There are a lotsbestemming of concerns overheen Bitcoin transaction confirmation times right now. More specifically, users voorwaarde pay high fees and often wait several hours to budge money overheen the network. It wasgoed only a matter of time before wij eyed more services suggesting to accelerate unconfirmed transactions. However, there is one fresh service which charges “only” US$Ten vanaf transaction to do so. It’s a very interesting yet worrisome situation.
BitMiners is an Expensive Transaction Accelerator
Having to wait for the Bitcoin network to confirm one’s transaction is not joy by any means. It can take anywhere from Ten minutes to several days until transactions are confirmed and processed decently. This situation has bot present for some time now, but it recently got out of forearm due to the rising Bitcoin price. Paying around US$20 ter transaction fees simply isn’t acceptable, yet it remains to be seen if a solution can be found.
Using a transaction accelerator can certainly help budge things along. ViaBTC offers a free service, which aims to speed up around 100 transactions vanaf hour free of charge. It is overduidelijk this solution is of fine rente to Bitcoin users thesis days, especially when they want to stir money on the network quickly. With just 100 transactions vanaf hour, this service is not sufficient to help everyone, however.
This is why BitMiners all of a sudden entered the picture this week. It is a brand-new Bitcoin transaction accelerator with a rather interesting twist. Albeit the team claims they can have unconfirmed transactions confirmed on the network within Ten minutes, there is no explanation spil to how they do this exactly. This service is not available free of charge, mind you, spil they charge US$Ten vanaf accelerated transaction.
You know that things are way out of palm when one has to pay third-party service providers US$Ten to have their Bitcoin network transaction confirmed on the network. This situation is unacceptable and only introduces even more centralization to the Bitcoin network. It seems BitMiners will thrust unconfirmed transactions to numerous pools and have them confirmed within the allotted time framework. Whether or not this service will live up to people’s expectations remains to be seen.
Moreover, this service claims it will refund users if their transactions aren’t confirmed within Ten minutes. That is pretty interesting, albeit it remains to be seen how this will play out te the long run. There is no reason to pay US$Ten for a transaction speedup, however, and the Bitcoin network will have to scale decently to address all of thesis issues natively. Right now, there are still overheen 90,000 unconfirmed transactions, which is an improvement overheen the 230,000 wij spotted a few days ago.
Whether or not people will use and trust BitMiners is a question no one can reaction at this time. The fact that such services have to exist te the very first place is problematic. It is good to see some people providing such a service, spil it may help those who have grown increasingly impatient when it comes to spending Bitcoin.
About The Author
JP Buntinx is a FinTech and Bitcoin enthusiast living ter Belgium. His passion for finance and technology made him one of the world’s leading freelance Bitcoin writers, and he aims to achieve the same level of respect te the FinTech sector.