Trading cryptocurrencies such as Bitcoin can be done easily with the vast availability of exchanges. However, challenges may be encountered. One such challenge is delayed speed.
From the beginning of December 2023, delays in Bitcoin transactions were reported with fees reaching as high as $40. How can you speed up a transaction should you encounter a delay?
In this article, we have listed seven ways you can leverage to enhance smooth Bitcoin transactions.
1. Increase Transaction Fee: If your wallet or exchange allows you to set the transaction fee manually, consider increasing it. Miners or validators prioritize transactions with higher fees since they are incentivized to include them in the blocks first. By offering a higher fee, you can increase the chances of your transaction being processed faster.
2. Replace-By-Fee (RBF): Some cryptocurrencies, like Bitcoin, support the Replace-By-Fee feature. This allows you to re-send the same transaction with a higher fee to replace the original one. Be sure your wallet supports RBF before attempting this.
3. Accelerators: Some mining pools or third-party services offer transaction accelerators. These services can help prioritize your transaction by including it in the next block they mine. However, these accelerators may come with fees or limitations, so research before using them.
4. Child-Pays-For-Parent (CPFP): If you have an unconfirmed transaction with a low fee and another transaction in the same wallet with a high fee, you can use CPFP. It involves spending the unconfirmed transaction output with a high fee, which incentivizes miners to include both transactions in a block.
5. Wait It Out: Sometimes, the best course of action is to wait for the network congestion to subside naturally. Most blockchain networks have high and low activity periods, and your transaction might get confirmed during a less busy period.
6. Use Lightning Network (if applicable): If you are dealing with Bitcoin, you can consider using the Lightning Network for faster and cheaper transactions, especially for smaller amounts.
7. Contact Support: If you’ve sent a transaction through an exchange and it’s experiencing an unusually long delay, you can contact the exchange’s support team for assistance. If you are using Nairaex, our support team can be reached via the live chat feature on the website or email [email protected].
Remember, blockchain transactions can sometimes experience delays due to network congestion or other factors outside your control. Always double-check the transaction details and verify the recipient’s address before attempting to speed up the transaction.
Additionally, be cautious of using unknown third-party services or accelerators, as some may not be reliable or may charge exorbitant fees.
