(AD) One of the reasons most people are increasingly using Bitcoin to send money is the fast transaction processing. Transactions involving small payments, such as goods and services, tend to be nearly instantaneous. However, delays can also occur, especially when the network is congested.
Although you can speed up a bitcoin transaction, this is only possible for unconfirmed transactions. This means that the transaction has not been verified and has been added to a block by the miners. You cannot speed up a confirmed bitcoin transaction because miners are constantly validating records on the blockchain. Therefore, the first step to speeding up your bitcoin transaction is to verify that miners have verified it. The following article describes some of the best ways to speed up a bitcoin transaction.
Paid Exchange (RBF)
RBF is currently one of the most effective ways to quickly remove your transaction from the mempool. The method allows you to replace your old transaction with a new one with higher miner fees. The number of bitcoin transactions per minute has increased exponentially, prompting miners to prioritize those with higher costs. This leads to a massive backlog of unconfirmed transactions which can take several hours or days.
Average transaction fees have also increased over time, increasing by nearly 2,690% from $0.630 to $17.58 in one year. Therefore, replacing the original miner fee with a higher fee offers better potential to speed up the transaction. A higher price will seem attractive to miners and therefore confirm your transaction faster.
Although many bitcoin wallets support RBF functionality, others do not. You must also activate the feature before making a transaction if your wallet allows it. It usually appears in a check box on the Tools menu. Check the option ”Use override by fee” to enable the feature.
Some wallets offer options for default transaction fees, but you can also customize the settings to enter your preferred cost. Remember that the choice above only works if you are sending Bitcoin payments to someone. Bitcoin users only pay transaction fees for sending payments.
Child pays for parent (CPFP)
Unlike the Replace-By-Fee method, which works for payments sent late, the Child Pay for Parent option compensates for transactions received. This involves creating a new (child) transaction using the funds from the delayed (parent) transaction and then resending it with a much higher fee. Both transactions must confirm the option for it to work, and miners usually include it in the block if the cost of the miner is high enough.
However, the CPFP method also requires a wallet that supports this feature. Also, you need to activate the feature before making the transaction. Implementation steps generally vary from portfolio to portfolio. Therefore, check the policies of the wallet you are using to be sure what to do.
Like an official website, a transaction accelerator is an external service that allows you to speed up transaction processing. Miners typically operate the services so that people can have their transactions confirmed faster for a fee. They are quite easy to use and involve following a few steps. For most wallets, all you have to do is generate the transaction ID, copy and paste it into the Accelerator platform. This gives you two options to choose from; Free or paid service. The free service will broadcast the transaction through the mempool in hopes that a miner will pick it up. A service pair is the best guarantee for a quick confirmation.
So yes, you can speed up unconfirmed bitcoin transactions. The article above outlines the best ways to speed up bitcoin transactions in the event of a delay.