Bitcoin

ViaBTC Transaction Accelerator Surpasses 5,000 Transactions

JP Buntinx | January 26, 2017 | 2:45 pm
ViaBTC Transaction Accelerator
Bitcoin

ViaBTC Transaction Accelerator Surpasses 5,000 Transactions

JP Buntinx | January 26, 2017 | 2:45 pm

In the world of Bitcoin and cryptocurrency, receiving faster transaction confirmations is of the utmost importance depending on which transaction fee one pays, this process takes roughly 10 minutes or longer. ViaBTC recently launched a service that helps transactions gain confirmations instead of being delayed. So far, the ViaBTC Transaction Accelerator has processed over 5,000 transfers successfully, which is quite a milestone.

The ViaBTC Transaction Accelerator is quite a nifty feature. Bitcoin users have faced several network congestion incidents throughout 2016. No one enjoys waiting an hour or longer for their transaction to be confirmed when using a normal fee. While it is possible to bypass this problem through a higher TX fee, other solutions exist as well. Thanks to the ViaBTC Transaction Accelerator, doing so has become rather straightforward.

ViaBTC Transaction Accelerator Reaches Milestone

All users need to do is enter the transaction ID of their pending Bitcoin transfer on the website. These transactions will be prioritized to include in the next block without having to pay a fee. However, there is a maximum of 100 transactions to be accelerated every hour. So far, over 5,000 transactions have been “boosted’ by this feature, which indicates community members are enjoying this service.

Although some people may argue 5,000 transactions is nothing major, it goes to show congestion can still be an issue. Bitcoin transactions take an average of ten minutes to receive one network confirmation, assuming they contain a  proper fee. However, since not everyone wants to pay large fees, they are often forced to wait. With the ViaBTC Transaction Accelerator, this problem is resolved. Over 5,000 times, up until this point, to be precise.

It is positive to see this service reach such a milestone in quick succession. What is even more interesting is keeping an eye on how this service will evolve. It is unclear if the Transaction Accelerator can scale to include more transactions every hour. Moreover, are it would not be surprising to see competing services launch in the coming months, even though it is doubtful any mining pools would support it right now.

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