Anyone who has ever dealt with Bitcoin knows that there are two problems – low transaction speed and high transaction fees. In 2009, when the cryptocurrency just appeared, the issue of transaction speed was non-existent. Transactions were carried out in fractions of a second even with zero commission fees.
Today, the load on the network has increased dramatically, which has resulted in a huge number of unconfirmed transactions. However, as they say, modern problems require modern solutions. For this reason, Bitcoin Transaction Accelerators were introduced. Changelly continues to provide learning materials about blockchain and crypto industries. We are going to explain what should one do if a transaction stuck unconfirmed.
What Is Bitcoin Transaction Accelerator?
To prevent freezing of BTC and unconfirmed financial transactions, Bitcoin accelerators have been launched.
A transaction accelerator is an online service that speeds up transaction processing by distributing this task over miners.
Some BTC transaction accelerator services are paid, some are available for free. You can accelerate a BTC transaction worth 100-200 for free. When it comes to larger sums, fees will apply.
How to Cancel Unconfirmed Transaction
Take into consideration that cryptocurrency transactions are irreversible. Yet, if your transaction is stuck unconfirmed, some steps can be taken to cancel such a transaction. Most probably a transaction got stuck because miner’s fee was too low. Therefore, no miner wants to confirm it. To cancel a transaction, you should:
Check whether a transaction is confirmed. To do that, copy the Transaction ID and enter it to a cryptocurrency block explorer (BTC.com for BTC, Ethererscan.io for ETH, Tengram.com for GRAM, etc.)
See the number of confirmations. If there are 0 confirmations, the transaction can be canceled. If not, the transaction is currently processing and can’t be reversed.
Once you know that your transaction is not in the blockchain yet, there are several ways to get it back. Take a look at strategies that might help you cancel unconfirmed BTC transaction.
#1. Replace by Fee (RBF)
There are wallets that support an RBF method, for example, BitcoinCore, Bitrefill, and so on. An RPF protocol allows you to replace an unconfirmed transaction with another one with a higher miner fee.
However, this method works if you initially set up an RBF option in the wallet when sending the first transaction. Otherwise, it will not help. However, there is another way to cancel an unconfirmed transaction.
#2. Double spend with higher miner fee
Double spending is considered to be a problem within the blockchain space. But now, it might help you reverse the transaction. Create a new transaction with the same amount of BTC as the original transaction has and send it to yourself (to your address). At this stage, don’t forget to enter a higher miner fee to avoid another stuck transaction.
Note, that you probably need to use another crypto wallet or a ceratin software that allows a double-spending feature for the transaction to be rebroadcasted to the blockchain.
Top 5 Bitcoin Transaction Accelerators to Use in 2020
Use the below-mentioned services to speed up Bitcoin transactions: these platforms have proved to be highly efficient and reliable. Both paid and free platforms are available – choose the one that fits your budget and requirements.
First of all, you should pay attention to free Bitcoin transaction accelerators. One of the most popular solutions is ViaBTC. Its indisputable advantages include:
No mandatory account registration.
Overs 100 accelerations are carried out every 60 minutes.
Free and at the same time quality services.
The maximum confirmation time is 72 hours. However, most often it occurs within a few hours.
Be ready that your attempt to perform free acceleration will be rejected. There is perhaps one significant drawback to this resource. Due to its ever-growing popularity among users, it is difficult to submit applications.
How to use ViaBTC? Users simply enter the transaction ID and captcha, and their transaction gets added to the queue. Such transactions will be added to the next block mined by the ViaBTC pool and cloud mining clients.
For paid BTC acceleration, you need to email [email protected] and request access to the service. The customer support team will send you the address of the Bitcoin wallet to which you need to transfer 0.01 BTC. In the response letter, you should indicate two transaction numbers: the one you want to speed up, and the one you sent as the commission (0.01 BTC).
After that, your transaction will receive a confirmation online. Of course, it’s worth using the paid version only when a large amount of money is being processed – all in all, 0.01 BTC is a rather huge fee.
Unlike ViaBTC, AntPool requires registering. You will need to enter the transaction ID, as well as the HEX code. To get this code, you will have to use blockchain.info. To do this, you need to find your transaction and add the phrase ‘? Format = hex’ in the address bar. It will receive confirmation within 2-10 blocks. You need to wait up to 72 hours, although pretty often, transactions are confirmed much faster.
This BTC confirmation accelerator is quite easy to use. The process includes the following steps:
Registration. Click the “Register” button, specify the email address and come up with a strong password, duplicating it in the bottom line.
Enter the captcha (Code), agree to the terms of the user agreement and create an account by clicking on the blue Create Account button. A message with an activation link will be sent to the email inbox. The transition activates the account.
Next, select the place of residence (country of residence) and indicate the phone number. Confirm it.
To perform transaction verification, indicate the email address and password and click the “Sign In” button. Specify the ID and HEX operations. Information on the HEX code can be found on the B-info website. Add the cipher? Format = hex to the code, enter a line in the browser and press “Enter”. The program will generate the code.
Solve captcha and confirm the actions performed. Thanks to the accelerator, the transaction will be confirmed within 72 hours, in 2-10 blocks.
If the payment is not confirmed for a long time, other BTC accelerator options should be considered.
Need quick confirmation? BTC.com is probably the best Bitcoin transaction accelerator. The probability of transaction confirmation within 60 minutes reaches 75% or 98% within up to 4 hours.
To process your transaction on the BTC.com accelerator website, you will need to enter the ID of your transaction and click “Estimate price”. The service will calculate the fee, and if the user is okay with it, he can pay (BCH and WebMoney payments are accepted). BTC transactions will be confirmed within 2-4 hours.
How to speed up Bitcoin transaction without huge commissions? ConfirmTX Bitcoin transaction accelerator charges only $5 for 250+ bytes of transactions. All other transactions will be processed free of charge. No registration is required here. Just enter TXID on the main page.
Transactions are sent immediately to several pools with which the service works. Bitcoin transaction confirmation will occur within 72 hours, but most often, the confirmation is finished within 12 hours. If the transaction takes longer, the service will provide you with a free confirmation in the future.
This is a free Bitcoin transaction accelerator that allows you to deal with multiple unconfirmed transactions within the network. BitAccelerate requires submitting the transaction ID or TXID and clink on the “Accelerate” button. After that, your transaction will be resubmitted by utilizing 10 Bitcoin hubs.
To get a quicker result, you can resubmit your ‘stuck’ transaction every six hours and the BitAccelerate will continue broadcasting until it is affirmed. No sign-up is required for utilizing the service.
As of today, Changelly provides quick access to over 160 crypto assets. Exchange, sell, and buy Bitcoin, Ethereum, and any other cryptocurrency with just a few clicks. Buy Bitcoin (BTC) with a credit card (Visa, Mastercard), bank transfer, and Apple Pay on Changelly.
With the help of bitcoin transaction accelerator service, you can solve the problem of stuck transactions (all in all, there are no limits, and theoretically, some operations might take months or years to be confirmed). However, it’s important to choose reliable services only. In fact, there’s no need to overpay – you can use free Bitcoin accelerators.
Here’s a lifehack: register your transaction in ViaBTC in the first minute of each hour. It increases your chances of getting into the 100 first requests. If you send your order at the end of the hour, most likely, your transaction will be rejected.