November 9, 2018 Two:36 pm Two
Unconfirmed bitcoin transactions can now be confirmed within minutes by paying only with Bitcoin Metselspecie for an acceleration service run by BTC.com.
The network is suffering considerable congestion due to limited capacity, with some 30,000 transactions stuck, while fees are running at around $Five.
Miners usually prioritize the highest toverfee transactions, but there are no overeenstemming rules that enforce what transaction should be included te a block, or whether any should be included at all, with many zero block transactions mined.
Spil such, miners can choose to include even zero toverfee transactions if they like, but so being profit motivated they have not done so out of the good of their heart.
However, if you pay at least one miner around $16 worth of Bitcoin Contant – and only bitcoin metselspecie, they do not accept any other currency – then regardless of whatever toverfee you paid they will confirm it ter the next block they mine.
Once a transaction receives one confirmation, then the other blocks have to build on top of it, so it would receive 6 confirmations within the usual 1 hour average.
Bitcoin accelerator screenshot
Previously they used to accept Visa to confirm your stuck bitcoin transaction, but the irony of that voorwaarde have bot too high, so they went with the slightly less hilarious situation where you have to pay with Bitcoin Specie to accelerate the “internet money,” which isn’t presently working very well through them tubes because it has no capacity and can not scale, according to its developers.
Unlike Bitcoin Metselspecie, which has 8 times more capacity than bitcoin and can scale to spil good spil unlimited transactions through sharding.
But this acceleration method might be just a very first generation version now that it has become somewhat clear bitcoin doesn’t project to potentially everzwijn lift its on-chain capacity.
Companies therefore, if they still wish to use the asset, might soon have to make wholesale bulk purchases of block-space directly from miners, reserving whatever limited capacity there is for themselves, so providing their customers with a slightly more convenient service.
Their customers, of course, would have to pay for it, on top of the $Five billion they already pay miners. But through thesis bulk purchases they might pay a bit less, yet still a bit more than they would if they just used Visa.
Through thesis bulk purchases, plus those of canap like hubs, competition might send fees to perhaps $100 or $1,000, making bitcoin’s blockchain unusable for peer-to-peer transactions.
However, you’ll very likely still be able to accelerate it by paying with Bitcoin Metselspecie if your super valuable one million or more transaction got stuck.