How to accelerate unconfirmed bitcoin transactions
01/10/2022
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6 min
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Bitcoin is the first successful cryptocurrency network created in 2009. Initially, it was developed as a payment system. However, the Bitcoin throughput was missing by 2021. A large number of unconfirmed bitcoin transactions began to accumulate in the mempula (list of unprocessed BTC transfers). In the moments of the peak workload, the number of waiting operations reaches 20-30 thousand. Under such conditions, part of the translations may confirm a day or more. However, there are ways to speed up this process.
The reasons for the appearance of unconfirmed transactions in the Bitcoin blockchain
How to cancel an unconfirmed transaction
How much can you wait for the transaction confirmation
What to do if the Bitcoin transaction is not confirmed
Double spending
Child Pays for Parent
Services-accelerators
Segwit
Replace-by-Fee
Find out the number of unconfirmed transactions in the blockchain
How to avoid freezing
Frequently asked Questions
The reasons for the appearance of unconfirmed transactions in the Bitcoin blockchain
Bitcoin uses old cryptocurrency technologies. On average, they provide a 3.5 transaction bandwidth per second (you can see this indicator through blockchain monitoring services). The demand for the Bitcoin system is growing annually, but the speed of processing of translations does not increase. This is the main reason why the hovering BTC transactions appear.
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In 2015, the Bitcoin Core developers team launched a second -level protocol Lightning Network (LN). It allows you to create channels for instant bitcoin translators with a low commission, which increases the overall bandwidth of the BTC coin. However, in 2021, LN technology is supported only by a small part of the wallets.
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The reasons for freezing transaction can also be:
Low commission. In the mempoule, the operations expectant operations are sorted by the amount of the fees specified by users. The larger the commission, the higher the priority of bitcoin transaction for miners. Such translations are processed first. On the contrary, operations with a low commission are included in the end of the mempula.
Limited blockchain capabilities. In 2021, the Bitcoin cryptocurrency chain supports links weighing up to 2 MB. The indicator depends on the total size of transactions included in the blocks that are generated every 10 minutes. On average, the link contains 2 thousand translations. If the number of operations created by the network participants in 10 minutes exceeds 2000, some of them remain in the mempule for the next period.
The number of Bitcoin translators in the Bitcoin network membrane as December 2, 2021
How to cancel an unconfirmed transaction
You can roll back a dependent translation in several ways. For example, if the Bitcoin transaction through a desktop wallet is not confirmed, the following method is suitable:
Make sure that the Bitcoin translator is really stuck in the blockchain. Using TXID (identifier), it is necessary to determine the status of BTC transaction. Monitoring services allow you to do this. It is enough to enter TXID payment in the search field and press Enter. With the status of “awaits” or “not confirmed”, you can proceed to the next step.
Go to the debugging console inside the desktop wallet. Typically, the program hat has an appropriate button.
Get a private cryptocurrency key wallet. To do this, enter the DUMPPRIVKEY
Close the client and delete the desktop program. It is important just in case to save the backup file file. Usually it is called Wallet.Dat and is in the c: users name_coptera Appdata Roaming BTC.
Install the client and start the application. At this step, it is necessary to create a new wallet, into which the private digital address of the old storage will be imported later.
Open the debt console and enter the IMPORTPRIVKEY
To get the desired result, you can restart a client with a -Rescan parameter. He initiates a test of the condition of the wallet when opening software.
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How much can you wait for the transaction confirmation
The BTC transmission, to which the user appointed the commission recommended by the system, is processed for 20-60 minutes with a moderate network load. However, in peak periods, unconfirmed bitcoin transactions can hang in a membrane 24 hours or more.
The average confirmation time of bitcoin transaction during periods of increased load
Due to the too small commission, the operation is included at the very end of the list of awaiting translations. With a high loading network, miners do not have time to get to this Bitcoin transaction. Then, after 14 days, the system automatically rejects a bitcoin translator with a small collection. This period is the maximum period of the “life” of the BTC operation in the mempule.
In order for the Bitcoin transaction to be considered consisted, it must receive 6 evidence from different miners. However, for small BTC operations, many cryptocurrency services often request only 2 notifications of the validity (reality) of the translation.
What to do if the Bitcoin transaction is not confirmed
First you need to make sure that the processing delay is not caused by the technical problems of the service used to control cryptocurrency assets. After you can try to accelerate confirmation. The cryptocurrency community uses 5 methods:
Double waste or consumption.
Child Pays for Parent (CPFP).
Services-accelerators.
Segwit (Segregated Witness).
Replace-by-Fee (RBF).
Double spending
Double-Spending is an obsolete analogue of Replace-By-Fee. Typically, double spending is used by Bitcoin blockchain participants when the wallet they use does not support the RBF method.
Double-Spending-the concept of a second expenditure of the same cryptocurrency. However, technologies laid down in blockchain networks do not allow to do so. When trying to double spending, the system will accept only one transaction – with an increased priority (larger commission).
The Double-Spending method involves the creation of the second BTC transmission. The commission for its processing should be greater than that of the first similar bitcoin operation. Then the planned Bitcoin transaction will pass faster.
To speed up the operation on the Bitcoin network, what service would you choose?
Viabtc
BTC.com
Confirmtx
I don’t know why accelerate it
View the results
Child Pays for Parent
Unconfirmed Bitcoin translations can be accelerated by CPFP – “the child pays for the parent.” It looks like a Double-Spending method. The user also creates a second BTC transmission. However, with the CPFP method, a comprehensive transaction is initiated. In this case, the size of the commission of the subsidiary must cover the collection of the maternal operation. Then miners will receive a priority for the processing of a complex Bitcoin transaction thanks to the “child”. As a result, both bitcoin translators will be confirmed.
Services-accelerators
Special cryptocurrency resources allow Bitcoin operation faster. Services-accelers use their own or partner mining pools (joint-joint production platforms) for extraordinary processing of BTC transactions of their customers. Famous resources are presented in the table below:
Service-specific description
VIABT-client can accelerate bitcoin transaction for free, the commission of which is at least 0.0001 BTC/KB with an operation weight of up to 500 B. Limit-100 Bitcoin translators per day.
BTC.comclient is available only for a cryptocurrency fee. The price of the service depends on the BTC quotes and the weight of Bitcoin transaction.
Confirmtx client can use the free acceleration of bitcoin operations, the weight of which does not exceed 250 B. For larger BTC transactions, a fixed rate is valid-$ 5.
Segwit
Segregated Witness – Bitcoin updating, activated in August 2017. It reduces the commission by compressing the weight of the BTC transmission and accelerates (forcing) the processing of bitcoin transaction. At the end of 2021, more than 50% of wallets are supported by Segwit.
Using storage facilities with Segregated Witness, a participant in the Bitcoin system can establish a commission above recommended to increase the priority of Bitcoin operation. At the same time, the initiator of the BTC transaction will pay the same as if he created a translation with standard gathering through a wallet that does not support Segwit.
Replace-by-Fee
An unconfirmed transaction can hang for a long time. The RBF method allows you to speed up the process of processing it. In 2021, Replace-by-Fee was used by many miners. In this regard, RBF is also supported by Bitcoin-wallets.
The OPT-in Replace-By-Fee function allows the initiator of the Bitcoin transmission to warn miners that the replacing BTC transaction with an increased fee is being created. The nodes process it faster due to increased priority in the mempoule.
Find out the number of unconfirmed transactions in the blockchain
In the cryptocurrency world there are services for monitoring digital networks. Using API (software tools to extract data), they receive various information about the blockchain. Through monitoring services like blackchain.com, you can find out the number of unconfirmed bitcoin transactions on the BTC coin network.
How to avoid freezing
Sometimes the Bitcoin transmission is simply processed for a long time. If, after a long period of time, it becomes clear that this transaction is not confirmed in the blockchain, you can use one of 5 methods for accelerating bitcoin operations.
However, it is better to avoid hanging translations in advance. This can be done by first installing the commission a little more than the system recommends. Then the bitcoin transmission will receive high priority, and miners will process it one of the first.
Frequently asked Questions
❓ How does Lightning Network work?
⏱ How else can I cancel the hovering BTC transmission?
💰 Where to buy Bitcoin at a bargain price?
❗ What will happen if you indicate the commission less recommended?
💡 What method of accelerating confirmation is easier than others?
✅ How effective are there services-accelers?
Deputy Chief Editor
Vitaly Ishchenko
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