While Bitcoin is certainly the most valuable and popular cryptocurrency in the industry at the moment, it is not a perfect product. Bitcoin’s blockchain is now so congested that performing a single transaction on the network can take over an hour at certain times. This problem is growing and has given way to so-called “Bitcoin transaction accelerators.”
So, what exactly are transaction accelerators, how do they work, and are they safe to use?
What is a Bitcoin Transaction Accelerator?
While Bitcoin’s transaction times fluctuate regularly, the consensus is that they take too long. In our modern daily lives, we are used to having our payments processed immediately, so it is no surprise that Bitcoin users are frustrated by the increasing waiting times for any transaction on the blockchain. For outsiders who are new to crypto, it is annoying.
While a confirmation can only take a few minutes on the Bitcoin blockchain, each transaction must go through at least six of these to be completed. Because Bitcoin’s network is so busy, it may take a while to reach the end of this verification cycle. Although you may think there is no way to remedy this, transaction accelerators can be helpful.
As the name suggests, transaction accelerators can theoretically reduce the time it takes for a given transaction to be processed. However, no technology can directly force a Bitcoin transaction to process faster. So when you use an accelerator, you do not interact directly with the blockchain and push your transaction to the front of the queue.
Instead, transaction accelerators are operated by miners. These people are responsible for processing and creating new blocks in the Bitcoin network and therefore have access to the mempool. Miners essentially have all the keys when it comes to transaction verification, as they can choose to process transactions with a higher fee. This is because transaction fees make up the wages of miners along with Bitcoin mining rewards.
Miners have noticed the high demand for shorter transaction times, and have therefore taken advantage of this by offering users the opportunity to advance their transactions. At its core, a transaction accelerator is just a user asking miners if they can confirm their transaction faster and add it to the next block. Remember it is a request, not a requirement.
Request that the transaction be accelerated can be done either for free or for a price, depending on the accelerator you use and how much you need the transaction time to be reduced.
Take ViaBTC, for example. This platform offers various services, including a Bitcoin transaction accelerator. On this page you can choose to use the accelerator for free or for a fee. Paying a fee to use the accelerator has benefits, as the financial incentive increases your transaction to the top of the list. This is because the paid service offers interaction with multiple mines, which means that your priority transaction is available to more miners for processing.
If you use the accelerator for free, however, your transaction will be prioritized, but not as high as it would be via the paid service. In this case, simply resubmit the transaction to the mining network to remind them that it needs to be verified.
To prioritize your transaction on a given accelerator, you must enter your unique transaction ID or hash so that the miners can recognize which transaction you want to speed up. For example, many accelerators allow you to pay with Bitcoin or an altcoin.
Although the process of transaction acceleration seems quite simple, some reservations are associated with the process, and some more malicious parties have also decided to take advantage of this new market. So let’s discuss the disadvantages and security features of Bitcoin transaction accelerators.
Is It Safe To Use A Bitcoin Transaction Accelerator?
It is worth noting that there is no guarantee that your transaction will be prioritized when using a Bitcoin transaction accelerator. As mentioned earlier, accelerators for requests are not requirements. While some providers offer a high probability of prioritization, this can never be a guarantee. This is due to a number of different factors.
First, your previous transaction may not have been confirmed yet. As a rule, Bitcoin transactions can not be confirmed unless all previous transactions related to you have already been made. If your previous transaction remains in the meme pool, you will not be able to do anything. In addition, some free accelerators have a transaction size limit, so your request may be rejected if the transaction size exceeds this. Finally, you can also get a request quota if you use a free accelerator. So if you hit this cap, you will not be able to use the accelerator pedal until the limit is updated.
Because most transaction accelerators do not issue refunds, you risk a financial loss when using a paid accelerator service, even if that service is reliable and legitimate.
But things do not stop here. Additional risks associated with transaction accelerators are not only frustrating but potentially harmful. As you may already know, the cryptocurrency industry is full of cybercriminals who want to trick victims out of their money and personal data. And these malicious people have not overlooked transaction accelerators as an opportunity to make money.
Fraud with transaction accelerator is relatively simple, yet dangerous. They involve the creation of fake websites that claim to offer legitimate accelerator services, often with compelling language and a seemingly professional design.
The goal here is to entice users, take their payment and then go on the road. Unfortunately, because this is so easy to do, many of the transaction accelerators you see out there are fake. You will see a similar trend in the crypto cloud mining industry, where people pay a fee for external mining just for not receiving anything in return.
Because some transaction accelerators are not very old or well-established, it can be difficult to determine if they are safe even if they really are. Crypto-scammers can be so sophisticated in their approach that a website can look completely legitimate and easily trick users into handing over a fee. So the best thing you can do here is look for cracks in the foundation.
For example, if an accelerator site claims to be two years old, run the URL through a domain controller, such as DupliChecker. This allows you to see the age of the site domain. So if the site states that it is two years old, but the domain is younger than that, you may be dealing with a fake transaction accelerator.
You can also check the reviews for a given transaction accelerator. We recommend checking a review site for this, such as TrustPilot, because any reviews on the accelerator page may be fabricated. If you find that the reviews are mostly negative, or there are no reviews at all for the site in question, you should consider it a red flag. While this may not confirm that the site is malicious, it is certainly an indicator of illegal activity.
Bitcoin transaction accelerators are usually scams
Although you can speed up your transaction time by using a Bitcoin transaction accelerator, it is important to note the potential risks of the process and be aware of the many scam sites out there that are ready to take your payment without giving anything back. . Setting aside a few minutes to run a quick check of any accelerator site is invaluable in keeping your money safe.
And if you do not want your Bitcoin transaction to fail or take an age to complete in the first place, use a cryptocurrency wallet that allows you to award a major miner’s fees or tips. That way, you do not risk exposing yourself and your Bitcoin to fraud or anything else.
