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The main causes of slow Bitcoin remittance / authentication
Have you ever been worried about sending and receiving Bitcoin without being able to send money or authenticate? Or maybe you're having trouble getting the Bitcoins you've just sent to arrive? This delay in Bitcoin remittances can be very stressful for both senders and receivers.
Bitcoin remittance delays are primarily true when Bitcoin prices are very volatile, especially when there are large price fluctuations seen from the end of 2020 to 2021. In this article, we will explain the main possible causes and remedies for why your sent Bitcoin has not been authenticated yet and has not arrived.
① The network is congested
When a Bitcoin transaction is executed, the funds are first sent to a network called a memory pool (mempool). The memory pool is where all Bitcoin transactions (transactions) are sent, where it waits for the miner to process (authenticate) the transaction. The transaction before it is processed has not yet been recorded on the blockchain. Once the transaction is authenticated by the miner, the transaction will be recorded on the blockchain and later posted on the transaction history page.
When the blockchain network traffic is congested and peaks, delays and transaction stagnation occur. Also, when demand exceeds supply, miners can choose which transactions to preferentially process, which increases transaction fees. Therefore, even if you pay the appropriate transaction fee, it can take a very long time for the transaction to be authenticated by being postponed by the miner.
Also, keep in mind that the processing speed of transactions varies greatly depending on the virtual currency. For example, Bitcoin can process 7 transactions per second and takes more than 60 minutes to confirm, while Ripple (XRP) and Stella (XRP) can process more than 1,000 transactions per second and take more than confirmation. The average time is less than 5 seconds.
② Transaction fee is too low
A rudimentary mistake that many Bitcoin beginners make is to set the lowest Bitcoin transaction fees. The fact is that the higher the transaction fee, the faster the transferred funds will arrive at the recipient.
Part of the fees required to trade Bitcoin will be paid as a reward to the miners (diggers) who process the transaction. As mentioned above, when a huge number of transactions are waiting in the memory pool, the miner will give priority to the one with the highest fee (reward).
Therefore, if the fee set when executing a Bitcoin transaction is too low, it will not be processed easily and will stay in the memory pool for a long time (hours to days, even weeks in some cases). I will do it.
③ Minor shortage
Popular cryptocurrencies like Bitcoin are always crowded with miners, but there are illiquid cryptocurrencies and patches where miners do not make a profit when processing transactions, and demand exceeds supply again. , Transaction processing may be slow.
What to do if Bitcoin transactions are not authenticated
Now that you know the main reasons why Bitcoin remittance / authentication is slow, let's see how to deal with it.
① I will wait for the time being
First, if you're not in a hurry, just wait for the transaction to complete. Even if the network is busy, in most cases, the network will be free in a few hours to two weeks. During this period of vacancy, even low-fee transactions will pass without problems. You rarely have to wait for weeks.
② Pay an additional fee
There are many types of RBFs, but in general RBFs are a way to encourage approval of pre-approved transactions that are stuck in the memory pool by paying an additional fee for existing Bitcoin transactions.
There are many ways to do an RBF, but the easiest way is to use a Bitcoin accelerator. It's very easy to use, and in most cases you just need to enter the transaction ID (hash) of the stopped Bitcoin transaction. This will automatically deduct additional fees and speed up your transactions.
There are many Bitcoin accelerators, but here are some recommended ones.
ViaBTC is the oldest and most popular Bitcoin accelerator, offering a surprising variety of tools.
ViaBTC's Bitcoin Accelerator differs from many other accelerators in that it is available for free. However, it also offers paid options, perfect for rushing transactions and transactions with extremely low transaction fees.
The fees you pay when using paid options are directly related to the size of the transaction you want to accelerate and the size of the previous transaction.
This Bitcoin Accelerator is provided by BTC.com, the world's largest Bitcoin mining pool.
BTC.com Accelerator promises a 75% chance of authenticating a transaction within 1 hour and a 98% chance of authenticating within 4 hours, regardless of the additional fees selected.
BTC.com's services are charged, but provide a transparent overview of all fees before accelerating transactions. The additional fees you pay are based on the size of the transaction and the current BTC price.
BitAccelerate is a free Bitcoin accelerator that can rebroadcast Bitcoin transactions via 10 Bitcoin nodes to reduce confirmation time. It does not require registration and does not record any user data, so it is ideal for those who value privacy.
BitAccelerate recommends using the service to rebroadcast once every 6 hours until the transaction is authenticated.
Bitcoin remittances are characterized by being much faster than traditional bank remittances. However, as I introduced in this article today, it can be very time consuming if the network is congested or the transaction fees are set low.
If the remittance of the executed Bitcoin transaction is not completed easily, it will be anxious and stressful. In most cases, you will be authenticated by waiting patiently, but sometimes you may be in a hurry. In such a case, why not try using the Bitcoin Accelerator introduced today?
Bitcoin transactions that have not been authenticated for hours could be authenticated in no time by using the Bitcoin Accelerator.