Bitcoin Transaction Accelerator. Does it Work or Just Another Hype? - page 2.

ABCbits

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Quote from: OmegaStarScream on May 31, 2023, 04:14:15 AM

1. Most of them just rebroadcast the transaction to the network. AFAIK, ViaBTC accelerator is the only one that does its job[1]

And in the future, mempool.space also will offer accelerator service[1].

Quote from: OmegaStarScream on May 31, 2023, 04:14:15 AM

3. Not really. ViaBTC for example has an hourly limit of 100 transactions per 1 hour. That doesn't do much when you have hundreds of thousands of transactions sitting in the mempool.

In addition, ViaBTC currently only has 7.92% of total hashrate[2]. That means every ~12.6 blocks mined, about one block mined by ViaBTC. While ~2 hours is far better than waiting for few days, it's still not fast enough for some people.

[1] https://www.nobsbitcoin.com/mempool-acceleration-marketplace-upcoming/
[2] https://explorer.btc.com/btc/pool/54

Aanuoluwatofunmi

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Quote from: mvdheuvel1983 on May 31, 2023, 04:08:31 AM

First, do bitcoin transaction accelerators actually work as they claim, or is it just hype?

Bitcoin transaction accelerator works and I've used one of the well recommendable one like Viabtc, it's work perfectly because they rebroadcast your transactions on theirs to get yours confirmed together with theirs, you can as well use RBF function to pump your transactions fee if you're using a wallet that supports the features, laster you can also achieve this by yourself by ensuring making transactions when the mempool is not congested.

Quote from: mvdheuvel1983 on May 31, 2023, 04:08:31 AM

Second, aside from bitcoin transaction accelerator services, are there manual ways to speed up transactions?

If you're wallet support RBF function, you can pump the fee to get it confirmed more faster.

Quote from: mvdheuvel1983 on May 31, 2023, 04:08:31 AM

Third, does using a bitcoin transaction accelerator reduce the high transaction fees during network congestion, as we experienced?

Yes, for instance if you're using an electrum wallet, you can choose the option of static and adjust the few to about 15 to 20 sat/vbyte before sending your transaction and then you make use of the Viabtc mining pool to boost your transactions confirmations time by placing your transactions ID on their website for further processing.

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Quote from: mvdheuvel1983 on May 31, 2023, 04:08:31 AM

Third, does using a bitcoin transaction accelerator reduce the high transaction fees during network congestion, as we experienced?

You could only use it to reduce/save fee on "your" transactions. For instance, if you setup a transaction in a way where it meets Viabtc's minimum conditions, you could stay below the recommended fee rate and still have your transaction confirmed within a reasonable amount of time.

un_rank

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Quote from: mvdheuvel1983 on May 31, 2023, 04:08:31 AM

First, do bitcoin transaction accelerators actually work as they claim, or is it just hype?
Second, aside from bitcoin transaction accelerator services, are there manual ways to speed up transactions?
Third, does using a bitcoin transaction accelerator reduce the high transaction fees during network congestion, as we experienced?

Yes they do AFAIK. Some in their description tell you that they only rebroadcast your transaction, ViaBTC helps to include transactions into their blocks for mining, for free submissions it has to be below a certain size and the tx fees have to be above a certain sat/vbyte
The only way is to bump the fee paid on the transaction if RBF is enabled.
You can take a proactive step to consolidate your inputs when fees are low so the feerate on it is low even when the mempool is full.
No, it does not reduce the transaction fees it only helps to accelerate transactions already in the mempool

- Jay -

Charles-Tim

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ViaBTC is the only valid free accelerator that is existing for now, all others are not accelerating anything.

Quote from: OmegaStarScream on May 31, 2023, 04:14:15 AM

3. Not really. ViaBTC for example has an hourly limit of 100 transactions per 1 hour. That doesn't do much when you have hundreds of thousands of transactions sitting in the mempool.

When the transaction size has been changed not to be more than 500 sat for each transaction, ViaBTC free accelerator has changed and no longer congested. In the recent Ordinals and Inscriptions congestion of the mempool, it is always easy to accelerate while using ViaBTC free accelerator.

Zaguru12

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I would say they actually do work but just like the post above only ViaBTC is the most trusted by the forum community, but there is also the BitTools but I am not certain of its transparency. But aside them most of these accelerators just coming out recently seems more like an hype to me or maybe scammers tactics.

Quote from: mvdheuvel1983 on May 31, 2023, 04:08:31 AM

Second, aside from bitcoin transaction accelerator services, are there manual ways to speed up transactions?

Aside the method of either RBF or CPFP, the only manual way could be tipping off of a mining pool or a miner offline if you’re familiar with one to include your transaction into the block.

OmegaStarScream

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1. Most of them just rebroadcast the transaction to the network. AFAIK, ViaBTC accelerator is the only one that does its job[1]
2. Using RBF. If you paid low fees, you can increase them afterward.
3. Not really. ViaBTC for example has an hourly limit of 100 transactions per 1 hour. That doesn't do much when you have hundreds of thousands of transactions sitting in the mempool.

[1] https://www.viabtc.com/tools/txaccelerator/

mvdheuvel1983

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We know how crazy the last couple of weeks have been with the network congestion and transaction fees. Even some signature campaign managers have had to open it up for the participants to choose whether they want to be paid monthly or biweekly. This was one of the solutions to reduce the time it took for a transaction to confirm and save some costs. For participants of other signature campaigns who didn't have this option, they had to wait two (2) to three (3) days before their payment arrived.

While browsing the service board, I came across a user's post advertising a free or paid bitcoin transaction accelerator (please note that the purpose of this topic is not to discuss the user's reputation; I am indifferent to that. However, I noticed that no reputable member has interacted with the thread). In simple terms, a bitcoin transaction accelerator is used to speed up the confirmation rate of transactions.

My questions are:

First, do bitcoin transaction accelerators actually work as they claim, or is it just hype?
Second, aside from bitcoin transaction accelerator services, are there manual ways to speed up transactions?
Third, does using a bitcoin transaction accelerator reduce the high transaction fees during network congestion, as we experienced?

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