HIGH BITCOIN TRANSACTION FEES CONJEST BLOCKCHAIN WITH UNCONFIRMED TRANSACTION IN 2023 (RECAP) 21st of May , 2023
In the early month of May, bitcoin users experienced high bitcoin transaction fees for bitcoin miners to process single transaction. This was due to a heavy congestion of bitcoin withdrawal in the blockchain. Due to this high surge of people withdrawing bitcoin, Miners increased their fees. Some bitcoin exchange (including Binance on May 7th, 2023) had to suspend bitcoin withdrawals for 1-2 hours due to this glitch in the blockchain.
Even though this problem is temporarily over, bitcoin users sometimes still receive high transaction fees from miners. Furthermore most bitcoin users ensure to use high bitcoin miner fees to get their transaction done as quickly as possible. Otherwise their transactions seems to be stuck in the blockchain as an unconfirmed transaction. In other to get their unconfirmed transaction rebroadcasted, bitcoin users employ either a free or paid bitcoin transaction accelerator such as Bit Accelerate , CoinSamba Bitcoin Transaction Accelerator , Bitcoin Jumper transaction accelerator , Viabtc transaction accelerator , BTC NITRO , e.t.c . The process is to simply copy the bitcoin transaction hash into the designated space provided and send.
Other ways bitcoin users can confirm an unconfirmed bitcoin transaction in 2023 is to use either child pays for parent (CPFP) tool or Replace-by-Fee tool. In CPFP, you replace the slow unconfirmed bitcoin transaction fee by making another new higher transaction fee (child) in other to remove the stacked unconfirmed transaction (Parent) low fee.
There is a high speculation stating that if bitcoin value drops again, there may be more bitcoin congestion. Hence bitcoin enthusiasts are advised to use better wallets with fast transaction capabilities such as lightening network adopted by Binance in May 8th, 2023