Imagine that you are a businessman dealing in bitcoins.
You need to pay to another party, and you are using bitcoins because they are a faster mode of payment.
But because you were unaware of the workings of Bitcoin blockchain and you have sent a Bitcoin transaction with meager fees attached to it.
On the other hand, your counterparty is waiting and getting frustrated as you have already claimed that you have paid, which is true also, but still, your transaction is stuck.
You were unaware that Bitcoin transactions are not instantaneous and they first go to an unconfirmed pool of transactions, i.e., Bitcoin mempool from where the miners pick these transactions as per the transaction fees attached to the transaction.
And since your transaction fee is already less, it is less likely that your transaction will be picked soon.
So is there any solution?
The solution is Bitcoin Transaction Accelerators…
But what are they?
What Is A Bitcoin Transaction Accelerator?
Bitcoin transaction accelerator is an off-chain service that accepts an extra fee to deliberately include a particular transaction in the next Bitcoin block so that it can get sufficient confirmations.
And no surprise that these transaction accelerators are run by Bitcoin miners only, whose sole intention is to get block reward and higher block mining fees.
But as you can understand from their workings that these transaction accelerators are creating an off-chain fee market for Bitcoin, which is a useful option to have !!
Useful because if you remember during the last great crypto bull run of December 2017, Bitcoin network was processing +450,000 transactions per day which had created congestion the network.
This congestion was mainly because miners were picking transactions in priority of transaction fees attached to it and the older transactions with lower fees were stuck from days in the Bitcoin mempool.
In such cases, you can use Bitcoin transaction accelerators to bump up the fees to get your transaction included in the next Bitcoin block.
That’s why I think you should know about such transaction accelerators, just in case you might need one during the next crypto bull run.
Best Bitcoin Transaction Accelerators
ViaBTC started this transaction acceleration service in 2017 as a protest against 1 MB blocks.
Since then the service is active and gives priority to those transactions that have paid an extra fee for the acceleration of transactions.
ViaBTC’s Transaction Accelerator is a FREE service for the community, but they also provide paid accelerator service for special cases such as urgency, extremely low transaction fee, etc.
But their free service and is limited to 100 FREE acceleration per hour. For using this service you need to submit your transaction ID (TXID). On the other hand, you need to include a fee of 0.0001BTC/KB at least, if you are using their paid service.
Lastly, the good thing is that you need your TXID in this format ‘073957ae2439ef7eeb8e962460386244f5339098d69cbc534c677716a7ed0528’ which you can get from Bitcoin Blockchain explorers easily and no sign-up is required to accelerate Bitcoin transactions.
BTC.com also runs a Bitcoin transaction pusher but it is not their native service, but they run it in co-operation with other mining services.
As the congestion of the bitcoin network and low service fee often lead to the delay of confirmation one can always use the transaction accelerator, developed by BTC.com to speed up the transactions.
Using BTC.com transaction accelerator, you can increase the probability of confirming the transaction within 1 hour to 75 %, within 4 hours to 98%.
Also, you need to pay for this service as it is not free and the fee can vary depending upon network congestion on Bitcoin’s blockchain.
For example, for this transaction ID (ce346e9dca33c8897e5c7410ae4e75e647e9151690c896f4956c94ac44930e5e) the extra fees that you need to pay to accelerate the transaction is around $12 for which you can pay either in fiat currency or digital currencies.
Lastly, to get the fee estimate, you need to sign-up on this service and service is not refundable as the acceleration is non-retractable.
Another cool BTC transaction accelerator is ConfirmTX.
This bitcoin transaction accelerator allows you to get faster confirmations on your unconfirmed transactions and charges $5 for 250+ byte transactions, and all other transactions are processed for free.
Their working style is also pretty much standard where they push your transactions to multiple pools they are partnered with, and even if you pay 0.01$ fees, you still have the chance to get the transaction confirmed through this accelerator service.
The refund policy is straightforward as they do not offer refunds and all sales are final. Plus all transactions will be confirmed within 72 hours, but in most cases, they are confirmed within 12 hours. But if your transaction is not confirmed within 72 hours, they will credit you with a free future acceleration.
Lastly, they also prioritize based on the amount of extra fee you pay for acceleration. For example, if your tx has 0 or 0.01$ fees, it can take up to 72 Hours while fees above 0.50$ will be confirmed within 48 hours.
Note: Please make sure your tx doesn’t have unconfirmed inputs.
360 Bitcoin Accelerator is another free to use Bitcoin transaction accelerator.
Using this service you can accelerate your transactions even if the initial transaction fee is low. But this service doesn’t mine itself nor connects to other miners.
This service helps in getting unconfirmed transactions confirmed much quicker by re-broadcasting them to the network. By re-broadcasting the transaction ID its more likely to get picked up by mining pools, like the Viabtc Pool, which confirms it on the blockchain.
Lastly, no sign-up is required to use this service.
BitAccelerate is another free Bitcoin transaction accelerator that allows you to get faster confirmations on your unconfirmed transactions
Using BitAccelerate, you need to enter the transaction ID (TXID) and click the “Accelerate” button, and the service will rebroadcast the transaction via 10 Bitcoin nodes.
You can resubmit your “Stuck” transaction every 6 hours until it is confirmed and they will keep rebroadcasting it untill it is picked. But please understand that there is no point to rebroadcast it more frequently.
Lastly, spamming will lead you to get banned from using this free service and there is no need to Sign Up or Sign In while using this service.
#7. Bitcoin Afterburner
Bitcoin Afterburner is a product by Samourai wallet team, and it works a bit differently to accelerate Bitcoin transactions.
It uses something called as Child pays for parent (CPFP) transaction for accelerating your unconfirmed Bitcoin transactions and almost acts like a wallet.
To use Bitcoin Afterburner you need to download its Android app where you need to restore your Bitcoin wallet. It doesn’t matter whether you are receiving or sending a transaction because Afterburner doesn’t discriminate between transactions.
And once you have configured it and selected the right options to boost your transaction, then Afterburner will accelerate Bitcoin transactions at a flat fee of $5.99 + miner fee which gets added to Child pays for parent (CPFP) transaction.
Conclusion: Which Is The Best Transaction Accelerator?
In general, I don’t believe off-chain transaction accelerators are suitable for the market because they threaten to make parallel fees market outside of the Bitcoin blockchain.
On the other hand, I am wholly supportive of those transaction accelerators and techniques that are natively supported on Bitcoin’s blockchain via Bitcoin wallets, such as Replace-By-Fees (RBF) and Child pays for the parent (CPFP).
But I understand that not everyone can use these techniques because it requires you to have some Bitcoin literacy before being able to use these techniques successfully.
Lastly, another easy and indirect solution to unstuck you Bitcoin transactions is to use segwit addresses which effectively increases the block size thus reducing the transaction fees pressure.
So that’s all from us today, and now you tell us: Have your BTC transaction got ever stuck? What have you done in those situations? Have you used anyone the above-listed Bitcoin transaction accelerators?
Do share this article with your network if you find it useful!
Further Suggested Readings…
- How To Earn (or Get) Free Bitcoin & Cryptocurrencies Quickly In 2019??
- How To Make Money From Bitcoin (BTC) Like Cryptocurrencies In 2019
- Best Bitcoin & Crypto Hardware Wallets To Use In 2019
- How To Invest In Bitcoin In 2019?
Hey there! I am Sudhir Khatwani, an IT bank professional turned into a cryptocurrency and blockchain proponent from Pune, India. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else.