How to speed up a Bitcoin transaction on the blockchain network

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.

1

ByBit

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бонус для нових користувачів!

9.8

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ByBit забезпечує зручні та безпечні умови для торгівлі криптовалютою, пропонує низькі комісії, високий рівень ліквідності та сучасні інструменти для аналізу ринку. Він підтримує спотову торгівлю та торгівлю з використанням кредитного плеча, а також допомагає початківцям та професійним трейдерам за допомогою інтуїтивно зрозумілого інтерфейсу та навчальних посібників.

2

Binance

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9.5

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Найбільша криптобіржа, де можна швидко та безпечно розпочати свою подорож у світі криптовалют. Платформа пропонує сотні популярних активів, низькі комісії та передові інструменти для торгівлі та інвестування. Проста реєстрація, висока швидкість транзакцій та надійний захист коштів роблять Binance чудовим вибором для трейдерів будь-якого рівня!

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 видобуток корисних копалин.
• 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:

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.

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