What To Do if The Bitcoin Transaction is Stuck?

As the number of Bitcoin transactions increases, it takes longer for a single transaction to be processed and noted in the blockchain. In the meantime, given the limited block size, it is almost impossible to directly hit the next block with a single transaction, and blocks 2 and 3 are becoming increasingly difficult to reach. This circumstance attracts corresponding waiting times.

At least partially, this time can be mitigated by paying an additional transaction fee (Replace-by-Fee), which goes beyond the standardized surcharge. Since miners first process the transactions that are most appealing to them, a transaction for which an extra charge is paid has a greater chance of being processed in an early block. Transactions for which no or very little transaction fee is paid can therefore take several hours, or even days at worst.

When lending a transaction fee, however, there are various circumstances to consider. The type and amount of the fee depends on the scope and relevance of the transaction. In addition, the ability to pay a fee for rapid development is different from the wallet provider used and differs from Wallet to Wallet. If the booking of a payment must necessarily be made in the next block, a correspondingly high transaction fee is required. Some wallets support dynamic fees and automatically determine the amount of fee needed for a calculated execution period.

If a transaction that has already been made does not reach its destination in the desired time frame, there is also the option of accelerating it and shortening the waiting time, provided that this is supported by the majority of miners. This process is called Opt-In Replace-by-Fee. This will make the transaction a second time - with a higher fee than the first one. Since the new transaction is processed by the miners before the old one, the transaction initially paid at no additional charge will automatically expire as it is rejected by the Bitcoin network as double-spending.

In any case, it should be noted that a transaction increases in price the sooner it has to be carried out. If time is not too urgent, consideration should be given to refraining from insisting on timely payment. In addition, given the current performance of Bitcoin, one should generally think about not doing too many of its transactions in Bitcoin - in retrospect, they may turn out to be much more expensive than initially anticipated.

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