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Reasons and solutions for slow confirmation of Bitcoin transfer

 

August 5, 2021 (Investorideas.com Newswire) Due to the continuous increase in the number of unconfirmed Bitcoin transactions, many users have to pay high fees to speed up transaction confirmation, otherwise they will have to endure the long transaction waiting time, which makes users feel very frustrated.

Most users are looking for ways to facilitate their delayed transactions. Some users choose online services that claim to speed up transaction confirmation, while others choose trading platforms that they believe have a more reliable mining speed.

Reasons for delayed transaction confirmation

In order to find a solution, it is necessary to determine the root cause of the transaction confirmation delay.

With a market capitalization of more than 32 billion U.S. dollars and a daily trading volume close to 1 billion U.S. dollars, it is clear that the adoption rate of Bitcoin is increasing significantly.

Although Bitcoin's adoption rate and transaction volume have increased significantly, the sudden increase in the unconfirmed transaction rate has also attracted a certain range of concerns.

When blockchain consultant Timothy Suggs provided users with advice on ways to effectively realize value transfer, he noticed the possible reasons for the increase in transaction delays: the rapid growth of the platform did not match its acceptance and the growth rate of Bitcoin transactions.

How to accelerate transaction speed?

In order to speed up transaction confirmation, users can increase their fees or participate in activities that can be called "round-trip transactions". For example, if you are using the Bittrex exchange, you only need to exchange your bitcoins for assets like Expanse and send them to your destination address.

Robert Kucharski, a trader of Bitcoin and other digital currencies, insists that he is very informative about Ethereum as an alternative.

Dynamic cost

For Jason Cassidy, the president of Crypto Consultant, the only way for Bitcoin users to get faster transaction confirmation, ultimately comes down to paying fees. Cassidy pointed out that from the miner's point of view, the higher service fees provided by users will become an economic encouragement, which can encourage miners to include a certain transaction in the upcoming block.

For more information, please visit the website Zeus Mining.


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