Don’t Process Small Transactions!
BitTank (reviewed here, interviewed here) has joined the ranks of businesses that are being affected by the insane popularity of Bitcoin in recent weeks. So many transactions are taking place that it is impossible for the network to keep up with them. In the extreme, it can take the better part of a WEEK, rather than the previous hour or two, to get a transaction confirmed. All of this is beyond the control of an HYIP. So, if you are making a deposit or requesting a withdrawal, be prepared to WAIT. There is, however, one thing you can do to help out in this situation. This is simply NOT to process multiple withdrawals for small amounts. Wait till the amount you would like to withdraw is significant and then make the transaction. It takes just as much “work” for the network to process a small transaction as a large one. So, if you submit one large withdrawal request instead of ten smaller ones, you are decreasing the work that the network has to do by 90%. That’s very significant!
Here’s the update from BitTank:
Bitcoin Update
Since 6th December Bitcoin faced some extreme numbers of transactions due to the high rising coin price.
This has since then been a nightmare for all wallet providers with transfers far exceeding the mining capability and stack on top each other on the mining pools without confirmations for 3-5 days.
Furthermore we see big sites like https://blockchain.info and https://live.blockcypher.com unable to keep their blockchain pool list updated why transfers keep pop out and back as they all try synchronize the data.
We see transfers made take sometimes several hours before even reach the blockchain pool list. We see transfers made suddenly disappear from the blockchain for later to return.
This is all very frustration for all parts and uncomfortable.
However I do not fear things will not solve. It will at some point when mining can follow up on transaction made and mining pool list start catch up on each other again synchronize the data.
But when that will be, nobody really knows.
To improve our part we have increased the mining fee to 80 satoshi per byte yesterday. This should be helping some part on the way for our members.
What you can do to help is cash out less times on Bitcoin to help limit the numbers of transactions. A few big is better than many small.
This service can help you push your transfer through faster by adding your transfer to the next free mining block. If success the transfer get 1 confirmation in a few hours+.
They do allow only 100 submit per hour so it’s just to sit tight and be there first on the hour.
https://pool.viabtc.com/tools/txaccelerator/Ethereum Instant Beta soon ready!
We try push through on our coin trading platform build to get the engine to run Ethereum transfer on the API and put extra resources of programmers to make this Beta build ready this year already.If we succeed the plan is to enable the API for instant cash out on Ethereum. We can then allow those who want to change Bitcoin balance to Ethereum. This should further decrease the Bitcoin transaction and help the overall situation. As a plus, Ethereum transfer is very fast being confirmed.
Update will reach your mailbox when we know more details.
Kind regards,
Clark
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