Bitcoin is the OG of all cryptocurrencies and has some inherent issues that only worsen as trading volume and its popularity continue to grow.
You will regularly hear that the average confirmation time is around 10 minutes but this is not accurate. While you will likely receive your first confirmation (of up to 6) within 10 minutes, some people can wait hours or even days for their transactions to resolve.
At the time of writing this (August 17, 2023), the average confirmation time was 306 minutes/5 hours and back in July 2023, this reached a staggering peak of 4600 minutes/3.2 days (Source: Y Charts).
If you’re waiting this long, it can be quite stressful and there is no Bitcoin support number to call (one of the drawbacks of decentralization). During this period, anxiety can run high and you can wonder if your treasured Bitcoin has vanished into the ether never to be seen again.
When sending Bitcoin to another user, it’s usually possible to select your desired transaction speed for an additional fee (also known as a gas fee.) Most users go with the low transaction speed versus regular or high speed to avoid high costs — especially on low value transactions.
When the Bitcoin network faces congestion, a buildup of unconfirmed transactions accumulates in the mempool. As a result, users often end up paying higher transaction fees to expedite their transactions. A notable instance of this was in April 2021 when average Bitcoin transaction fees soared to a staggering $59, as reported by Coindesk.
A mempool holds unconfirmed Bitcoin transactions, stored temporarily on each network node. As new blocks are added to the blockchain, transactions meeting the minimum fee get cleared. Those with lower fees might linger in the mempool across multiple block confirmations before processing.
So what happens, if you went with the default transaction speed/low speed option and hours in, you’re regretting your decision and wish you could give your transaction a push —can anything be done? The short answer is, yes.
Transaction accelerators exist to help users minimize their transaction wait time by prioritizing their transactions in a special queue. Typically, Bitcoin miners offer this service by placing your transaction directly onto their mining network to enhance the likelihood of its inclusion in the next mined block.
While these services are available, it's crucial to understand that there isn't a guaranteed success rate for expedited processing every time. Consequently, a fee is often associated with these transactions.
ViaBTC introduced a Bitcoin transaction accelerator in 2017, contrasting with the 1 MB block size. This service, still operational, prioritizes transactions that offer additional fees for acceleration. While Bitcoin enthusiasts can access ViaBTC's basic acceleration service for free, with approximately 100 free accelerations available hourly, there's a premium option for urgent cases or low transaction fees, allowing for accelerations at a reasonable price (depending on your specific case). Inputting your transaction ID (TXID) is necessary to utilize the service. Notably, ViaBTC's acceleration fees are below industry norms. For added security, the accelerator also supports 2-factor authentication (2FA).
Starting as a modest mining endeavor, f2pool quickly rose to prominence, becoming one of the world's largest mining pools by the close of 2013. Their consistent growth is attributed to their reputation for fairness, reliability, competitive fees, efficient payouts, and advocacy for miners within the larger Bitcoin realm.
Miners receive payouts from f2pool once their earnings hit the 0.001 BTC mark, directly transferred to their chosen wallet. With a 2.5% fee for Bitcoin mining under PPS+, f2pool's rates remain in line with industry competitors.
Supported by the renowned cryptocurrency exchange, Binance, this pool seeks to boost miners' earnings and provide liquidity for the exchange. Currently, it utilizes the Proof Of Work (POW) and Proof Of Stake (POS) mining mechanisms, with Bitcoin, Bitcoin Cash, and Bitcoin SV as the available mining currencies. To shield users from market fluctuations, the platform charges a mere 2.5% mining fee and offers the Full Pay Per Share (FPPS) payment model along with immediate settlements.