Tired of Waiting for Your BTC Transactions to Complete, Don’t Forget to Use TX Acceleration
Along with its development over recent years, Bitcoin has become more recognized in mainstream markets. For instance, last year, El Salvador announced its adoption of Bitcoin as a legal tender; the SEC approved the first Bitcoin futures ETF; public companies and institutional investors such as Tesla and MicroStrategy also bet on Bitcoin. It seems like Bitcoin has become a major part of many investors’ portfolios.
Despite increased BTC adoption, many people are still frequently confused when using Bitcoin. One of the questions they often have is how long would they have to wait for a transaction to complete. This can be a tricky question because conventional bank transfers (excluding cross-border transactions) are often completed instantly.
BTC transactions are slow because the BTC network only produces one block every 10 minutes. In addition, a BTC block merely contains about 2,000 to 3,000 transactions. In the event of extreme market conditions, the network might get swamped by massive transactions within a short period, which easily triggers network congestion. When that happens, a large number of transactions must queue up to get validated in the mempool. If you pay a low miner fee during network congestion, then it may take hours or even longer for your transaction to get packaged and validated.
The crypto market changes instantly. For example, on the day the Feds finally announced the long-awaited interest raise, the BTC price went up by 4.3% at the peak as the market had become fully aware of the news. Under such circumstances, many users may have to transfer Bitcoin to an exchange to trade or add more margins to avoid forced liquidation within a very short period. In cases like this, the uncertainty in the time it takes to transfer Bitcoin would severely affect investors’ strategy and may even lead to certain losses.
To provide more secure, reliable transaction services, CoinEx Wallet has partnered up with leading BTC mining pools such as ViaBTC Pool, which allows the wallet to offer the fastest acceleration service for BTC transactions that minimizes the time needed for validation.
After opening CoinEx Wallet, you can tap [Discover] on the bottom of the page and then [BTC Transaction Accelerator]. You can then copy and enter the relevant Transaction ID on the page and tap [Estimated Price] for payment.
Transaction ID (transaction hash), a string of characters calculated according to the size, time, and type of a BTC transaction, serves as the proof of identity of BTC transactions. Each BTC transaction comes with a unique transaction ID. In CoinEx Wallet, you can click on Transaction Details on the page of BTC transaction at any time to check the transaction ID of the corresponding transaction.
After you tap [Estimated Price], CoinEx Wallet will estimate the Tx Fee. At the moment, you can pay for BTC acceleration in CoinEx Wallet with BCH or LTC, and the specific Tx Fee will be determined by factors including the current size of the transaction to be accelerated, unvalidated size of the previous transaction, and the latest crypto price.
When you are in a hurry and have abundant funds available, you can tap [Submit] after confirming the price and your wallet balance. Upon successful payment, the information of the transaction will be included in the next new block to be mined by pools working with CoinEx Wallet for prioritized validation.
However, it should be noted that the block time is not 100% certain as the lucky value may fluctuate from time to time. When the network is seriously congested, on the other hand, accelerating your BTC transaction will make sure that your transaction will be completed within a shorter period. Therefore, if your BTC transaction takes forever to complete, why not join CoinEx Wallet and try out Transaction Acceleration?
