The Bitcoin (BTC) network is often praised for allowing users to transfer cryptocurrencies quickly and anonymously. However, transfers are made in exchange for a specific fee (called a fee). If you pay it too low, you may find that your bitcoin transaction is stuck. What then? In this text, we will explain how blockchain works and what to do in this case.
- Blockchain is a vast database and technology that allows you to quickly transfer funds anonymously.
- The network is maintained by so-called miners, who, in return, are rewarded with special fees. The latter is paid by anyone who transfers BTC within the blockchain.
- The fees are regulated in a particular way, based on a “who gives more?” auction. Our transaction may get stuck on the blockchain if the fee is too low.
- If this happens, we can unblock the transfer in several ways.
How does blockchain work?
First, we need to understand what blockchain is. For this text, we will only remind the critical points about this groundbreaking technology.Blockchain is a technology created over 10 years ago by an anonymous creator – Satoshi Nakamoto. In practice, it is a gigantic database available to everyone. Various transactions can be made using a given cryptocurrency (e.g., BTC, Ether, Litecoin, etc.).
Funds are transferred between two users. Transfers can at most be disapproved, or coins can be sent back by the recipient to whom they went. It is worth mentioning that once sent, digital currencies are not refundable. That is why it is important to always carefully check the address to which we send our BTC.
Currently, the most popular and widespread application of the technology is, of course, cryptocurrencies. Still, it will also prove itself in many other areas – it is said to revolutionize the financial sector and trade, transportation, and education. In short, technology really has vast potential.
My Bitcoin transaction is unconfirmed
We reassure you right away. This does not mean that the funds have been lost. However,
Satoshi has designed the network so that we cannot advertise this fact to anyone, as is the case with banks. We have to manage by ourselves. But it is not difficult.
First, we can wait until some miner passes (verifies) our transaction, which got stuck, for a lower fee. This will take time, so if we care about time, let’s focus on other ideas.
We can also use an option called Replace by Fee. It replaces an unconfirmed transaction in the waiting room (mempool) with another one with a higher commission. This option is available in most wallets.
If you want to unstuck your bitcoin transaction, use the so-called BTC payment accelerator. An example of such a tool is btcaccelerators.com. There you have to enter your transaction ID. This will again go to mempool, which is a blockchain waiting room.
The fourth solution is Child Pays for Parents. This involves performing another transaction but with a higher commission set. As a result, miners will spread the fee over two transactions, which will help us complete the transfer that did not go through.
BTC Accelerator wants to speed up the development of Blockchain technology
Blockchain technology requires enormous computing power, which unfortunately results in massive demand for electricity. According to recent suspicions, Intel has decided to find a solution to this problem and will produce extraordinary energy-efficient bitcoin transaction accelerator computing. For this purpose, it has even set up a Custom Compute Group within the Intel Accelerated Computing Systems and Graphics business unit.
The manufacturer has not yet revealed details about the planned bitcoin transaction accelerators. Still, they are said to provide more than 1,000 times better energy efficiency than GPU-based designs (this would give hope to reducing interest in building cryptocurrency miners with graphics cards). More specifics are expected to be revealed this month at the ISSCC conference.
Despite the relatively significant declines in the exchange rates of such currencies as Bitcoin and Ethereum, hardware manufacturers still believe that cryptocurrency diggers will still be willing to invest in new hardware, allowing for even more efficient and faster mining. We’ve already mentioned that Nvidia will release a unique line of graphics chips allowing virtual currency mining. Recently, a well-known motherboard manufacturer, ASRock, unveiled its family of AMD Radeon cards focused on cryptocurrency mining. Now it’s time for Intel. 5 Games That Pissed Off Gamers in 2021 Next Stay The Santa Clara-based company has filed a patent application to allow the production of a device called the “Bitcoin Mining Hardware Accelerator.”
As it is not hard to guess, it is supposed to be hardware that allows for faster mining of the most popular cryptocurrency in the world. Interestingly, the patent application was filed in September 2016 – the fact that only now information about it has been released may suggest that the release of this solution is really close. In Intel’s assumptions, the transaction accelerator is supposed to be a special chip allowing optimized energy consumption during bitcoin mining. The efficiency of this process would be increased by reducing the amount of power used by 35%, which would enable directing spare capacity to more “virtual mine shafts.”
This graph shows that energy consumption for Bitcoin mining is really a big issue. It is no surprise that Intel is looking for a solution to reduce power consumption by cryptocurrency miners, as excessive power consumption is becoming quite a problem. Interestingly, this solution could find application in processors or SoCs and ASIC diggers, or FPGA array chips.
If the entire Bitcoin network were translated into the energy needs of a single country, it would already rank 44th in the world in terms of consumption, ahead of Greece or Algeria, for example. To make you even more aware of this scale, it is enough to mention that one transaction using this currency uses five times more energy than 100,000 VISA card payments. So, on the one hand, Intel’s initiative should be praised, and on the other – the BTC transaction accelerator will make cryptocurrency mining even more profitable.