Speed Limit: How to Move Cryptocurrency Faster
Cryptocurrencies are often much faster than banks. But still, the minutes waiting for confirmation can be unnerving. Here are some ways to achieve faster transactions.
Cryptocurrency transactions are supposed to be fast. And they are- in comparison to some more traditional methods. Banks may take days to send money internationally. But even a few minutes may be stressful when it comes to sending Bitcoin, Ethereum or another currency.
Here are some tricks to add speed to your transactions:
Tank Up on Gas
For Ethereum, the way to speed up a transaction is to increase the gas limit and gas price. With a higher payment, the transaction is pushed up and is almost guaranteed to be included in the next block.
When using MyEtherWallet, simply set the gas price and gas limit up, especially if sending funds to an ICO. But do not set the limit too high, it is useless and may, in fact, disqualify the transaction.
Use a Faster Currency
Sometimes, you may reconsider your choice of cryptocurrency. If you are often sending and receiving a coin, chose one with a faster network. For Litecoin, while fees are rising, transactions are still relatively fast, and blocks get calculated every 2.5 minutes, so there are more chances to get into a block, even with a regular fee.
Use Transaction Accelerator
The mining pool ViaBTC offers a service to accelerate a transaction automatically. In essence, this increases the Bitcoin fee for the miner. But there are preferences for pool members and the pool will actively prioritize your transaction and put it in the next block they are mining. So by using the transaction accelerator, you are putting the transaction directly to the attention of miners - provided you attach a 0.0001 BTC fee (around $3.90 with current market prices).
The advice is not to abuse the accelerator for every transaction, but only in the cases where a transaction remains unconfirmed in 48 hours. There are hourly limits on how many transactions are accepted by ViaBTC.
Increase Fee Through Wallet
Wallets will usually suggest an optimal fee. Or, you may use the options to increase the fee to a higher level, which usually speeds up the transaction. Keep in mind that even higher fees do not guarantee the transaction will be included in the next block.
It is always better to use a wallet instead of an exchange service- you have more control over transactions and fees.
Generate a New Transaction
This is a pricey, but allegedly efficient way to push a transaction. You see one transaction that is lagging. To push it into the next block, what you can do is send all your funds back to your receiving address with a high miners' fee. Sending a consecutive transaction will cause both transactions to be included in the next block, as the fee pays for both.
But this method has its risks, including technical error. It is usually achieved in the Jaxx wallet, and creates an additional expenditure, but it can be reserved for moments when you can't wait.
You can also send the change of a transaction with a higher fee. You must have a change address and increase the fee on the change transaction. The effect will be the same- the high-fee order will push the previous one into the next block.
Send Trace Transactions
In the case of cryptocurrencies that have low fees, testing the time with a small transaction gives you an expectation of what is a reasonable waiting time. Test the time before committing more funds, so you have more peace of mind.
Choose the Time
You can check the network for increased activity. If the mempool size has been rising and it seems like there is congestion, consider delaying the transaction. Otherwise, just be patient and solve the issues only in the case of a delay of 48 hours or more.
Double-Check the Address
As usual, remember that you are as responsible as a banker. So always double check the address of the recipient and make sure you are sending the funds to the right wallet or person. Sometimes, a missing transaction is lost, and nothing can be done about it.