Bitcoin confirmation. Unconfirmed transaction - what to do? How to speed up bitcoin transaction confirmation

Blockchain is a secure way to transfer funds that allows the user to get rid of the control of the modern financial system. But in order to use the technology, you need to know a number of features. These include confirmation of transactions. The BITSIDE editors studied the process of conducting transactions on the blockchain, the features of their confirmation, ways to speed up the process and possible problems.

A transaction in a blockchain is a way of transferring funds between users. The creator of the distributed ledger, Satoshi Nakamoto, designed it with two shortcomings of the financial system in mind:

• Slow work - international transfer can take up to five days. Banks are closed on weekends.
• Lots of intermediaries.

Nakamoto hoped that blockchain payments would be faster. Miners are engaged in their verification and confirmation.

The process itself is called mining. The participant, using special equipment, processes transactions and records them in a block. To do this, you need to solve a special mathematical problem. The one who copes with it first will receive a certain amount of cryptocurrency.

Confirmation is needed to counteract double spending - so that the user does not spend the same coins twice. To establish the authenticity of the transaction, it is checked for compliance with the blockchain. The data written to the distributed ledger cannot be changed or deleted, because it is stored on thousands of nodes at the same time.

The user can look at the state of the transaction using special services - “block explorers” (eng. block explorer). A popular option is Blockchain.info or Blockexplorer.com. At the top of the page there is a search engine where you can specify the block number, hash and other information. The service will then display the related information.

The indicators of one of the first thousand blocks, probably mined by Satoshi Nakamoto

How to confirm a blockchain transaction

Confirmation of a transaction in the BTC network is the process of including it in a block. As mentioned above, mining is used to implement this function.

In the classic blockchain client, a transaction is shown as unconfirmed until six more are added to the blockchain after the block it belongs to. But exchanges, merchants and other services can independently determine this indicator.

Many are interested in how long the confirmation process takes. On the Internet, you can read that with an unloaded network, it takes 10 minutes per block. This is how long it takes on average to find one block. Such a period is a parameter of the Bitcoin blockchain.

But this is an idealized option, which is not always possible in practice. The fact is that the Bitcoin network is often loaded. That is why a small transaction with a minimum commission can take much longer to be confirmed. If on June 19 the average confirmation speed in the distributed registry was 8.9 minutes, then at the peak in August it reached 30 minutes.

Bitcoin was created for fast and cheap transactions, but this is no longer the case. Many users are interested in how to determine the optimal commission amount.

The decision about which transaction will be next is taken by the miners. These are not just computer nodes, but people earning cryptocurrency. With the popularization of BTC, the number of payments has grown. Given the limitation of the Bitcoin system, where the block size is 1 MB, virtual queues of unconfirmed transactions began to form.

Bitcoin mining equipment is not cheap, and electricity costs are added to this. The competition among miners has also increased. Therefore, they strive not only to be the first to solve the problem and receive cryptocurrency, but also to receive high compensation from the participant making the transfer.

In the first half of June, the commission did not go beyond $1. This figure peaked during the cryptocurrency boom in December 2017. Along with the price of bitcoin, which soared to $20,000, the average fee increased to $54.9.

How to confirm a blockchain transaction faster? There are a number of ways to speed up the process:

1. Increase commission.
2. The amount of funds affects the processing speed - the more, the better.
3. Open transfers that expose participants' personal information are confirmed faster.
4. Services-accelerators. ViaBTC is popular. To work with the service, you need to go to the site, enter the transaction ID and captcha.
5. Paid Accelerators. Among them is BTC.com. Its working principle is similar to ViaVTC. You need to go to the site and specify the hash of the transaction. The service calculates the cost of the service and time. The next step is to decide whether to use the service or not.
6. Replace-by-fee - if the transaction is not confirmed, it can be replaced with a new one, increasing the payout to the miners. This feature is available, for example, in the Electrum and Green Address wallets.
7. Multi-signature - some services, including the GreenAddress wallet, put their own multi-signature, which indicates the reliability of the transaction. After that, transfers are processed faster.
8. CPFP (Child pays for parents) - you will have to use coins from an unconfirmed transaction. In the new deal, a large reward is set and the miners, in order to receive it, are forced to include the first one in the block.
9. Double spending is not the easiest method to increase the reward for miners. Step-by-step instruction there is .

There are other ways. Some of the features described above are only available on certain wallets.

Confirmation issues

Many are concerned about the question of what an unconfirmed blockchain transaction means. As mentioned above, such transactions are those that are not added to the block. This state can drag on for several hours, and with heavy network congestion - days.

There is a myth on the Internet about the expiration of the transaction confirmation period. But there is no such concept. Theoretically, it is possible that the transfer will remain unconfirmed for several years, and then it will still be processed and the payment will go through.

Some wallets have an expiration date. For example, you send a cryptocurrency, but it is not included in the block. After a few days (the period depends on the wallet), the transaction is deleted.

What to do if the transaction is not confirmed

First you need to understand the reasons. It is well known that this affects:

• transaction size;
• the size of the commission;
• network load.

If the funds are stored on a wallet with the Replace-by-fee function, you can use it. There are also enough opportunities to speed up the transaction. An easy way is to use accelerator services.

How to cancel a blockchain transaction

It is impossible to cancel a blockchain transaction. The blockchain is built in such a way that the transactions carried out in it are irreversible. This is one of the consequences of the fact that there are no intermediaries in the distributed ledger and each user sends funds directly to each other. BTC owners sometimes mistakenly send coins to strangers, but no one can help them in this case. Unless this random recipient will be so conscious as to send the funds back.

In this sense, bitcoin is similar to cash. If a person drops a banknote and an unknown person picks it up, then it will be possible to return it only if one of the parties saw the other. Otherwise, the cash cannot be tracked. In Bitcoin, when sent to an erroneous address, the recipient's address will be known to everyone, but it is impossible to understand which real person is behind it.

Although there is still one way to cancel a transaction on the Bitcoin network. To do this, you need to capture more than 50% of computing power. The amount of investment required for the purchase of equipment alone is almost $7 billion. Every day, you will have to pay almost $5 million for electricity. But, thanks to the concentration of power, you can, in fact, take over the network, and then cancel transactions or spend the same coins twice. True, bitcoin in this case will depreciate. Hardly a game worth the candle.

conclusions

The advantages of blockchain transactions include:

• Transparency and absence of intermediaries.
• Decentralization and independence from the traditional financial system.
• Availability - all owners of bitcoin can use the opportunity.
• The inability to change the data of the distributed ledger.
• Security against cyber attacks.

It is also customary to attribute the low commission and high speed to the advantages of the blockchain. But at the moment this is not the case.

The speed of confirmation depends on the commission, network congestion and the amount. To speed up the process, you have to use various tricks, wallet functions and additional services. Bitcoin has almost lost two of its advantages, but still remains a means of payment that can change the financial industry.

If you find an error, please highlight a piece of text and click Ctrl+Enter.

The process of confirming a Bitcoin transaction is the inclusion of a cryptocurrency transaction in a block. The Bitcoin system must accept the payment, otherwise the recipient will never receive the money. The transfer is considered as “officially carried out” only after the formation of six new blocks - this is how the blockchain network is protected from the possibility of double spending the same coin.

Otherwise, everyone would use the crypto coin countless times. Consider how long the transaction is confirmed, why it can freeze and how you can speed up the transfer.

Bitcoin transaction confirmation is the task of miners who create new chain blocks (1 MB in size) using the available computing power and receive a specific reward of 12.5 BTC for their work. The amount of the reward is a "tidbit" for network users who ensure the transfer of payments and the functioning of the system. The statement that the main purpose of miners is to mine cryptocurrencies is not entirely true.

As soon as the data on operations "clog" the block, the link is closed and acquires the status of confirmed. Blocks need 6 units for the transfer to be confirmed, and the funds to fall into the recipient's account. Block formation time is about 1 hour. On some sites, the sender has the right to reduce the number of checks to 2 when it comes to several small Bitcoin transfers. Such a measure will simplify and speed up their confirmation.

Why is the number of confirmations for bitcoin transactions 6? Theoretically, a fraudster must have at least 10% of the network hashrate in order to illegally make changes to the blockchain and fake a transaction. However, it will take millions of dollars to invest in mining equipment to get the most powerful hashrate. Even in this case, a barrier of 6 blocks is an almost impossible task. The security of the system is increased due to the unprofitability of these actions.

The reward of 12.5 BTC is available to miners only after 100 blocks are confirmed. The user can calculate the transaction time (20-60 min.), having information about how many confirmations are needed for Bitcoin transactions.

The rate of acceptance depends on other factors that can cause the transaction to freeze for up to 72 hours:

1. Payment weight. The larger the amount, the higher the value of the transfer. Especially when there is a generous commission.
Network bandwidth is limited, which is clearly seen in a significant load. There is a "plug", which lengthens the processing period.
2. Commission fee. The following fact is authentically known: by setting a higher commission, the user increases the chances of quickly pushing the transaction.
3. Variability. The decrease / increase in the rate indirectly puts pressure on the speed of confirmation of Bitcoin transfers.

If the cost does not fluctuate, the number of operations is carried out within the normal network bandwidth. As soon as the rate starts to "jump", traders get involved, and the system begins to experience significant overload.

The period of minimum volatility increases the likelihood of fast confirmation of Bitcoin transactions. Failure to meet deadlines will result in the following:

1. The exchange rate changes. Constant delays in payments lead to a negative attitude of network participants towards Bitcoin. This may indirectly affect the fluctuation of the cryptocurrency price.
2. Deals are broken. Inhibition leads to "loosening" of many business processes.
3. The reputation is deteriorating and the popularity of Bitcoin is declining.
4. The volume of transactions is reduced. Users are beginning to stick to other payment instruments. This has the worst effect on the scale of trade.

The process of confirming transactions in theory and practice: requires a wallet address and a private key (PK). The user goes through the authorization procedure and enters the storage where the FC is formed. The wallet then opens the address and converts the private key. So a person can get acquainted with information about the credited Bitcoin coins.

How to speed up transaction confirmation

Now we know how many bitcoin confirmations you need to go through in order for the system to accept the payment. In view of the many criteria that affect the conduct of a transaction, a logical question arises as to whether it is possible to speed up the confirmation of transactions in the bitcoin system.

Users actively use the following methods to prevent delays in sending:

• Centralized services like . Mandatory registration is provided.

When you click on Sign In at the top of the screen on the right, a form opens for entering the necessary information (e-mail address and invented/generated password):

A message with an active link will be sent to the specified email address, clicking on which will complete the registration of the Coinbase wallet. Private user keys are hosted on the resource. Making a payment does not affect the blockchain chain. There is no commission, and transactions are fast. Minus - there is no decentralization, because the process is controlled by a specific site.

• Multisignature. For example, the GreenAddress wallet provides two-factor authentication:

Here, the user forms a request for the transfer of the crypt using a private key. After checking for fraud, the service signs the payment. The technique kills two birds with one stone: it speeds up the confirmation of a Bitcoin transfer and improves security.

• Increase in commission.
• Open transfers. If you remove anonymity from the transaction and open information about the sender and addressee, the likelihood of a quick run of the transaction will increase.

If the money has already been sent, you can use other options to confirm the Bitcoin transaction in the blockchain wallet:

The operation is not confirmed for a long time

How long to wait for confirmation of a Bitcoin transaction depends on various reasons (fluctuation in value, excessive load on the network, small commission, weight) - the confirmation time is significantly extended.

A huge number of priority transfers with high fees are accumulating in the temporary storage of the Memory Pool, which bypass the "live" queue. The user is forced to wait. When a transaction hangs for more than 72 hours, the transaction is deleted from the register of records, and the money is returned to the sender.

In contact with

Bitcoin blockchain transaction, order, confirmation period. Opportunities to speed up the operation to approve the payment.

bitcoin confirmations

To transfer the rights to the Bitcoin cryptocurrency from the old owner to the new one, it is necessary to secure the approval of the network. Otherwise, the user does not have the ability to manage coins, even if they are formally his property.

1. How to check the confirmation of a bitcoin transaction?
2. How many confirmations do you need for a bitcoin transaction?
3. Where to see bitcoin confirmations?

These questions are asked by a person who has just started using Bitcoin coins.

bitcoin transaction confirmation

Immediately after the transaction with the cryptocurrency, the data for the transfer is transferred to the system for further processing. Informative keys are included in the block, bitcoin network files configured to permanently record user transfer data. Files are attached, become the end of the chain of data on all transactions. This chain is called Blockchain. Bitcoin transaction confirmation in the blockchainproduced. At the moment when the information file is included in the chain, the information recorded on it is not subject to change. At this stage, it writes data on the predecessor blocks that came before it. The record gives the information a legitimate status for all network participants. The connection of information on the operation to the composition of the block is referred to as a network confirmation. The procedure is aimed at protecting the system from the reuse of coins.

Beginners believe that the transfer is carried out immediately and falls into the block. On practice how many blocks to wait for bitcoin confirmation- unknown.

The legitimacy of the operation is proven when the transaction is included in 6 blocks. This equates to six confirmations. The transaction is added to the block during the mining procedure. Until the transfer is merged into 6 blocks, it is reflected in the Bitcoin client account as not approved.

Each site independently sets the number of blocks required to pay for services and goods of its own production.

bitcoin how many confirmationsrequires for the use of coins received from the network for the discovery of a block, varies from 100 to 120 approvals, which is determined by the type of client.

Bitcoin transaction confirmation, how long

Data on transactions from the chain acts as a representative complete list transfers, which constitutes the scheme of "circulation" of cryptocurrency coins.

Block composition:

1. Header - a hash link of the previous-current blocks.
2. Transaction-content, information about the reward (commission) for the basis of the block is recorded here.
3. List of remaining transactions.

How long to wait for confirmation of a bitcoin transaction,hardware dependent. Recording, approval of operational data is a complex, time-consuming procedure with multi-level steps. Their implementation requires the presence of specialized powerful equipment, because all the processes for calculating data are carried out by the Bitcoin user.

How long does it take to confirm a bitcoin transaction? There is no single correct answer to this question. The time of the operation depends on the crypto miners who are responsible for the mining of coins. On average, this procedure takes place in the range from 20 minutes to several days. Influencing factors:

• The degree of network load;
• The number of transactions left to be processed;
• hacker attacks;
• Other.

If a person is engaged in manipulations with cryptocurrency, he must have patience and stress resistance.

Check bitcoin confirmation

Now let's answer the question where to see confirmation of a bitcoin transaction? Knowledgeable users advise beginners who are looking for information about transactions carried out with coins to visit blockchain.info. The network offers detailed data on information blocks and their content, offers the user an online analysis mode, during which it is possible to assess the current market situation.

Understand the translation process how to see confirmation of a bitcoin transaction, simply. You can get the necessary information on the number of approvals for the assigned deal by going to the resource indicated above. Once on the Internet site, enter the hash number. Software will display the available block information. At the bottom of the page is a list of transfer operations from the block. Select the one you need information about.

Acceleration of the operation

Experienced users can suggest methods,how to speed up transaction confirmation bitcoin. These include:

1. Increasing the commission rate for a specialist miner. The optimal rate is advised to be set at 0.0002 BTC or more. The incentive of the specialist increases, as a result, he speeds up the process of finding blocks.
2. Adjust the amount of funds planned for transfer. The greater the number of cryptocurrency coins required for the transfer, the higher the rating will be given to the status of the cryptocurrency transaction.
3. Сoinbase.com is a specialized network for working with cryptocurrency, which is recommended by users to speed up the transfer. As part of the service, sellers and buyers use key retention. This procedure is further tied to this platform, and not to the parameters of the general network. The situation is similar with other specialized networks.
4. The use of bitcoin wallets with the "multi-signature" function. Here, the operation is authorized by the private key, and the signature of the wallet service is set with the second key. The advantage of this method is that it saves money and time.

It is difficult for beginners to understand the work of the components of the process, but for those who set out to succeed in cryptocurrency trading, it is necessary to study in detail the issue of the functioning of blocks, the basis of transactions. It seems possible to get the maximum effect from the transfer of cryptocurrency coins only after a competent analysis of the processes occurring inside the Bitcoin system.

bitcoin real paymentsystem with the same name unit of account and data transfer protocol. It has a decentralized structure. After registering in the Bitcoin system, the user receives the address of his own Bitcoin wallet, a valid password, information for passing identification, a combination of words in order to restore access if necessary. In the article, we will help you understand the approximate time of a Bitcoin transaction, in other words, how much time does this process take.

Bitcoin transaction time and how it is carried out

Bitcoin transaction processing time takes from 20 to 60 minutes. If the load is large, then the time for the operation increases. It all depends on the load on the network. For 2 years, the number of operations increased by 8 times (shown in the graph).

Scheduledisplays how much is the increase in the number of "trillions of hashes". Jumps occur in the system when the average number of transactions grows in their blocks. Volumes are increasing.
Ways to reduce time:

• Increase the commission for miners;
• Increase the volume of cryptocurrencies (higher the number of digital currency, higher status on the network - the transaction is carried out faster and takes a small amount of time);
• The use of special exchanges in which sellers and buyers will be able to save their own key due to which, confirmation takes place within the site, but not in the general network.

Waiting time and speed of transaction confirmation

Track transaction time today you can resort to the services: Blockchain.info, Chain.so. To understand how much time is spent on the blockchain , you need to go to one of the sites listed above and enter the hash operation into the search.

Detailed information about its status will appear on the screen. Transaction confirmation is the process of including a transaction as part of a block, which goes on for a certain period of time, as already noted.

Highlights of a Bitcoin transaction

Bitcoin transactions include additional details:

• key (public);
• the size of the listed crypto coins;
• initial information.

The specifics of the transaction algorithm:

• One user plans to spend digital currency to another user;
• After that, operations are sent to the network;
• Blocks are being formed (an individual number is assigned);
• Further, the blocks are sent to each of the users (sender and recipient);
• If there are no failures, the so-called registration of the last element in the database will take place, the block is attached to the chain;
• The end of the transaction - the recipient received the money from the user (sender).

Bitcoin Transfer Fee

Bitcoin makes it possible to function in detail, determining the amount of the commission convocation, in connection with the congestion in the blockchain. The transaction implementation period depends on the volume. Rather than a larger aggregate, this has more of an advantage of a proper transaction and a proof-of-hop hope period with further transfer of tokens to the recipient's wallet.

In Bitcoin, these procedures are the main ones, which are guaranteed by a significant premium. Operations with a significant commission are cultivated by miners in the main queue, for this reason the transition is executed almost instantly. In the event that the user allows saving and sets the promotion 2-3 times further than the appropriate one, in this case the proof period is extended by 3-4 days.

So that the transaction does not hang

The amount of premium to miners is in no way dependent on the means of transition. Significance contains only the "mass" of the transaction in bytes. An operation is considered a script that occupies a certain size in bytes. The miners cultivate the transaction, and the more significant the beloved contains, it is more difficult to process it. You can conduct a transaction without the so-called friezes in.

Bitcoin transaction- this is the transfer of data to a common network and displaying them in blocks. A block includes not one, but many transactions that are awaiting confirmation.

What are transactions in the Bitcoin network?

Information about operations with bitcoins is recorded in special blocks, which are a list of transactions. If you put the blocks in a chain, you will get the history of the “walking” of the cryptocurrency.

The block consists of a header and a list of transactions. The header contains the hash codes of transactions, own and the hash of the previous block . The first in the list is a transaction that indicates the reward (commission) for creating a new block.

To verify the authenticity of cryptocurrency transactions, transactions must be validated on the blockchain. It is a distributed database. Its parts are stored on many computers in the Bitcoin network.

Confirmation of a transaction is its attachment to the list of transactions in the block.

After a transaction with a cryptocurrency, the accounts on the side of the sender and the recipient are not updated immediately. In traditional user applications, to confirm a transaction, six blocks must be found that prove its validity.

In this case, the user conducting the operation can reduce the number of checks. This should be done if you operate with a small amount of bitcoins. This simplifies and speeds up the transaction confirmation process.

If the verification of the transfer of crypto money did not occur, the system returns the funds back to the sender's wallet.

What is 3 confirmations in the Bitcoin system?

How to get confirmation?

To reduce the possibility of double use of funds, any transaction must receive a certain number of confirmations (a requirement of the Bitcoin system). Various online services set their own confirmation threshold.

To receive confirmations, the owner of the wallet does not need to do anything. The Bitcoin system automatically generates confirmations over time.. This process takes from 5 to 30 minutes, in rare cases several hours.

Transaction time in the Bitcoin blockchain

On average, a transaction takes from 20 minutes to 60 minutes, but at peak times this time can be increased many times over.

To make a transfer, the transaction must be verified in 6 blocks . If this does not happen, crypto money will not reach the final destination. Accordingly, the time of sending finances depends on the speed of confirmations.

The blockchain.info website is unstable, and the queue for transfers continues to grow steadily. At this speed, even without adding new transactions, it will take more than 8-10 hours to process the existing queue: https://blockchain.info/ru/unconfirmed-transactions

The waiting time depends on the workload of the blockchain network. Over the past two years, the number of bitcoin transactions has increased by more than 8 times.

In general, bitcoin holders should expect a period of 2-3 hours to 2 days.

Transfer processing time may increase in the following cases:

1. Excessive network congestion during sharp fluctuations in the bitcoin exchange rate;
2. Low transaction priority (frequent transfers of small amounts);
3. Low commission.

This can be seen in the chart below:

It shows the growth in the number of trillions of hashes executed per second on the Bitcoin network.. There are also bursts in the network when the average number of transactions in blocks increases, and the block size itself increases to a critical value.

Transaction time reduction methods:

1. Increasing the commission for miners- experts advise “not to be greedy” and give back 0.0002 BTC or more for confirmation.
2. The amount of funds transferred– the more cryptocurrencies you transfer, the higher the status of the operation in the “crypto network”.
3. Use of specialized sites like coinbase.com - on such services, buyers and sellers save their keys. Thanks to this, confirmation takes place within this platform, and not in the general network.

How to verify a bitcoin transaction?

You can track your bitcoin transaction using public services (registration is not required):

To find out how many network confirmations have passed for a particular transaction, go to the Blockchain.info or Chain.so platform and enter the hash of the operation known to you in the search box. After that, all information about the block and its current status will be displayed.

Confirmed and unconfirmed transactions

The process of including a transaction in the found block is called transaction confirmation. Inclusion in 1 block = 1 confirmation, when there are 6 such confirmations and above, the transaction is considered confirmed. This feature was introduced to protect against repeated spending of the same bitcoins.

The classic Bitcoin client will display the transaction as "unconfirmed" until there are 6 confirmations (6 blocks found). Sites or services that accept Bitcoin to pay for their goods or services may set their own limits on the number of blocks needed to confirm a transaction.

The number 6 was not chosen by chance: it is based on the theory that the likelihood that an attacker can accumulate more than 10% of the network hashrate to fake transactions is small, and that a negligible risk (less than 0.1%) is acceptable.

If the transfer is not completed within 20-30 minutes, do not panic. With heavy network traffic in recent days, even high-fee transactions may take longer to process than usual. Also, do not worry about the safety of your funds - if the transaction is not included in the block, the bitcoins will return to your wallet after a timeout (usually 72 hours).

Do you want to at least roughly know how much longer the translation will be carried out? To do this, you need to know the transaction hash. If you remember the commission that was set during the transfer, immediately go to step 4.

• First you need to know the amount of the commission for the transaction. This can be done on one of the public services. We go to blockchain.info, enter the hash in the search field, and click on the transaction.

• We look at the column "Pay per byte" - this will be the value we need.

In addition, on these sites you can find out the recommended commission value - this will come in handy for future transfers.

1. Remember:

the size of the commission does not depend on the amount, but on the size of the transaction in bytes

1. So, in the figure above, when transferring 3.3 BTC, the fee per byte is 372 satoshi, and the transaction size is 191 bytes. Therefore, the total transfer fee in this case is 372 x 191 = 71,052 satoshi, or about $11 (at a bitcoin rate of $15,500 for 1 BTC).

How to speed up a bitcoin transaction?

Let's consider several ways how to use the blockchain system in "high-speed mode":

1. Using centralized services with a separate transaction system . There are resources that offer services to create and use Bitcoin wallets that conduct digital currency transactions between their clients without involving the blockchain ecosystem. Such services offer their clients instant transactions, but only if the currency transfer occurs within the system. One such service is Coinbase.. It has a transaction system separate from the blockchain, thanks to which transfers can be made almost instantly.
2. Using multi-signature to speed up transaction confirmation in the Bitcoin system. Some companies, such as GreenAddress, in addition to the standard transaction signature provided by the system, put their multi-signature as confirmation of the reliability of the transfer. The blockchain system considers such transactions as reliable and they are faster accepted into the generated block. In addition, the use of multi-signature technology increases the security of cryptocurrency transactions.
3. Using open transactions and trusted servers . The bottom line is that an open transaction, when all information about the sending and receiving parties is present, receives confirmation of the system faster by accepting data into the generated block. But few people use open Bitcoin transactions, as this contradicts the very idea of ​​​​using a digital currency, namely, the anonymity of money transfers.

Speed ​​up transactions with Opt-In Replace-by-fee

The easiest way to force your transaction to jump the queue is to use an option called Opt-InReplace-by-Fee (Opt-InRBF). With its help, you can resend the same transaction, but with a higher commission.

Without this feature, when a transaction is resubmitted on the network with an increased fee, the network will reject the new transaction. Bitcoin nodes usually treat a new transaction as a double spend and therefore do not accept or delay it.

However, by sending a transaction using Opt-InRBF, you are essentially telling the network that you can resend that transaction at a later time, but with a higher fee. As a result, most Bitcoin nodes accept the new transaction instead of the old one; thus, the new transaction jumps the queue.

Whether your transaction will be included in the next block depends on which miner will mine a new block: not all miners use Opt-InRBF. One way or another, enough miners support this option for your transaction to be included in the next few blocks.

Currently, the Opt-InRBF feature is supported by at least two wallets: Electrum and GreenAddress. In Bitcoin Core, it is supported when processing transactions, however, creating your own RBF transactions is possible only with the help of third-party scripts. Depending on the wallet, it may be necessary to update the Opt-InRBF in the menu settings before sending the (first) transaction.

Bitcoin transaction fees

The peculiarity of the Bitcoin system is the fact that the user can set the amount of the commission at his own discretion . But the duration of the translation directly depends on this value. The larger its amount, the higher the priority level of the corresponding operation and the less time it takes to receive confirmation from the system.

In the Bitcoin blockchain, transactions with a large reward to Bitcoin network miners are the first to be validated. In some cases, if you save a lot, the confirmation procedure may take several days.

What commission to set so that the transaction does not freeze - table!

The size of the commission does not depend on the amount of the transaction, but depends only on the size of the transaction in Bytes. A transaction is essentially a kind of script that occupies a certain place in Bytes, and it is more difficult for miners to process it, the larger it is.

Below is a table of priorities for including a transaction in a block. The recommended commission is predicted taking into account the load of the Bitcoin network in order to quickly confirm your transaction.

Last column in the table shows the prediction that a payment with a transaction fee corresponding to this line will fall within the confirmation time interval from 0 to 25 minutes.