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BTC Transaction Stuck? Bitcoin Cash-Powered Accelerators Can Speed Up Transfers – Technology Bitcoin News

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Jamie Redman

At the time of publication, there’s more than 69,000 transactions waiting in line to get confirmed by a bitcoin miner. Since bitcoin’s price rise, at certain times, transaction fees have climbed to $10 to $20 per transfer, and people who pay less than the median fee may have to wait a while. However, people might not realize that there’s a tool people can leverage called a transaction accelerator, a platform that increases the probability of getting a transaction confirmed.

Bitcoin’s Transaction Backlog and Transfer Fees Ramp Up

On Wednesday, February 17, 2021, bitcoin (BTC) touched a lifetime price high at $52,640 per unit. Since then BTC’s value has retreated a hair but the crypto asset has continued to keep steady between the $51,000 to $52,000 price range.

Meanwhile, BTC fees have also steadily increased as the cost per transfer is currently $16.62 to get a transaction into the next block according to bitcoinfees.cash data. BTC’s median fee is lower and around $10.76 per transfer according to the web portal. Stats from bitinfocharts.com shows the average bitcoin transaction today is $22.70 USD or 0.0000011 BTC per byte.

BTC Transaction Stuck? Bitcoin Cash-Powered Accelerators Can Speed Up Transfers

Because fees are so high and competing, the Bitcoin network’s transaction backlog (mempool) shows a great number of unconfirmed transactions are waiting to be cleared. Data from the site Blockchain.com shows the mempool transaction count or the total number of unconfirmed transactions in the mempool, is above 69,000 transactions on Thursday. Cryptocurrency transaction stats from txstreet.com shows 77,034 transactions are waiting for a BTC miner confirmation.

BTC Transaction Stuck? Bitcoin Cash-Powered Accelerators Can Speed Up Transfers

Unfortunately, the number of transactions pending and the ability to compete with higher fees has made people wait an awfully long time for a single confirmation. When a long time ago a small fee could get a BTC transaction cleared with 10 minutes now can take hours and even days to get a single transaction if the fee is too low.

People can leverage a tool that is available in a few select BTC wallets called replace-by-fee (RBF), but a majority of BTC wallets do not leverage the RBF protocol. However, there is a tool that people can use called a transaction accelerator which allows people to pay a fee and push a transaction faster.

Speed Up a Bitcoin Transaction With Bitcoin Cash-Powered Transaction Accelerators

The web portals btc.com and viabtc.com, both offer transaction accelerators, and users can even pay in bitcoin cash (BCH) to speed up a transfer. The web portal pushtx.btc.com says that leading bitcoin mining pools cooperate to provide the transaction accelerator service.

BTC Transaction Stuck? Bitcoin Cash-Powered Accelerators Can Speed Up Transfers

“Using our transaction accelerator can increase the probability of confirming a transaction within 1 hour to 75%, within 4 hours to 98%,” the website notes. The person who wants to speed up a transaction simply adds the transaction hash and the program will give an estimated fee. Btc.com, which just got acquired by a Chinese lottery firm, is the Bitcoin network’s third-largest mining pool today.

BTC Transaction Stuck? Bitcoin Cash-Powered Accelerators Can Speed Up Transfers

Viabtc is also a mining operation that also offers users a number of other cryptocurrency services. The company’s mining pool is the sixth-largest mining pool pointing hashrate at the Bitcoin network on February 18. Viabtc also provides a transaction (TX) accelerator service and one is free and the other service can be paid for with bitcoin cash (BCH) to speed up a transfer.

“When there’s a pending transaction caused by a crowded BTC network or low miner fees,” Viabtc’s transaction accelerator website explains. “You can use TX Accelerator to accelerate the confirmation of a BTC transaction.”

BTC Transaction Stuck? Bitcoin Cash-Powered Accelerators Can Speed Up Transfers

People may need a tool like a transaction accelerator because they would like their transactions confirmed quickly. The problem with slow settlements and confirmation times is because prices fluctuate, a person could lose money trying to send BTC to an exchange to make a timely trade. Transaction accelerators are simply a band-aid to an ongoing problem, but they are definitely better than nothing at all and worth knowing about.

Moreover, because btc.com’s and viabtc.com’s transaction accelerator users can leverage bitcoin cash (BCH), they can utilize the BCH network’s low transfer fees. Data from bitinfocharts.com, bitcoinfees.cash, and txstreet.com indicate that the current fee to get into the next BCH block is only $0.0035 or a third of a penny.

What do you think about btc.com’s and viabtc.com’s transaction accelerators? Let us know what you think about this subject in the comments section below.

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$10 transaction fee, $20 Fee, Backlog, BCH, bitcoin cash, Bitcoin Cash Transaction, Bitcoin Transaction, BTC, BTC.com, Fee Market, Mempool, Miner Fee, Network Fee, Speed up, Transaction accelerators, transfer, txstreet.com, Unconfirmed Transactions, ViaBTC, Viabtc.com

Image Credits: Shutterstock, Pixabay, Wiki Commons, Reddit r/btc, txstreet.com, bitinfocharts.com, viabtc.com, btc.com,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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SEC Seeks Commentary From ‘Interested’ Individuals on Vaneck Bitcoin ETF – Regulation Bitcoin News

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Jamie Redman

The U.S. Securities and Exchange Commission (SEC) is currently seeking additional commentary from the public, as the regulating body ponders the Vaneck bitcoin exchange-traded fund (ETF) decision. In a notice published on Wednesday, the SEC thinks “interested persons” should provide comments on the proceedings.

SEC Is Looking for Comments Concerning Vaneck’s Proposed Bitcoin ETF Listing

In December 2020, New York-based investment management firm Vaneck filed with the SEC to list a bitcoin ETF. Following the original filing, in March 2021, the Chicago Board Options Exchange (Cboe) applied to list the Vaneck Bitcoin Trust. Then at the end of April, as the U.S. regulator was determining whether or not it would reach a conclusion on the Vaneck ETF, the SEC gave itself 45 more days to decide.

The SEC’s order detailed that the notice of designation has been postponed to June 17, 2021. The regulator could increase it to a “longer period up to 90 days” the notice said. “As the Commission may designate if it finds such longer period to be appropriate and publishes its reasons,” the U.S. regulator’s order revealed. The order was composed by the SEC’s assistant secretary Matt DeLesDernier on April 28, 2021.

This week, on June 16, 2021, the SEC has disclosed that it’s seeking commentary from “interested persons” who are for or against the Vaneck bitcoin ETF listing. Interested commenters have approximately 21 days to give a statement to the regulator.

“The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act14 to determine whether the proposed rule change should be approved or disapproved. Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change, as discussed below,” the SEC’s June 16 notice discloses. The announcement adds:

[The] institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

SEC’s Decisions Designed to ‘Protect Investors and the Public Interest’

The U.S. regulator declares that its methods for decision-making are in the best interests of the public. Moreover, the SEC may institute procedures that allow for further review of the proposed rule change.

“Pursuant to Section 19(b)(2)(B) of the Act, the Commission is providing notice of the grounds for disapproval under consideration,” the notice details. “The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices’ and ‘to protect investors and the public interest.’”

This is not the first time the U.S. regulator has asked for statements concerning approval or disapproval of a bitcoin-based ETF in the country. So far, however, despite the many applicants in 2021 and previous years, the Securities and Exchange Commission has yet to approve a bitcoin ETF.

What do you think about the SEC seeking commentary on the Vaneck Bitcoin Trust? Do you think the U.S. regulator will approve a bitcoin ETF this year? Let us know what you think in the comments section below.

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45 days, approval, Bitcoin, Bitcoin (BTC), BTC, Decision Making, exchange traded fund, Matt DeLesDernier, Postponed, Public Commentary, Public Interest, Regulation, SEC, us regulator, vaneck, Vaneck bitcoin ETF

Image Credits: Shutterstock, Pixabay, Wiki Commons, SEC Logo,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Bitdao Collects $230 Million in Private Capital From Investors – Finance Bitcoin News

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Reuben Jackson

As the decentralized finance movement proves its staying power and resilience, one of the world’s largest decentralized autonomous organizations, Bitdao, has concluded a private fundraising round to promote mass adoption of open finance.

DAO to Allocate Capital Towards Improving Defi R&D, Funding, & Liquidity

As decentralized finance (defi) slowly regains its footing following the May decline in total value locked, there is no shortage of investment capital chasing after the idea’s tremendous potential.

Bitdao, a decentralized autonomous organization focused on defi, is launching following the successful conclusion of a $230 million private funding round. The private capital raise featured participation from more than 20 institutions and defi partners, including hedge fund manager Alan Howard, well-known entrepreneur Peter Thiel, Dragonfly Capital, Fenbushi, Founders Fund, Jump Capital, Pantera Capital, and Spartan Group, among others.

To resolve the Bitcoin network’s persistent throughput issues and Ethereum’s high transaction cost, Bitdao’s multichain design intends to unseat existing centralized pegged tokens that pose censorship and counterparty risks through a fast and affordable decentralized solution. The organization’s native BDAO governance and defi token is pegged to the value of bitcoin, with plans to introduce other pegs in the future for coins like ethereum.

The fresh capital will be allocated to multiple areas of operation, including research and development, funding, and liquidity operations. Attracting developer talent is one of the primary aims of this initiative, and capital will also be distributed as grants and token swaps to support blockchain technologies. In addition, contributions to the Bitdao treasury will be used to back partners, add liquidity, and help bootstrap new protocols in decentralized exchange (dex) platforms, lending, and synthetics.

Besides this funding, Bybit, one of Bitdao’s ardent supporters, has pledged 2.5 basis points from all futures contracts transaction volume on its platform in recurring support to the treasury. Based on the platform’s 2021’s transaction volumes, this figure could reach $1 billion annually, helping underpin Bitdao’s mission of improving adoption, collaboration, and innovation within decentralized finance as inclusively as possible.

What do you think about Bitdao raising $230 million? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Entertainment Giant Fox Teams up With Bento Box to Manage $100 Million NFT Creator Fund – Bitcoin News

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Jamie Redman

Fresh off the heels of announcing a non-fungible token (NFT) organization called Blockchain Creative Labs and a blockchain-based animated series, Fox Broadcasting Company has revealed it’s invoked a $100 million fund with Bento Box Entertainment (BBE) that aims to bolster NFT content creators.

Fox and Bento Box to Fuel NFT Ecosystem With a $100 Million Fund

On June 15, the New York-based television network and entertainment firm Fox revealed a $100 million fund that aims to help further NFT creators and the industry. Fox and its subsidiary Bento Box Entertainment (best-known for producing the show “Bob’s Burgers”) have explained that the companies are working with Blockchain Creative Labs to further the venture. The $100 million fund news follows the introduction of Blockchain Creative Labs revealed in mid-May.

BBE was founded by Scott Greenberg, Joel Kuwahara, and Mark McJimsey and was acquired by Fox in 2019. The two firms believe the new venture will help innovate and mold the blockchain-based NFT ecosystem that has seen massive growth during the last 12 months. BBE’s cofounder and CEO, Scott Greenberg detailed on Tuesday:

Fox and Bento Box are uniquely situated to bring exciting offerings to the digital goods, token, and NFT marketplace.

Fox Entertainment CEO, Charlie Collier, detailed during the announcement that BBE’s use of blockchain improves upon the company’s craft. “[Blockchain technology has bolstered a] new marketplace that is a natural extension of Bento Box’s talents, one that allows the team to support, elevate and reward innovators and artists in new and creatively exciting ways,” Collier said on Tuesday. Collier added:

Our new company, Blockchain Creative Labs, also under Scott and Bento Box, will help shape and grow the fast-evolving world of creatively-led digital goods and tokens.

Fox and BBE alongside the recently invoked Blockchain Creative Labs, have yet to announce any product launch dates or reveal when the blockchain-based animated series crafted by Dan Harmon called “Krapopolis” will air. Greenberg explained that BBE team will always be “entrepreneurs at our core” and said that the company has had “longstanding relationships within the creative community.”

“BBE will harness this technology to bridge together brands and producers with fans in new and interesting ways, and we’re looking forward to seizing this opportunity,” Greenberg further remarked. Fox aims to show the world its tokens and NFTs in the future and noted during the last announcement that an NFT marketplace was also being constructed.

What do you think about the entertainment firm Fox revealing a $100 million fund toward NFTs and fueling Blockchain Creative Labs? Let us know what you think about this subject in the comments section below.

Tags in this story
$100 million fund, $100M, BBE, Bento Box, Bento Box Entertainment, Blockchain Creative Labs, Blockchain Series, Blockchain Show, Charlie Collier, Dan Harmon, Fox Broadcasting, Fox Entertainment, Fox NFT, Krapopolis, Michael Thorn, nft, NFTs, Non-fungible Token, report, Television

Image Credits: Shutterstock, Pixabay, Wiki Commons, Fox Logo

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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