Bitcoin is an entirely digital currency. Every transaction comes with a fee. Before Bitcoin stock jumped, these fees were relatively low. Now they’ve reached upwards of $30 per transaction. Finding lower costs is possible, but it requires sacrificing speed. There are tools users can use to speed up the process without getting socked with hefty fees. Many are turning to a bitcoin transaction accelerator.
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Understanding Bitcoin Fees
Users often try to boost Bitcoin by discussing the zero transaction fee. But that’s not true. If you want a speedy transfer, Bitcoin allows payments between users. “Miners” are users who verify each transaction’s legitimacy and use their skills to complete blocks. It reduces double-spending or fraud. As a reward for their unpaid work, they can earn cryptocurrency.
Bitcoin’s Popularity Has Transaction Costs Skyrocketing
Understanding how bitcoins work makes it easier to grasp why the fees are heading up. Users can pay a fee to miners to help put their transaction verification closer to the finish line. The more users, the longer the wait. As Bitcoin’s popularity is skyrocketing, people must pay more to get their transactions verified. The miners have thousands of cryptocurrencies to check.
You might want to think of it like Disney World’s waiting lines and other large amusement parks. Visitors can spend an hour or longer of their vacation waiting in line for their turn, or they can pay extra to skip to the front of the line. Now more users are aware of getting to the front and are paying more to take advantage.
Lower Fees Means Slower Transfers
As mentioned above, Bitcoin doesn’t require fees. It only suggests it’s okay for users to make an additional payment to get faster service. If speed isn’t your concern, you can keep the low cost and wait. However, most people aren’t that patient, and the increasing popularity is slowing transactions to a crawl. Luckily, there’s an option that will meet you in the middle.
Of course, you can always wait for the popularity to slow down some and avoid the current congestion. But with how well Bitcoin is trading on the Stock Exchange, it’s most likely going to continue to grow. You don’t have to wait a few weeks or months. Instead, pay attention to downtimes, such as on weekends when many businesses are closed.
The Benefits Of A Bitcoin Transaction Accelerator
There is an option to increase your transaction speed without an astronomical cost. Also known as a bitcoin transaction accelerator, btc nitro is easy to use. It rebroadcasts your transaction up to 15 global bitcoin notes without taking away from the anonymity of your transactions. It’s not a top speed that some users are paying for, but it’s much quicker than no fees and won’t leave you stuck in a mempool.
Accelerate your bitcoin transactions for free with btc nitro. However, the site works through donations. Users can help keep the service free by turning off their ad-blocker.