Author: Che Kohler. Translated by: cointime.com QDD
The concept of using a decentralized and open network like Bitcoin to transfer value is a fairly foreign concept to most people. We are usually used to transferring money physically via cash or through a series of counterparties who accept our funds and settle with our bank without us having a clear understanding of when and how the funds are settled.
When it comes to Bitcoin, you are exposed to the entire transaction confirmation process, and some people do not fully understand how Bitcoin transactions work. When using Bitcoin's blockchain, you are limited by the block space and the current network congestion.
If all goes well, you can get confirmation in 10 minutes, and full security with six confirmations in an hour. This is the baseline for the network, but it is not a given; if too many people are bidding for transaction space, it can lead to longer wait times, which can cause unnecessary panic when transactions take longer than expected.
Timing in the time chain
When a Bitcoin transaction is unconfirmed, it is not considered final yet; if the transaction is currently in the memory pool, it will only be cleared if a miner deems it valuable to add it to a block. Miners tend to prioritize transactions based on the fees they can get; if you pay the lowest fee, you will most likely be overlooked until other bids are cleared.
For those simply moving funds into cold storage, transaction times shouldn’t be an issue, but for those planning to trade, transact, or open and close Flash channels, transaction times are more important.
What if my transaction is ignored?
If your transaction is stuck in a congested mempool, but your transaction is time-sensitive and you don’t care about the cost of pushing it through, you have two options for speeding it up that work within the consensus of the protocol, namely:
l RBF - Replacement by Fee
l CPFP - Child Transaction for Parent
Before deciding which method to use, you first need to understand the cost of transaction confirmation so you know what you need to do to get ahead of others and get the attention of miners.
Once you have a sat/vbyte value that puts you at the head of the queue, you can then broadcast your replace transaction.
If you’re not comfortable bidding on the open fee market to get your transaction confirmed, there are other third-party marketplaces available that allow you to pay transaction fees through other channels.
What is a Bitcoin Transaction Accelerator?
Bitcoin transaction accelerators are services set up by miners that allow users to contact mining pools directly to request confirmation of transactions. Bitcoin transaction accelerators can help you speed up the confirmation of Bitcoin transactions. This is useful if you need to send a payment quickly, or are worried that your transaction may not be confirmed in time.
Transaction accelerators work by requesting miners to search for your transaction in the memory pool and add it to the next block when compiling the block reward transaction. This means more miners will see your transaction, increasing the chances of it being included in the next block.
Many Bitcoin transaction accelerators accept fees paid in on-chain Bitcoin, but others also accept L2 payments such as the Liquid Network or the Lightning Network, or even direct fiat transactions.
When using a Bitcoin transaction accelerator, you are dealing with a custodian and transacting through trust, as you are not using a consensus fee market, which can be risky. You can get scammed by someone claiming to be a miner, offering this service, and then running off with your money, leaving you and your transaction in the lurch.
Why use a Bitcoin Transaction Accelerator?
There are several reasons why you might want to use a Bitcoin transaction accelerator.
You need to send payments quickly. If you need to send payments quickly, a Bitcoin transaction accelerator can help ensure your transactions are confirmed in a timely manner.
You are worried that your transaction may not get confirmed. If you are worried that your transaction may not get confirmed, a Bitcoin transaction accelerator can increase the chances of it being included in the next block.
You are willing to pay a fee. Most Bitcoin transaction accelerators charge a fee for their services. The fee is usually based on the size of your transaction.
You tried to push a transaction that a miner didn’t like. Let’s say you broadcast a transaction that an OFAC-compliant miner wouldn’t touch, you can contact a group of miners who don’t think this is a problem.
You are trying to avoid MEV costs. If you are one of those Bitcoin users who subscribes to Oridinal Theory or STAMPs, you are moving assets on the secondary market and users may get ahead of you when you buy or sell; using a Bitcoin transaction accelerator can reduce the cost of MEV losses.
Why do miners consider this a service?
Miners offer Bitcoin transaction accelerator services to earn additional income or to obtain funds for operations without having to sell their Bitcoin. If you are paid for off-channel transactions, especially in fiat currency, you can use these funds to cover expenses and enable you to keep the Bitcoin you earn through fees or block subsidies.
Off-channel transactions also help miners profit from speculative periods in the market, where many users want to confirm transactions and they can create a market for their block space outside of what the protocol stipulates.
Where can I find a Bitcoin transaction accelerator?
Note: If you plan on using a transaction accelerator, please research before making any transactions and make sure they still have a reliable track record.
Accelerator Accelerator Binance https://pool.binance.com/en/acceleration Bit Accelerate https://bitaccelerate.com/ BTC.com https://pushtx.btc.com/ CoinSamba https://coinsamba.com/bitcoin-transaction-accelerator PushTX https://pushtx.com/ Via BTC https://www.viabtc.com/tools/txaccelerator
Speed isn't always necessary
Bitcoin transaction accelerators can be useful tools to speed up the confirmation of your Bitcoin transactions. However, it is important to note that they do not guarantee that your transaction will be confirmed.
If you’re concerned about transaction speed, it’s best to check the current state of the Bitcoin network before sending a payment and use alternative methods, such as second-layer solutions, if possible.