Bitcoin transaction accelerators prioritize transactions, crucial in high-fee environments for swift inclusion in blocks, ensuring timely processing despite network congestion.
What Are Bitcoin Transaction Accelerators?
Bitcoin transaction accelerators are services that help speed up the confirmation of Bitcoin transactions in the blockchain network. When you initiate a Bitcoin transaction, it needs to be confirmed by miners before it’s included in a block and becomes irreversible. However, sometimes transactions can get stuck in the mempool (the pool of unconfirmed transactions waiting to be added to a block) for various reasons, such as low transaction fees or network congestion.
Related reading: Why Your Bitcoin Transaction Is Stuck On Pending
Bitcoin transaction accelerators offer a solution by prioritizing your transaction for inclusion in the next block. Typically, these services charge a fee for their service, which users are willing to pay to expedite their transactions. Transaction accelerators are often operated by mining pools or other entities with significant hashing power in the Bitcoin network, enabling them to push through transactions more quickly.
Bitcoin Transaction Accelerators Are Not Fee Bumps
“The recommended approach to “accelerating” a transaction is to perform a fee bumping methods, either replace-by-fee (RBF), or child-pays-for-parent (CPFP), which are available to:
– Source
- Sender of the Bitcoin transaction: Replace-by-fee (RBF), and Child-pays-for-parent (CPFP)
- Recipient of the Bitcoin transaction: Child-pays-for-parent (CPFP)”
Andreas Antonopoulus explains it on his YouTube Channel:
How Transaction Accelerators Work
Users who want to accelerate their transactions usually submit the transaction ID (TXID) of their pending transaction to the accelerator service, along with the appropriate fee. The accelerator then broadcasts the transaction through its network of miners, increasing the likelihood of it being included in the next block.
It’s important to note that while transaction accelerators can speed up the confirmation process, they are not guaranteed to work in all situations, especially during times of extreme network congestion. Additionally, using a transaction accelerator typically requires a fee, so users should weigh the cost against the urgency of their transaction.
Here’s a more technical breakdown of how they operate:
- Identification of Stuck Transactions: Users submit the transaction ID (TXID) of their stuck Bitcoin transaction to the accelerator service. This TXID uniquely identifies the transaction on the Bitcoin blockchain.
- Broadcasting to Miners: The accelerator service takes the submitted TXID and broadcasts it directly to its network of participating miners or mining pools. This network typically consists of miners with substantial hashing power and influence in the Bitcoin network.
- Miner Prioritization: Miners and mining pools receive the broadcasted transaction and prioritize it for inclusion in the next block they mine. This prioritization can be based on several factors, including the transaction fee attached to the transaction, the size of the transaction, and the overall network congestion.
- Inclusion in a Block: Once a miner or mining pool successfully mines a new block, they include the prioritized transaction (along with others) in that block. By being included in a block, the transaction receives confirmation and becomes irreversible, thus resolving the issue of being stuck in the mempool.
- Block Confirmation: After the block containing the accelerated transaction is added to the blockchain, it undergoes confirmation by subsequent blocks, further solidifying its place in the blockchain’s transaction history.
- Notification to User: Once the transaction is successfully included in a block, the accelerator service notifies the user who initiated the acceleration process, confirming that their transaction has been processed and providing relevant details.
It’s essential to understand that the effectiveness of transaction accelerators depends on various factors, including the current network congestion, the transaction fee offered, and the willingness of miners to prioritize the submitted transaction.
When To Use Them
Transaction accelerators are crucial in times of heavy congestion within the Bitcoin network. They expedite confirmation processes, ensuring timely delivery of funds, especially in urgent transactions. High-value transactions benefit from accelerators, minimizing the risk of financial loss or disputes due to delays. Traders and investors rely on them to react swiftly to market changes, securing trading opportunities efficiently. Accelerators salvage transactions at risk of rejection due to low fees or congestion, maintaining transaction integrity. Businesses ensure operational continuity by expediting critical transactions like remittances or payroll processing.
Recommended Services
ViaBTC provides users with two options for transaction acceleration: a free option and a paid option. While the free option carries lower odds of selection, it still offers a chance for acceleration. On the other hand, the paid option guarantees smoother transaction processing, providing users with assurance regarding the prompt confirmation of their transactions.
“ViaBTC cooperates with multiple mainstream mining pools to provide you with the fastest transaction acceleration service.”
– Source: https://www.viabtc.com/tools/txaccelerator
An alternative to ViaBTC is BitAccelerate. Users can resubmit their “Stuck” transactions every 6 hours until confirmation is achieved, users can also monitor their transaction status without the need for sign-ups or logins. It’s as simple as ensuring the TX doesn’t contain unconfirmed inputs.
This service does not exactly accelerate the confirmation of your transaction, it just makes sure your transaction is not forgotten. When fees start to rise, some nodes tend to drop low-fee transactions from their mempool. This website rebroadcasts your TX to its list of 15 nodes, which will in turn rebroadcast to the nodes they know too.
With this method, it will keep your transaction in mempool of nodes until it is confirmed.
“Unlіkе оthеr ѕіmіlаr ѕеrvісеѕ, wе dо nоt rеquіrе рауmеnt. Nоr dо wе соllесt/ѕеll уоur dаtа tо thіrd раrtіеѕ. Wе rеѕресt уоur рrіvасу. Аdvеrtіѕеmеntѕ аnd dоnаtіоnѕ аllоw uѕ tо kеер thе ѕеrvісе frее аnd іt wіll аlwауѕ bе frее…”
– Source: #1 Free Bitcoin Transaction Accelerator | BitAccelerate
