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Review ViaBTC Bitcoin transaction accelerator

Recently the bitcoin network encounters huge congestion. You could see the below chart to show the number of transactions waiting to be confirmed. Over 64k transactions are waiting to be included in the blocks. The fees per byte are mounting to be able to get the transactions to be confirmed. Many bitcoin users are suffering severe delay after sending out the transactions, even waiting for days.

Mempool-Transaction-Count-one-week-2017-3-4

Bitcoin is losing the original meaning of being fast, cheap, efficient payment network. ViaBTC is standing up and launched bitcoin transaction accelerator service to support block size increase proposals like Bitcoin Unlimited or Bitcoin Classic, as stated in the popup window after entering to the accelerator page.

How To Use it?

Viabtc-txaccelerator

  1. Users have to send out the bitcoin transaction first through the wallet. Then the tx ID could be found in the bitcoin explorer then pasted to the form in the tx accelerater page.
  2. Enter Captcha
  3. Submit and wait for the transaction to be confirmed.

What is ViaBTC transaction accelerator?

Bitcoin users could submit stuck transaction ID to ViaBTC, who will give priority to include them in the next mined block by ViaBTC pool with the requirement of paying minimum 0.0001 BTC/KB. But there are 100 tx limits per hour.

Due to the popularity of this service, every hour the requested number of transactions is over 100 in most of times. You could probably see this message “Submissions are beyond limit. Please try later” on the top middle of the page, you have to do it in the next hour.

After submitting the transaction, you have to wait for the next block to be mined by ViaBTC pool, which can be able to include the transactions.

How does it work?

At the moment ViaBTC pool has 8.7% of bitcoin network hashrate at the mean time. You could check the found block list by it. It varies from minutes to hours for the time took to find a block. Therefore, you have to be patient to wait for it.

But you should keep in mind that next time you should include the appropriate fees and shouldn’t rely on this service, which doesn’t guarantee the tx will be bumped up any time soon. Another reason is that there are so many demand for this service, they might not be able to include your tx in the next found block by ViaBTC pool, maybe the second one, even the third one.

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