In yesteryears, the number of bitcoin transactions has increased steadily. This has resulted in more and more blocks filling up rapidly. As you know, every Bitcoin Payment is not added directly to the ledger until and unless it is verified by the miners, so transactions are back logged. This backlog is a type of transaction queue which is known as “mempools” of miners.
Typically, miners pick up those transactions which pay high fees and include selected transactions in the block. The transactions with low fees are outbid for the next block. Hence they are populated in the mempools. Due to this fee market outbids, many low fee transactions have to wait until the next block formulates. At times, the transactions with lower fee get outbid again and again and has to wait for couple of hours or days. This cause suboptimal user experience.
If you are facing same issue and your bitcoin payment is stuck, we have some easy solutions for you.
Before Sending – Precautionary Measures:
Before making any transaction, you can take some precautionary measures so that you can avoid your transaction stuck. In early years, most of the bitcoin wallets added a fixed fee to each transaction. The average value was 0.1 mBTC. As transaction frequency was also low in early years so miners used to add transactions to their block, even lower fee or no fee transactions. But now, the fee of 0.1 mBTC is insufficient to add any transaction to the block. Below are some way outs to avoid transaction stuck.
Try increasing the fee – In order to make sure your transaction process as faster as possible, increase the fee.
Dynamic fee – Many wallets are supporting dynamic fee these days. The transaction fee value is chose automatically by the wallet depending upon the mempools.
After Sending – Rectification Measures:
If you have made a transaction and it got stuck unluckily, you can jump the queue with following tricks.
Opt-In RBF – Its stands for opt-in Replace-by-fee. A few wallets are now having this option enabled. This option allows the sender to resend the same transaction with higher fee. You can find this option in 2 of the most popular wallets; GreenAddress and Electrum.
Child Pays for Parent – as many wallets does not support Opt-in RBF functionality so CPFP is the alternative. In this method, the miner selects a group of transactions which are paying higher as accumulative. If your transaction fee is low, miner processes it but sends you the fee change back. You, then, pay this fee change in your next transaction. Your next transaction must compensate the change of previous transaction.
These were few things to do if your bitcoin payment is stuck. Many miners are accepting the rectification measures in order to process their blocks faster. If you have tried the rectification measures but your bitcoin payment is still stuck, it must be a technical fault. You need to contact the wallet owner or service providers in this case.
If you are still confused, feel free to ask in our comments section below.