A situation becomes difficult to handle when we are not sure whether a transaction of bitcoin has been successfully executed or not. Like in some cases, when you have just transferred your bitcoins to someone else and the network is not confirming your transaction. Well, imagine you have been stuck in this situation and waited for 2 hours. Therefore, you will start contacting the integrity of your claim. But these situations and the poor response of the network make you hyper and make you feel sophisticated. In that situation, you would question yourself how old this technology is and who has started praising this technology to use whereas its response level is ground to zero. If you are interested in cryptocurrencies, check out how you can buy Ethereum or Interactive Brokers.
About Bitcoin Transaction Accelerators
You are well aware of the immutable response of Bitcoin and its blockchain follows the decentralized protocol. Although the temper-proof region of the blockchain is unbeatable. But after sticking to your transaction, your trust in blockchains seems like it has ended and you are just praying for the successful execution of your earlier transactions. It is not surprising that sometimes transactions remain unconfirmed on the block chain and it is not unusual. However, the mainstream adoption of bitcoins keeps on enhancing despite its earlier exception. So the solution to all these problems is a blockchain accelerator that can serve the above-said purposes. Before introducing the significance of blockchain accelerator, a few questions should keep in mind given below:
The first question is why was the transaction not confirmed on time?
The answer to this question is quite simple. Let us assume a person is offering you $5 for a grocery item and another one is providing you $10 for the same item. Your response will dive quickly towards the person with $10. A similar concept has been followed by the blockchain for confirming your transaction.
Blockchain the Technology
The reinforcement of the blockchain technology is decentralized and its ledger is transparent to all. Initially, when a computer connects to the network, a blockchain copy automatically gets downloaded onto it. It will make a keeper of the record available on the network or node. These records are present in the form of a linear chain which is known as blockchain. the After that block mining has been started by solving a complex algorithm puzzle by calculating the nearest possible answer. Hence solving a puzzle means a transaction is confirmed which means it protects the network against double spending.
Double Spending by the Network
Now the problem occurs when sometimes networks have executed double spending on the same currency. Digital currency is not like physical cash therefore digital information keeps on storing on the ledger which would be possible to recreate easily. Whereas physical cash if once vanished, it is gone forever. However, all transaction records are available on the block chain hence problems like double spending are not possible in the case of Bitcoin.
Nodes are Responsible for Incomplete Transactions
Now in case some of the enterprising changed their record and linked to the network. Then its blockchain node would deny that transaction or have more than what the network recognizes it has. Thus, all nodes will be intimated about this problem where the individual record of each node has to be cross-checked. Since the recorded dispute got altered, thereafter the nodes will have to face their unaltered records. In between 100 and 1000 transactions have been altered, your network will force the nodes to update the same in its network and that would be the end of the topic.
Conclusion
Thus, it takes time to execute bitcoin transactions due to frequent transactions and the complex algorithm required to confirm each transaction. A lot of computer power has been used in this process. More computing power directly depends upon more starting power for the computer and a better cooling system. Therefore, the actual reason why miners execute their transactions on the inclusion of blocks and demand for more feel is this complexity. Moreover, bidding criteria have also been applied for approval of the lowest fee fly successful bidding. Whereas unsuccessful bidders have to wait for their best luck on their subsequent blocks to clear. Thus, the rapid filling of blocks is sometimes not enough to make room for every slot and hence some unconfirmed transactions have to remain in the queue.
