Transaction Confirmations & Accelerator | How it works ?

fillippone

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Quote from: Injective on June 03, 2020, 12:53:21 AM

What is the Average Bitcoin Confirmation Time?
There is a greater than 60% chance your transaction will be confirmed within 10 minutes if you pay a high enough fee:

Minutes waited Probability of block being found
0 0%
10 62%
20 85%
30 96%
40 98%
50 99%
60+ 100%

I think it is not the case. Average waiting time for a block to be found is always 10 minutes. Be the last block mined 0 seconds ago or 10 minutes ago (Poisson distibution).
I don't know either where you got the above probabilities. We recently hadd a two hours gap between blocks. So it has proven wrong also on the last row.

Quote from: Injective on June 03, 2020, 12:53:21 AM

There is no way for you to speed up the rate at which blocks are added to the blockchain. However, you can speed up the likelyhood your transaction is included in the next block by increasing the fees you pay for the transaction.

This is debatable, if you pay a fee that is higher of the lowest fee, increasing the fee has no effect. Once you buy the tickert for the next block, paying more than the minimum has no effect, you are actually wasting precious sats.

Quote from: Injective on June 03, 2020, 12:53:21 AM

If your transaction stuck, there are a few ways to fix a stuck transaction. One way is to do a replace by fee (RBF) transaction. The other is to do a child-pays-for-parent (CPFP) transaction. You can also use a bitcoin accelerator service, but this is very expensive and not advisable anymore since there are other options. These are more advanced techniques, so we wrote up an entire page about all of them here.

Of course you cannot use bothRBF and CPFP. It depends if you are the sender or the receiver of such transaction.

Injective

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What is the Average Bitcoin Confirmation Time?
There is a greater than 60% chance your transaction will be confirmed within 10 minutes if you pay a high enough fee:

Minutes waited Probability of block being found
0 0%
10 62%
20 85%
30 96%
40 98%
50 99%
60+ 100%

There is no way for you to speed up the rate at which blocks are added to the blockchain. However, you can speed up the likelyhood your transaction is included in the next block by increasing the fees you pay for the transaction.

You can find what is considered a high fee at any given time by looking at our fee calculator.

If your transaction stuck, there are a few ways to fix a stuck transaction. One way is to do a replace by fee (RBF) transaction. The other is to do a child-pays-for-parent (CPFP) transaction. You can also use a bitcoin accelerator service, but this is very expensive and not advisable anymore since there are other options. These are more advanced techniques, so we wrote up an entire page about all of them here.

Lucius

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Quote from: fillippone on June 02, 2020, 05:21:12 AM

Correct me if I am wrong but any free tx accelerator are scam.
Even those of a mining pools: why should a mining pool, competing in one of the most aggressive and competitive industry in the world, include your lowest fee paying transaction in their block?

I have used the ViaBTC accelerator many times and I can say from personal experience that it has almost always helped me to get the first confirmation relatively quickly and cheaply. Of course, I’m talking about their free service which is limited to 100 transactions per hour and minumum fee of 0.0001BTC/KB.

Why one mining pool provides such a service completely free of charge? Well certainly for the reason to promote some of its services such as cloud mining, wallet app or just to attract some new players in their mining pool.

fillippone

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Quote from: pooya87 on June 01, 2020, 11:03:27 PM

keep in mind that many of the websites and announcements on bitcointalk that you see claiming to "accelerate" your transaction are trying to scam you.

I would say even outside Bitcointalk.org.

Correct me if I am wrong but any free tx accelerator are scam.
Even those of a mining pools: why should a mining pool, competing in one of the most aggressive and competitive industry in the world, include your lowest fee paying transaction in their block? All they can do is prioritise your transaction in case you are paying the exact same amount of another one. So probably they are, to say the least, ineffective.

Any free accelerator outside mining pool is probably scam.

Paid accelerators are instead probably scam. But I haven't honestly never used them, as I relayed to RBF or CPFP when I was in dire need to have my tx confirmed.

nc50lc

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Quote from: Bitcoin_BOy$ on June 01, 2020, 07:40:05 PM

- What about transaction accelerators how they work ? is it possible to make a transaction accelerator that work only for my transactions ?

If you have an ASIC farm w/ enough hashrate to solo mine Bitcoin and frequently "winning" blocks, then you can prioritize it yourself
by using RPC command through the client (Bitcoin Core) connected to your mining software.
Use prioritisetransaction "TXID" 0 100000000 (usage link) to prioritize your own transaction.

You won't be able to do this if you're mining in a pool.

pooya87

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the correct term to use instead of "accelerate" is "prioritize".

how do they work?
imagine a self driving car that can only seat 5 passengers. if there are 1 or 2, .... or 5 people requesting those seats they can all fit in the car and not even pay anything. now if there were 6 passengers a competition takes place between all 6 people trying to buy that seat and the "car" chooses those paying higher, in other words it prioritizes those paying a higher "fee" and 1 passenger will be left behind.

in bitcoin terms the "car" is the block and "passengers" are transactions and the "5 seats" is the 4 MB block weight. when there are more transactions than there is block space, miners choose the transaction paying a higher fee. let say the lowest high-priority fee to pay is 10 satoshi/byte and you have paid 9. to "accelerate" this you either have to bump the fee yourself using RBF or if you can't you have to pay it to the miner in another transaction or in another way (eg. using PayPal!!!) so that they prioritize your transaction. that is called "acceleration".

keep in mind that many of the websites and announcements on bitcointalk that you see claiming to "accelerate" your transaction are trying to scam you.

joniboini

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Quote from: Bitcoin_BOy$ on June 01, 2020, 07:40:05 PM

is it possible to make a transaction accelerator that work only for my transactions ?

The cost to build such thing is probably bigger than the benefits you get from it. Doing some RBF might help you, it's 'cheaper', faster and you can control it. If that's not possible then use those free accelerators instead. Or pay a miner to mine your tx (which is kinda counter-intuitive).

bitmover

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bitcoindata.science

Quote from: Bitcoin_BOy$ on June 01, 2020, 07:40:05 PM

- So how does a transaction get confirmed ?

Each transaction has a size (in bytes) and a block has a limited size.

When you make a transaction you define (or your wallet defines) the fee per byte you are willing to pay. Your transaction will be broadcast to all nodes and will be waiting in the MEMPOOL to enter in the next block.

However, the mempool has unlimited size while a block has a limited size of 1 mb. So, transactions from the mempool who pays a higher fee per byte will go to the next block first.

For example, if you pay 2 satoshis per byte (2 sat/byte) and there are thousands of transactions of 150 sat/byte, you won't get into the next block.

Every 10 minutes or so a block is mined and some transactions from the mempool get into that block. The miner who mines it chooses the best paying transactions (as he collects the fees) and the cheaper ones will be waiting for the next block.

Once your transaction gets into a block it get its first confirmation. When the next block comes your transaction get 2 confirmations. Confirmation is the number of blocks subsequent to the block it was inserted into.

TryNinja

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Quote from: Bitcoin_BOy$ on June 01, 2020, 07:40:05 PM

- What about transaction accelerators how they work ? is it possible to make a transaction accelerator that work only for my transactions ?

All that "transaction accelerator" services do is send your transaction to miners so they can "manually" include it in their next block. For example, ViaBTC's accelerators[1] makes ViaBTC include your transaction in the next block they mine. If they don't mine a block, then nothing will really happen. The only people that can offer such services are the ones connected/related with miners. A "normal person" can't do such thing.

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

Bitcoin_BOy$

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|| Web developer ||

Transaction confirmations depends on the bitcoin network, on peak time transactions are proceed slowly and the fees to get higher.

- So how does a transaction get confirmed ?
- What about transaction accelerators how they work ? is it possible to make a transaction accelerator that work only for my transactions ?

Topic: Transaction Confirmations & Accelerator | How it works ? (Read 219 times)