A transaction accelerator is a service that helps speed up the confirmation process of cryptocurrency transactions, especially during network congestion or when a user has set low transaction fees. By using this service, transactions will be prioritized by the miners, so they can be confirmed quicker than they otherwise would be.
The confirmation time for a cryptocurrency transaction depends on various factors, such as the network traffic, the transaction fees, and the priority assigned to the transaction by the user.
When the network is congested (i.e., many users simultaneously initiating transactions), this can result in a backlog of unconfirmed transactions. Network miners can only process a limited number of transactions at a time, resulting in longer wait times.
In addition, if the user sets a lower transaction fee, miners will be less likely to prioritize their transaction.
Other possible factors that can affect transaction confirmation times include network latency, bandwidth, and the overall efficiency of the blockchain network.
A transaction ID, also known as a transaction hash or TxID, is a unique alphanumeric identifier assigned to a cryptocurrency transaction on the blockchain. It allows you to track, verify, and confirm the status of a transaction. By searching for the TxID on a blockchain explorer, you can access transaction details, such as the sender’s and receiver’s addresses, the amount transferred, the transaction fee, and the number of block confirmations.
You can find a Bitcoin transaction’s TxID by following these steps:
Go to the exchange or cryptocurrency wallet where you initiated the transaction.
Visit the transaction history or activity log page within your profile/dashboard or wallet management page.
Find the transaction you’re looking for and check its details. You should see a unique alphanumeric string of characters labeled as “transaction ID” or “TxID”.
If you want to view more details about the transaction, such as the sending and receiving addresses, amounts, fees, and confirmations, copy the TxID and paste it into a Bitcoin blockchain explorer.
Usually, the free acceleration submission may fail due to the following reasons: Fees too low: We only provide accelerator services for those with at least 0.0001BTC/KB transaction fees. Size too large: Free submission is only available for transaction with the volume ≤0.5 KB. Out of quota: 100 FREE transactions are supported per hour. Please resubmit your TXID at next new hour (e.g. 13:00 sharp) or use Paid Service if it surpasses the hourly limit. Previous transaction unconfirmed: Your transaction can’t be confirmed if any previous transactions connecting to yours are unconfirmed. Please accelerate your previous transaction first or use Paid Service instead. In addition, “Double spent” transactions are NOT available for Acceleration Service.