What if BTC Network Gets Crowded ? Try ViaBTC Transaction Accelerator for Free!
Amid the recent market slump, BTC has dropped more than 20% in a single day, even dragging the whole market down. Under such extreme market conditions, network congestion has become frequent. According to the data of the BTC Explorer, there are 19,606 BTC transactions waiting in line to get confirmed, and the number still keeps surging, driving the average transaction fee to approach $20. Given the current TPS of 2.9, that is, the transaction rate is currently at 2.9 transactions per second (TPS), theoretically it would take 15.79 hours to process all the 19,606 unconfirmed transactions on the entire network.
The temporary market slump has sent transaction demand soaring, and resulted in network congestion due to the limited on-chain processing capacity. Take what happened on May 21. When the market collapsed, the volume of position forced-liquidated approached $10 million within only five minutes. Someone in the industry has statistics that part of the traders suffered forced liquidation because they had failed to confirm transactions of reserves at that moment due to on-chain congestion.
The situation is volatile in the encryption field, especially so for traders using high leverage ratios who might witness a sharp fall within seconds. Transactions pending on the chain, no response to the transfer information, and reserves unavailable, what can I do but helplessly leave my positions liquidated the next moment?
ViaBTC, together with many mainstream mining pools, provides the fastest BTC Transaction Accelerator to maximize the speed of transaction confirmation. It is noteworthy that ViaBTC provides Free Acceleration and Paid Acceleration. No need to sign in, you can submit any Transaction ID of delayed transactions that at least include a fee of 0.0001BTC/KB. Transaction ID, also known as Transaction Hash, is the ID of a Bitcoin Transaction made up of a unique and inalterable string of characters generated from the information of any given transaction, including the size, time, type, creator, machine and so on. By order of submission, ViaBTC accelerates 100 transactions for free every hour on the hour. You can resubmit your Transaction ID at the next hour (e.g. 16:00 sharp) if it surpasses the hourly limit.
Under urgent conditions, you may choose Paid Acceleration. You must sign in to use this service. The fee will be deducted from your BTC, LTC, or BCH account balance. ViaBTC will prioritize submitted transactions to be included in the next block it mines. Please note that the block generation time may vary due to the change in luck. For more details, please view the block record.
Proper use of the Transaction Accelerator will keep you safe from unnecessary losses in the crypto market. See this case below:
Both Ben and Lee opened many orders when the price of BTC was $50,000, in the cross margin mode and coin-margined contract, with a 100X leverage, and set the margin rate at 2,000%. In theory, a nearly 20% drop in the BTC price would result in forced liquidation. One day the market slumped without warning, and when the margin rate fell below 100%. Lee, as restless as ants on a hot pan upon receiving risk warning text messages one after another, rushed to transfer his account balance to cover short positions. Unfortunately, the reserve was late, and Lee’s positions were forced-liquidated before the market rebounded. By contrast, Ben transferred the spare BTC from his wallet to cover short positions in the exchange using ViaBTC’s Transaction Accelerator, and luckily, his reserve came in time, preventing forced liquidation. Thanks to the timely replenishment, the costs of new orders were kept low. Right after the BTC price rebounded, it turned out that Ben made a profit on the contract while keeping his position.
The above case (only as a reference for the use of Transaction Accelerator, not an investment reference) clearly shows the role of Transaction Accelerator. Free Acceleration is suggested for everyday transactions if it is not for special needs. Don’t forget that ViaBTC accelerates 100 transactions for free every hour on the hour.