Blockchain Education - Bitcoin Fees & How To Speed Up A Low Fee Transaction

We have put together a small guide on how to check on current BTC network congestion and speed up your low fee bitcoin transaction.

by Betcoin on January 10th, 2018

Blockchain technology is one of the marvelous inventions of the 21st century but just like many other great things it does happen to have a bit of flaw in its design. As you are well-aware bitcoin transactions consists of vasts amounts of data, on the other hand, networks capability to scale all of this information quickly is poor. We have put together a small guide on how to check on current BTC network congestion and speed up your low fee bitcoin transaction.

Bitcoin Transaction Size

Have you ever heard cryptoists talk about how it is unfeasible to send microtransactions on the BTC network due to high fees? It all has to do with the way how bitcoin and blockchain are built to operate.

Bitcoin transaction consists of different bits of data that are broadcasted on the blockchain each time that users wish to move BTC from one wallet to another.

So let's say that your Bitcoin-wallet is a folder on your computer. Each time that you stash a new file in that folder the overall size of this folder will grow.

This is how you should see multiple inputs of BTC coming into your wallet. For example, each time after receiving a new piece of Ƀ0.010 into your addy, it is building up to "wallet-size". If one incoming transaction is 220 bytes then two are going to double it, three would triple it and so on.

In other words, you could be sending just $1 worth of BTC but have to pay the ten-times higher fee in order to get this quickly due to high congestion of the network.

Blockchain is like one giant folder that keeps stashing all of the information moved around on it, that is why you have to download over 150GB of history whenever trying to synchronize yourself with the network.

How To Check Pending Bitcoin Transactions?

Crypto community is full with bright and ambitious minds who are eager to help their fellow blockchain enthusiats.

One group of developers have built a special site to check on the current pending bitcoin transactions

If you don't own a hardware-wallet yet nor use a desktop-wallet that allows you to set your own fee then when it comes to web-based bitcoin wallets, blockchain.info is one of the most user-friendly interfaces out there.

How To Speed Up A Low Fee Bitcoin Transaction?

Happened to send a low fee transaction without checking on the mempool first? Couldn't afford to pay a high priority fee rate for your small bitcoin transaction? Don't worry, with a bit of patience and luck, you could get included into a free bitcoin transaction accelerator brought to you by ViaBTC mining pool.

Your transaction has to have at least 25sat/B rate fee and they take 100 submissions every hour on the dot. There are lots of people familiar with this accelerator already, meaning that you need to be quick to snatch up one of the free spots on the roster because these will be gone in under a second.

You could also register and use a paid-service for priority if you don't have a way to rebroadcast transaction with a higher fee.

We hope that this guide will help some of you with speeding up your stuck low fee bitcoin transactions!

 Filed under: General, Blockchain

2 Comments

dabsofslabs: blockchair and cypher give more info
Thu, 01/11/2018 - 11:52

Would recommend instead of passing this inconvenience on for betcoin to start scheduled wd with a set fee meaning players only pay a small amount to send and wd are grouped every 24hrs with combined fees to make it feasible for the coin to be transferred. Maybe not be possible with the way you currently operate but if at all possible think this would be a greater option overall for betcoin and players

Mentat: Thanks, enjoyed this and
Fri, 01/12/2018 - 22:42

Thanks, enjoyed this and would like to see more articles with this type of content included... it was newb friendly

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