ViaWallet｜How to Speed up Transactions Amidst Network Congestion and the BRC-20 Boom

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Since the launch of the Ordinals protocol earlier this year, Bitcoin has regained the crypto spotlight. The combination between NFTs, the hottest trend, and Bitcoin, the No.1 crypto, has sparked exciting and disruptive innovations, and investors have also jumped on board. In May, the explosive popularity of BRC-20, an innovative experiment, reached a fever pitch. As of May 16, the number of inscriptions minted on the Bitcoin network has surpassed 7 million, with over 400,000 inscriptions minted on May 7 alone.

Source: Dune

The frenzy surrounding BRC-20 has sparked debates in the Bitcoin community, primarily centering around network congestion caused by BRC-20 transactions flooding the network in recent weeks. According to ViaWallet Explorer, on May 7, the number of unconfirmed transactions across the whole Bitcoin network reached a record high of over 300,000. As of May 16, there are still 108,976 transactions awaiting confirmation.

Source: ViaWallet Explorer

Network congestion has resulted in expensive transaction fees. Data from ViaWallet Explorer indicates that 635 bitcoins were paid in miner fees on May 8, with an average miner fee of 0.0011 BTC. In contrast, the average miner fee was only less than 0.0002 BTC in previous months.

Source: ViaWallet Explorer

Source: ViaWallet Explorer

Both regular Bitcoin traders and investors wishing to access funds have been caught off guard by the sudden surge in miner fees and the large-scale network congestion. Some users paid the usual transaction fees, only to find their transactions queued in the mempool due to low fees, awaiting confirmation for hours or even longer.

For users in urgent need of funds, ViaWallet offers BTC Transaction Accelerator to help their transactions get confirmed faster.

BTC Transaction Accelerator is a unique service provided by ViaWallet in collaboration with leading BTC pools like ViaBTC. Today, most BTC blocks are packaged by mining pools, which can pull a transaction from the mempool and have it included in the block for the next packaging task. This minimizes the time needed for confirmation, offering the fastest acceleration service.

How to speed up transactions in ViaWallet:

1. Open the ViaWallet App, tap [Me] at the bottom, and then select [Advanced];
2. Choose [BTC Transaction Accelerator] from the list of advanced tools;
3. Copy the Transaction ID, paste it into the input box, and tap [Estimated Price] to enter the payment page;
4. Select your preferred settlement coin (BCH and LTC are supported);
5. After confirmation of the price, make sure you’ve got sufficient wallet balance, and tap [Submit].
6. Wait for a pool partner to mine a new block, and your transaction will be prioritized for confirmation.

A transaction ID, also known as a transaction hash, is a string of characters calculated based on attributes that include the size, date, and type of the BTC transaction. Every transaction comes with a unique transaction ID. In ViaWallet, you can tap the Bitcoin icon to view the transaction details and copy the corresponding transaction ID at any moment.

The price of BTC acceleration varies based on factors including the size of the accelerated transaction, the size of unconfirmed transactions in the queue, and the current BTC price, and the specific price will be displayed on the relevant page.

You can also access the transaction acceleration service provided by ViaWallet Explorer, in addition to the App:

1. Tap the transaction awaiting confirmation;
2. Select [Go to the Explorer for more info];
3. Tap [Accelerate] on the Explorer page;
4. Choose your preferred settlement coin (BCH and LTC are supported);
5. Follow the instructions to transfer the corresponding amount of BCH/LTC to the address provided, and tap [Payment Completed] once the transfer is confirmed;
6. Wait for a pool partner to mine a new block.

As the lucky value fluctuates, the actual confirmation time is subject to the block time. BTC Transaction Accelerator allows your transactions to get confirmed within a comparatively short period despite massive network congestion. Download ViaWallet now to try out this amazing feature!

Download ViaWallet at https://viawallet.com/

Accelerate your BTC transaction through ViaWallet Explorer at https://explorer.viawallet.com/btc/tool/txaccelerator