Your Bitcoin transactions can take hours or even days, and this has become a problem for many users recently. The problem is increasing, especially when the network is under pressure. But what is the reason behind this delay? And how can you speed up your Bitcoin transactions in an easy way on Binance?
How does the Bitcoin network work?
In order to understand why there is a delay in the transaction, we must first understand how the Bitcoin network works.
When you make a transaction, it is not added directly to the blockchain. Instead, the transaction enters a “mempool.” A mempool is a list of unconfirmed transactions waiting to be included in the next block by miners.
Miners' earnings from each block come from two main sources: block rewards and transaction fees.
1. Block Rewards
The block reward is the fixed amount of money a miner gets when mining a new block. This reward is currently 3.125 BTC per block.
2. Transaction Fees
In addition to the fixed block reward, miners also receive transaction fees that users pay when they make transactions on the network. As mining costs increase, transaction fees have become a significant part of miners’ profits.
So when a miner chooses which transactions to include in a block, it is in his best interest to add the transactions that represent the highest profit for him.
The higher the transaction fee, the higher the chance of it being included in the next block quickly. This means that when the network is under high pressure, a transaction with a low fee will stay in the mempool for a long time until the network is either under pressure or a miner picks it up.
How to speed up Bitcoin transaction?
To solve the problem of delayed Bitcoin transactions, transaction acceleration services have emerged that allow you to pay an additional fee to speed up the process of confirming your transaction.
There are many transaction acceleration services in the market, but Binance offers the service in a simple and easy-to-use way.
Steps to use the transaction accelerator on Binance
Open the Binance app and go to the home page.
Find Pool in the list.
Choose BTC TX Acceleration.
Paste the hash of your delayed transaction in the space provided.
You will be shown the cost of accelerating the transaction and after paying the fee, your transaction will be accelerated and included in the next block.
Of course, transaction acceleration services may be relatively expensive if your transfer value is small, but as the Bitcoin network expands and the number of users increases, these services are expected to become more popular.
These services can be likened to the VIP services we see in government agencies or airports, where you pay an additional amount to speed up procedures when you are in a hurry.
