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