite, which is a mandatory field for BTC Transaction Accelerators. A transaction ID is a unique identifier for each transaction on the blockchain, recording information including the sender's address, the recipient's address, the amount sent, and the time. BTC transaction acceleration can reduce the time it takes for confirmations, often confirming your transaction in the next few blocks. However, since the Bitcoin network's block production is based on luck, instant confirmation is not guaranteed, leading to variable speed times – sometimes faster, other times a bit slower. Since many BTC transaction accelerators do not offer refunds for their paid services, choosing ViaBTC's free transaction accelerator as your first step can be a wise decision. When using ViaBTC's free transaction acceleration service, the size of one transaction must be ≤0.5 KB, and the transaction fee must be ≥ 0.0001 BTC/KB. (For more details, click here).