Cryptocurrencies appeared as an alternative to completely revolutionize the way we carry out our transactions. The first was Bitcoin, whose origin dates back to 2009, and after that many others appeared, such as Ethereum, Ripple, and Litecoin, which have been well accepted so far.
How to speed up transactions in Bitcoins that have been stalled
Let us remember once again that fiduciary money is issued and regulated by an institution, which can be government or a bank, which in turn assumes the role of mediator to approve, verify and record our economic transactions. This process is coupled to the conditions and times of the said company, so its users must wait for certain periods to make their transfers effective and pay commissions for carrying them out, which are often quite high. We can use the Bitcoin accelerators network, on the other hand, we have a chain of blocks, known as the blockchain, which serves as an accounting book in which all the transactions carried out between the members of the network are recorded. For the transfer of money from one user to another to be effective, it must first be verified by the miners.
These operations accumulate in what is known as Mempool (abbreviation for Memory Pool), where all those that require verification are housed. Each miner will take the ones they want from there and form a block with them that they must approve from the resolution of a complex mathematical algorithm. The first one to solve it will add one more block with a respective hash to the chain and the transactions contained in it will be effective.
Of course, we must mention that the priority of the operations to be verified by the miners are subject to the catalog of associated transaction fees. People who pay higher fees will get approved much faster. So the higher the rate, the greater the possibility that a certain transfer will be added to a block of the blockchain.
As expected, as more people joined the Bitcoin network, the number of transactions also increased, reaching up to 300,000 per day by the month of November 2017, when the price of Bitcoin was had risen considerably, reaching ATH.
Despite this, as we well know, so far in 2018, there has been a significant decline in the valuation of the cryptocurrency, so it is to be expected that this rate will drop. Although this was completely true, there are still around 200,000 transfers on the network today, a fairly high number that has triggered a small problem that we will talk about next.
Let’s imagine the Bitcoin network as a highway. If there are a large number of cars circulating on it, they will not be able to run at a high speed since they are blocked by their predecessors. On the contrary, when there is little traffic, it is much easier to increase the speed to reach our destination quickly.
Exactly the same is currently happening with transactions, which would be cars in that example. Although the increase in demand for Bitcoin and, consequently, its sending from one user to another, implies a good forecast for the cryptocurrency since its appreciation increases, the truth is that a large number of simultaneous operations has managed to saturate the network. This has resulted in the slowdown of the process, which is why users must wait from 5 hours to a week to receive a payment.
We find here a disadvantage in a decentralized protocol, the same that we get when the banks are in charge of processing payments. Despite still being only the members of the community of said cryptocurrency in charge of verifying payments, this may take a considerable time in the current state of saturation of the network.
But of course, all is not lost. Despite its decentralized and unalterable nature, there are some tricks to make our transfers, or receive our Bitcoins, quickly. For this, use the Bitcoin accelerators, which despite being payments, have been very well received by some members of the network with urgencies.