Bitcoin users are often met with a big problem. In some cases, It can appear as if your Bitcoin transaction is stuck and will not receive any network confirmation. This is a somewhat common misconception among users, as it can take longer than normal for transactions to be confirmed by the network. For those who can’t wait, there are some solutions to accelerate this transaction with a little effort.
4. ViaBTC Transaction Accelerator
One of the new services which launched around a year ago goes by the name of the ViaBTC Transaction Accelerator. This feature was launched as a way to let users speed up network confirmations for their transfer during times of congestion. Until the Bitcoin block size increases or space is used more efficiently, there will be periods during which confirmation can take hours, if not days.
The ViaBTC Transaction Accelerator can be quite a valuable tool in this regard. Although it can only handle a few transactions per hour, it is still quite a powerful tool. Users simply enter their transaction ID and a Captcha code, and their transfer will be added to the queue. These transactions will be included in the next block mined by the ViaBTC pool and cloud mining customers. This service is available free of charge at the time of writing.
3. Child Pays for Parent
We recently discussed a common method to unstuck transactions known as “Child Pays for Parent.” By using this method, users can ensure their original transaction gets faster network confirmations, assuming they calculate the correct transaction fee instead of using the default one. During times of network congestion, a higher fee is more important than anything else. This method effectively spends the unconfirmed transaction to a different Bitcoin address.
2. Replace-by-Fee
As the name somewhat suggests, replace-by-fee revolves around creating the unconfirmed transaction again but with a higher fee. As long as your original Bitcoin transfer has no network confirmation, it can “respent” to the same address by including a higher fee. Many Bitcoin wallets have integrated a replace-by-fee option over the past few months, as network congestion is becoming a lot more common than people would like to see.
Do keep in mind using replace-by-fee is not the same as spending your funds twice. Until the original transfer is effectively confirmed by the network, the money has not been spent in an official capacity. This is what makes replace-by-fee such a powerful tool, as it solves a problem without facilitating double spends whatsoever. Make sure to check out our detail article on this method here.
1. Be Patient
Spending more money on a transaction is not always the answer for most people. The best option is often to wait until the transaction is confirmed through normal means. Granted, this may take up a lot of valuable time, but it is also a reliable solution. You can still use the other three options if the transaction is still stuck after 24 hours or longer.
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