Topic: How to assume how long the transaction will take? (Read 223 times)
There is absolutely no rules and no code to formulate what you are trying to understand, Any coin based on bitcoin has the miners to decide if they would like to include any transaction in their block, Every thing depends on miners and their incentive, More fee means faster but as I said it's not 100%.
You can see the real-time unconfirmed transactions by visiting any site such as Unconfirmed Transactions | Blockchain.info and calculate average time for your transaction to get confirmed.
There are some real-time sites where you can confirm the amount of fee required to get a faster transaction confirmation thus you can calculate the average time required for the confirmation of your transaction.
See this:
* https://bitcoinfees.earn.com/#fees.
* https://bitcoinfees.info/.
There are some real-time sites where you can confirm the amount of fee required to get a faster transaction confirmation thus you can calculate the average time required for the confirmation of your transaction.
See this:
* https://bitcoinfees.earn.com/#fees.
* https://bitcoinfees.info/.
Thank you
But what I want to know is the general formula for every coins, not just bitcoin. As difficulty, hash rate, and etc. change over time, so I want to know the approximate degree of any association.As you know, there has been a lot of change in transmission time due to recent large hash rate fluctuations.(cause of BCH..) Like in this situation, we need an objective formula to refer to.
Assuming you know the difficulty level, hash value, and mining reward, how can you know how long the getting one confirm will take if you pay the average transfer fee (50%)? Even roughly ..
And want to know whether each item is directly proportional to the transmission time, inversely proportional or unrelated.
And want to know whether each item is directly proportional to the transmission time, inversely proportional or unrelated.
Well, if you pay high fees for every transactions, you can expect faster confirmations from them. Wheres if you pay smaller amountsof fees, then transactions will take much longer to confirm since high paying people are always the ones that are on the top priority. Hence, paying the lowest transaction fee as possible will make your transactions last for days or weeks before confirming.
You can see the real-time unconfirmed transactions by visiting any site such as Unconfirmed Transactions | Blockchain.info and calculate average time for your transaction to get confirmed.
There are some real-time sites where you can confirm the amount of fee required to get a faster transaction confirmation thus you can calculate the average time required for the confirmation of your transaction.
See this:
* https://bitcoinfees.earn.com/#fees.
* https://bitcoinfees.info/.
There are some real-time sites where you can confirm the amount of fee required to get a faster transaction confirmation thus you can calculate the average time required for the confirmation of your transaction.
See this:
* https://bitcoinfees.earn.com/#fees.
* https://bitcoinfees.info/.
It's almost closely possible to assume that if you pay the recommended fee or the median fee and that the mempool has not a lot of spam transactions in it for the miners to mine in the next block, it should probably either confirm in the very next block or 2-3 blocks after that. In general the mining hash power and the number of unconfirmed transactions in the mem pool should give you some idea of the possibility of the transaction being confirmed within the next block if you've paid the recommended fee.
When there are a lot of transactions to confirm, then probably the fee increases and you may have to replace-by-fee or utilize the child pays for parent feature in your wallet to bump up the fees if needed, to have it confirmed in the next block or within 2-3 blocks.
When there are a lot of transactions to confirm, then probably the fee increases and you may have to replace-by-fee or utilize the child pays for parent feature in your wallet to bump up the fees if needed, to have it confirmed in the next block or within 2-3 blocks.
Thanks for answer. But what I really want to know is the formula for calculating transaction time(getting one confirm time, average). If there is other variables to consider besides those mentioned above, including that too.
It's almost closely possible to assume that if you pay the recommended fee or the median fee and that the mempool has not a lot of spam transactions in it for the miners to mine in the next block, it should probably either confirm in the very next block or 2-3 blocks after that. In general the mining hash power and the number of unconfirmed transactions in the mem pool should give you some idea of the possibility of the transaction being confirmed within the next block if you've paid the recommended fee.
When there are a lot of transactions to confirm, then probably the fee increases and you may have to replace-by-fee or utilize the child pays for parent feature in your wallet to bump up the fees if needed, to have it confirmed in the next block or within 2-3 blocks.
When there are a lot of transactions to confirm, then probably the fee increases and you may have to replace-by-fee or utilize the child pays for parent feature in your wallet to bump up the fees if needed, to have it confirmed in the next block or within 2-3 blocks.
Assuming you know the difficulty level, hash value, and mining reward, how can you know how long the getting one confirm will take if you pay the average transfer fee (50%)? Even roughly ..
What I want to know is formula for calculating transaction time(getting one confirm time).
And want to know whether each item is directly proportional to the transmission time, inversely proportional or unrelated.
What I want to know is formula for calculating transaction time(getting one confirm time).
And want to know whether each item is directly proportional to the transmission time, inversely proportional or unrelated.
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