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Pushtx by Poolin Accelerates Unconfirmed Bitcoin Transactions via Fee Bumping

Jan 21, 2020 | Services

Cryptocurrency mining combines different revenue streams. One portion comes form confirming network transactions in exchange for a fee.

For the end user, completing Bitcoin transactions as quickly as possible is mandatory. Poolin’s Pushtx helps achieve that goal for users all over the world. 

Accelerating Bitcoin Transactions

Waiting for Bitcoin network confirmations can be a painstaking process. It usually takes around 10 minutes, assuming there is no network congestion. In some cases, a low transaction fee can delay this process by up to several hours. It is an unfavorable issue that continues to affect users on a regular basis. 

To solve this problem, one can accelerate their Bitcoin transactions. These accelerators are usually free to use, albeit there are limits in place. Only so many transfers can be confirmed by a mining pool every hour. Building a lengthy queue will not help matters much in this regard. Paying a small fee for an acceleration is often a better option.

Pushtx, a service developed by Poolin, is of great interest. It lets users get  confirmations for their Bitcoin transactions not picked up by miners. It uses “fee bumping” to increase an unconfirmed transfer’s chances of being picked up by miners. Once included in a network block, the next confirmations will occur automatically.

When using Pushtx, users are asked to pay a small fee. This can be done through various cryptocurrencies. An interesting choice, as this service only works for Bitcoin transactions. Supported payment methods include Litecoin, Dogecoin, Ether, ZCash, Dash, and Lightning Network transactions .

Through this service, users can complete Bitcoin transactions quicker. It is estimated that Pushtx can increase the odds of receiving a confirmation by up to 80%. A noteworthy increase. It is also a far better alternative than twiddling one’s thumbs while waiting. Valuable services like these can help boost overall Bitcoin adoption globally. 

Images courtesy of their respective sources.

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<a href="https://fintoism.com/author/oglock/" target="_self">JP Buntinx</a>

JP Buntinx

JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.

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