A new Bitcoin block of transactions is mined roughly every ten minutes, and each of these blocks have a limited amount of space. Due to this limited transaction capacity on the network, transactions paying higher fees tend to get processed more quickly because they offer a greater financial incentive to miners. When many transactions are being broadcast to the network and blocks are full, transactions paying relatively low fees tend to get delayed.
Thankfully, there are various mechanisms, such as replace-by-fee (RBF), which allow Bitcoin users to increase the fee associated with a transaction they have already sent.
1.
To speed up a transaction you previously sent in the Blockstream app, select the Transact tab at the bottom of the screen.
2.
On the Transact tab, you will find your unconfirmed transaction. Tap on the transaction to view the details associated with it. On the Transaction Details page, you can tap the Increase Fee button next to Speed up Transaction near the bottom of the screen.
3.
On the next screen, you will see a process that looks similar to sending a normal transaction. To increase the speed of the transaction, tap Change Speed in the Network Fee section near the bottom of the screen. This will bring up a small pop-up menu that offers preconfigured speed options in the form of slow, medium, or fast. Additionally, you can set a custom fee by tapping Custom below those three options.
4.
After setting your new fee, you will return back to the previous screen for sending the transaction. Tap Next at the bottom of the screen.
5.
Finally, you will confirm the new details of the transaction and send the revised payment to the Bitcoin network. Simply slide the arrow at the bottom of the screen to the right, and you will receive a message that indicates the transaction has been successfully sent.