Bitcoin users face situations when coin transfer operations “hang”. This is due to the refusal of payments in cryptocurrency. Most users wish not to buy goods and services with BTC, but only to store digital assets as investments. There are free Bitcoin transaction gas pedals to reduce the time to confirm a transaction. There are other ways to push the payment forward.
What affects the speed of a transaction on the Bitcoin network
Throughput is a key concept for payment systems, independent of the type of asset (digital or fiat currencies). It is the number of transactions that are processed per unit of time. Due to the constant growth in the number of users, the bandwidth requirements of cryptocurrency transfers are increasing.
At times of peak load, the Bitcoin network does not always cope with the processing of transactions due to limitations. This is indicated by statistics on Blockchain.com, where you can see the number of unconfirmed transactions in real time.
Bitcoin’s throughput is about 7 transactions per second. Visa has this figure at the level of 24 thousand. Ripple cryptocurrency network processes up to 1500 transactions per second.
How to determine the optimal size of the BTC commission
This is done with the help of the Bitcoin Fees resource. On it, the optimal size of the commission is indicated under the graph, providing the fastest transaction with minimal costs.
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The first column shows the amount of commission. Next is a graph with the number of all transactions (gray bar) as well as unconfirmed transactions (red – large number, yellow – medium, green – insignificant). This is followed by the block delay expected at that fee level and the time it takes to complete the transfer.
Ways to speed up a Bitcoin transaction
One method was discussed earlier. This is to increase the transfer fee. Other options include:
- A free request to a pool for mining.
- Paying a fee to move quickly through the queue.
Bitcoin transaction gas pedals
In some cases, user transfers hang for several weeks. To avoid such a long wait, you should resort to services called gas pedals.
What are they and how to use them?
These are special services that help to speed up payments. Most of these applications are presented in English, but there are also Russian-language ones. The logic of working with all such services is the same. First, the user needs to specify the ID of his payment and enter a captcha to confirm that the person who visits the site is not a robot.
After that, the transfer is added to the queue from the specific site’s pool and the BTC transaction gas pedal will start its work.
On the Internet you can find services both with and without payment for services. There is no fundamental difference in their use.
Some services are free conditionally. They perform a specific number of transfers without money. If the set limit is exceeded, you have to pay.
Free
These methods do not require money. To speed up the confirmation of a Bitcoin transaction on the blockchain network for free, you can resort to the services listed in the following table:
| Gas pedals | Description |
|---|---|
| BitAccelerate | A service for speeding up Bitcoin transfers. To use it, you need to enter the transfer identifier (TXID) and click on “Accelerate”. The retransmission is carried out through 10 bitcoin nodes once every 6 hours. It is not recommended to perform it more often, as the client’s operations and his account will be blocked. You can use the service without registration, the site does not collect data about visitors. The only source of funding is voluntary donations. |
| 360 BTC Accelerator | BTC transaction gas pedal designed to accelerate even small transaction fees. But when compared to the increase in commission, this service is not too reliable, as miners will always prefer those payments that have a higher value. However, among others with the same commission, it will help to make the payment faster. It is not recommended to re-enter the ID as it increases the chances of detection. |
| ViaBTC | The free limit of the service is 100 accelerations per hour. Logging in is not required. It is enough to provide an ID for pending transactions, which includes a commission of at least 0.0001 BTC/KB. You can use it in the same way as the previous ones: specify the identifier, click the “Accelerate Free” or “Accelerate Paid” button. |
| ConfirmTX. | A service that allows you to increase the speed of confirmation. The cost for an operation weighing 0.25 kilobytes is 5 dollars. There is no charge for a smaller one. If for certain reasons the acceleration ended in failure, the user receives compensation in the form of a free attempt. |
Paid
It is worthwhile to accelerate payments in Bitcoin with the help of the following sites that deduct a fee for use:
- BTC.com. Functional service. You can find out the cost of the operation on the official site. The mechanism of operation is the same as in free analogs: you enter an identifier, calculate the amount and make a payment. If everything is satisfactory, you can pay with WebMoney or Bitcoin Cash. In this case, the transfer takes 4 hours. This method is most convenient to use if the speed of transfers in BTC is important.
- ANT Pool. Also a large and reliable gas pedal that can push the transaction through, but with a rather high fee for services.
Replace-By-Fee.
This method allows you to replace a transaction and thus move it up in the queue. To maximize speed while minimizing fees, you need to create an additional transfer, only with a higher fee. The first transaction in this case is canceled, and only the one with a higher commission gets into the block.
To activate this function, you should enable the corresponding option in the transaction parameters window.
Child pays for parent
This expression means “Child pays for parent”. It means that it is necessary to provide in advance in the wallet the right to spend the change and charge a fee that will cover 2 transactions. High fees promote the first transaction made by a Bitcoin user.
The parent payment refers to the initial payment, and the child payment refers to the one that is created from the funds of the hovering first one. In this case, the cost of sending money is higher because the commission is paid for both transactions.
According to the rules of the Bitcoin network, the parent transaction must appear before the child transaction, provided that both are included in the same block.
Frequently Asked Questions
⏳ How much can I speed up a payment?
It all depends on the method you choose. The time frame can be around 4 hours or more. Paid methods do better on average.
✅ What other ways can I use?
A promising solution is to make payments through Lightning Network-enabled wallets and platforms. This protocol is used to process transactions on the blockchain.
⛔ Should I trust gas pedals?
These services allow you to promote the transfer for free. However, methods with increasing fees are more reliable.
🕖 How long will I have to wait without using gas pedals?
At times of high network load, it can take up to several hours or even weeks. But confirmation can come in as little as a day.
❗ What should I do if several payments hang up?
You need to speed up only the last transaction. You can use the Replace-By-Fee method, which is available in Electrum wallet.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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