How to speed up your Cryptocurrency transactions to the maximum
Adding maximum speed to your cryptocurrency transactions
Making cryptocurrency transactions should be instant as transactions are supposed to be very fast. It may take banks days to make money transactions especially internationally. But as low as a few minutes waiting in transacting Bitcoin, Ethereum or another currency may be stressful.
Follow our simple tricks below to increase the speed to your cryptocurrency transactions:
Set the gas price up
Especially for Ethereum, an easy way to heighten the speed of your transactions is to raise the gas price and gas limit. Making a higher payment would push up your transaction and your transaction would be almost guaranteed to be included in the next block in mining pool.
In case you are using MyEtherWallet, all you need do is set the gas limit and gas price up, especially if you are sending funds to an ICO. However, do not be tempted to set a gas limit that is too high, as this is useless and may lead to the disqualification of your transaction.
Use a Faster cryptocurrency
You may sometimes need to reconsider the type of cryptocurrency that you are transacting with. If you often send and receive a coin, chose the coin with a faster network. For instance, for Litecoin, while fees are increasing, transactions are still relatively fast, and blocks get calculated every 2.5 minutes, so there are more chances to get into a block, even with a regular fee.
Use Transaction Accelerator to speed up cryptocurrency transaction
ViaBTC, a mining pool, offers a service to automatically speed up cryptocurrency transaction. This will increase the Bitcoin fee for the miner. Since preferences exist for pool members, the mining pool will actively give your transaction a high preference and put your transactions in the next block that is being mined. Hence, by making use of the transaction accelerator, you are placing your transactions directly to the attention of miners – provided you attach a fee of 0.0001 BTC.
Be advised not to abuse the transaction accelerator on every transaction, it is advisable to use the transaction accelerator only for transactions that remain unconfirmed within 48 hours. However, on ViaBTC, there are hourly limits on how many transactions are accepted.
Increase Fee Through Wallet
Wallets will always make suggestions about optimal fee. But you may use the options to raise the fee to a higher level, which commonly increase the speeds of the transactions. However, note that raising fees does not guarantee that your transaction would be included in the next block. Therefore, it is advisable to use a wallet rather than an exchange service, this is because you would have more control over your transactions and fees with wallets.
Generate a New Transaction
This look expensive, but apparently an efficient way to speed up your transaction. When you notice that one of your transactions is lagging. All you need do is push it into the next block, and to achieve this, simply send all your funds back to your receiving address with a high miners’ fee. Sending a consecutive transaction will make both transactions to be included in the next block, as the fee pays for both.
However, this trick is both risky and has some technical errors. It is usually achieved in the Jaxx wallet, and creates an additional expenditure, but it can be reserved for moments when you can’t wait.
Read more on ‘‘Jaxx Wallet For Cryptocurrency”
You can as well send the change of a transaction with a higher fee. To do this, you must have a change address and also increase the fee on the change transaction. The effect will be the same as the high fee order will push the previous order into the next block.
Send Trace Transactions
In the case you are transacting with cryptocurrencies with low fees, it is better that you test the time with a small transaction because this will give you an idea of what is an acceptable waiting time. Testing the time before transacting more funds would give you more peace of mind.
Choose the Time
Always check the mining pool network for increased activity. If the size of the mining pool is increasing and it seems like congestion is imminent, try delay your transaction. But in case you had carried out the transaction, patiently wait and solve the issues in the case of a delay of at least 48 hours.
Double-Check the Address
Always remember that you are as much responsible as a banker. Therefore, always verify the recipient’s address and ensure that you are sending the funds to the right person or wallet or person. Remember, most transactions are irreversible, and sometimes, a missing transaction might get lost, with nothing to be done about it.