Here is what causes delay in crypto transaction and their solutions

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Have you ever wonder what caused your pending Bitcoin, Bitcoin cash, Ethereum and other crypto-currency transactions to take longer time before you receive or send funds?

I'm going to explain the nitty gritty of this process here.

Crypto-currencies are built and processed on blocks. Therefore, every transaction you make is passed into the block for processing, otherwise called mining. Yeah, mining, you may wonder! Crypto miners work on every transaction before they go through.

When you make a transaction, there is always a transaction fee attached to it. These fees go to the miners for completing an hexadecimal puzzle solution.

As the use of crypto-currency increases globally, more transactions are made every second, making the blocks of transaction clumsy. Miners attend to transactions with high fees because you know, the fees go to them, so transactions with lower fees spends more time, even up to a week before they are processed.

Several ways have been adopted to solve this problem.

1) The use of accelerator: For Bitcoin and bitcoin-based currencies, transactions cannot be cancelled once sent to the block. So the use of transaction accelerator comes in. Bitcoin transaction accelerator are the enhancers, which are an off-chain service, accepting an extra fee to include a particular transaction in the upcoming Bitcoin block deliberately in order to get sufficient confirmations. The accelerations are run by the miners themselves.

Here are the top 5 Bitcoin accelerator

a) ViaBTC - This started in 2017 and offers a free service to the community. Find more on https://pool.viabtc.com

b) BTC.com - This provide mining service and also accelerating of Bitcoin transaction. They require an extra fee and confirmation of transaction is within a short time. Visit https://btc.com

c) confirmTX - Also provide Bitcoin acceleration with an extra fee. Visit https://confirmtx.com

d) 360 BTC accelerator - Bitcoin acceleration service is also done with an extra fee. Visit https://cryptocurrency360.com/bitcoin accelerator

e) Bitaccelerate - This offers a free Bitcoin accelerating service. You only need the transaction ID and then click the accelerate button. The transaction will get rebroadcasted via ten Bitcoin nodes. Alternatively, you can resubmit every six hours till it hits confirmed. I personally have used their free services recently. Visit https://bitaccelerate.com

2) Terminating the transaction: This can only be used on Ethereum and other Ethereum-based cryptos. This can be done from your Trust wallet and Metamask wallet, as I have personally carried out several times before writing this article. You can terminate the transaction by following these simple guidelines:

a) Check the pending transaction and note the nonce. Nonce means 'number only used once'. It is the number of transaction once.

b) Send a fund of zero to your own address. For example, if my Ethereum receiving address is 0x6ac727EcC76545F0C7C6656749E5088c546335b6 , I will send 0 ETH to that same address. A transaction fee will be issued out even when you're sending zero ETH. funny! Isn't it?

c) Under settings, change the nonce to the same as that pending transaction's then click send.

Immediately, the pending transaction will be reversed to your wallet.

Tips to note to avoid delayed transactions:

1) Always use recommended transfer fee. Do not decrease it but you can increase it to enable very fast transfer confirmation.

2) In the case where transfer fee is high and you can't afford, wait for some time and try later. It can come low or high as a result of the the number of transaction going on in the mining pool and price of the currency.

I hope you find this information useful and profitable. You can send me a tip. I really appreciate.

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Comments

Nice information. although i cannot understand this kind of algorithym. i was still amazed on how it works....

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4 years ago

It's not really complicated as you think. Are you into crypto?

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4 years ago

Nice information man. Thank you for sharing this information with us. Keep writing those kind of articles.best of luck.

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4 years ago

Thanks very much for your review. I'll do my best

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4 years ago

BTC slow confirmations and high fees are deathly to users (more if they have small funds, probably because they are starting). Luckily there's Lightning Network to solve all this: https://lightning.network/

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4 years ago

Wow! Thanks for sharing this

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4 years ago

LN will not solve any problems. LN will fail because it does not work properly. There are routing problems, and to open and close a channel, you always need an on-chain transaction, which will always cost a lot. BTC and LN is not suitable for mass use and will fail.

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4 years ago

Those existing problems are not unsolvable. Is very early to say "it will fail". Despite the the issues you mentioned, it has quite some supporters and a growing usecase. There's no project without problems.

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4 years ago

The problems are unsolvable,. Watch his videos and you will understand why https://youtu.be/DFZOrtlQXWc https://youtu.be/AzaEd2RQuRw

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4 years ago

This information is very useful, especially for BTC transactions. Sometimes transactions could take longer time for confirmations to show up. Those accelerators would be helpful. Thanks.

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4 years ago

thanks for your nice article..I faced also the same problem and I was unknown about this kind of algorithym.keep updated us by writing such kind of articles..god bless you.

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4 years ago

This is a good i forematin . Whivh i havent think about it before. Thaks for sharing iy brother

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4 years ago

You're welcome 😊

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4 years ago

Very informative article. All these projects are working hard to get their network faster and faster everyday

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4 years ago

That's true. More people are getting into crypto-currency everyday

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4 years ago

That good

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4 years ago

Learned a great deal of interesting stuffs Always wondered why the delayvbhh the most secure way to transact

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4 years ago

yes it was helpful... personally I didn't know i could reverse transaction on ethereum

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4 years ago

How do u reverse transaction? Have lost lots of bit coin through wrong details

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4 years ago

In short: you pay extra to be seen? Sounds like promoting corruption to me.

One way or the other this will be a very good reason too why cryptocurrencies will never be adopted by the mass/worldwide. There are way too many bottlenecks to lay hands on your money and there are too many fees. It feels like the bank with more trouble.

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4 years ago

Do you know that at Bitcoin Cash there is no accelerator (and cannot be)? Do you know that with Bitcoin Cash no Accelerator is needed because the transaction is always taken in the next block? Do you know that Bitcoin Cash also allows you to spend unconfirmed transactions?

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4 years ago

I know there's no accelerator for Bitcoin cash and it's amazing to hear that I can also spend my unconfirmed transaction. Thanks for the info

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4 years ago

A transaction in Bitcoin Cash network costs less than $0.001 and is always confirmed. Bitcoin Cash is much more suitable for transactions than BTC. That is why Bitcoin Cash split from BTC, because Bitcoin Core Developers did not want cheap on chain transactions. They created Lightning Network to make money with it. I no longer use BTC.

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4 years ago

Yes that true. I will try using BCH more. It's good they split from BTC. When I checked a BCH transaction I made two days ago, the priority was about 89/421 and it was confirmed on time

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4 years ago

What wallet do you use?

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4 years ago

I use trust wallet. Thanks for the upvote

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4 years ago

I highly recommend you try Bitcoin Cash. Have you done it yet?

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4 years ago