Why Bitcoin Transaction Speed Keeps Changing Constantly?
Bitcoin Transaction Speed is the time it takes to transfer your Bitcoins to another wallet and it completely depends on several factors. In fact, nobody can control the transaction speed time. If you are just here to know about the current average Bitcoin transaction speed then you can skip this valuable information which can come handy during your Crypto career by instantly checking the current Bitcoin transaction speed time here.
During the early days of Bitcoin, there was not a large volume of transaction. Maybe, Satoshi didn’t think of the circumstances if Bitcoin become popular. Well, the rising fame of Bitcoin makes it a little hard to cope up with Satoshi’s calculation of 2009 but we still love too!
As Bitcoin popularity skyrockets, many people started to use it for their financial needs. Of course, this also leads to Bitcoin having its own intrinsic value which might be something to be happy about, but in turn, it created competition between Bitcoin transactions.
This gives rise to the discussion about Bitcoin’s scalability issues and its solution. The issue revolves around the solution for increasing the Bitcoin transaction speed time. Either by increasing Block size or decreasing the average Block time. You can say that the Cryptocurrency is still moving out of its infancy era and for this we need to be ready for catering more and more transactions.
In other words, people need their money to transact fast. When you swap your plastic card at a merchant shop you are likely, not willing to wait for an hour or so to confirm your payment. Same is the case with digital currency. None of us is willing to wait after initiating the payment but sadly we have too!
Miners are people who use their ASIC hardware to confirm Bitcoin transactions. For a second, you might think that more miners mean a higher Bitcoin transaction speed, but certainly, this is not the case. When a Bitcoin transaction makes its way inside the block, a Bitcoin miner confirms and validates the transaction on the network. Moreover, six confirmations on a transaction are the accepted industry practice to determine the flow of funds to the counterparty.
This gives rise to the fact that the miners will pick up the transaction with higher fees. Of course, if you were yourself a Bitcoin miner, you wouldn’t want to cut down on your profits. And this is the same with all the miners busy in minting new Bitcoins. Nobody wants to mine your transaction if you send it with 5000 Satoshis fee unless this is the current average transaction fees.
As more transactions with higher fees queue up in Bitcoin mempool, those with lower fee keeps losing their weight to get faster confirmations which give rise to priority levels.
Bitcoin Transaction Speed
The competition to have your transaction confirmed via Blockchain gives rise to the priority levels of transactions. This priority includes
- Very Low priority – Transaction that will be included within the next 20 Blocks or maybe even more.
- Economy – This will make it to a block within the next 10 Blocks which typically takes an hour
- Normal- To be included within the next 3 blocks which is likely 30 minutes
- High Priority- to be included within the coming block. Ideally within the next 10 minutes.
These priority levels might seem a little racist for many Crypto users, but well it needs to be like this.
So what is next?
If in case, you have broadcast a transaction with very little fees, then instead of bashing the Bitcoin network you can use BTC Tx accelerator tools to get some confirmations easily. Although I have not tried any of them yet since I didn’t feel the need to do so but as per popular ratings they might seem to work. Here are the two famous Bitcoin Tx Accelerator that might come handy.
One of them is ViaBTC Transaction Accelerator and does not require you to register before using their service. But they have a daily limit to accelerate transaction which can be frustrating for many users.
Another service is Bitmain Antpool Tx Accelerator which is free to use but you must signup before using them. The way these Bitcoin Tx Accelerator service works are really simple. All you need to do is enter your transaction hash to begin and the website will do all the exhaustive work to increase your Bitcoin transaction speed time.