Hey fellow bitcoin users,
I've seen a few services here and there of people expediting the time frame of bitcoin transactions.
I'd like to do the same as these transaction delays are steering beginners away.
I've got 2 gaming computers and a server @ home.
How would I go about helping others speed up their transactions.
If i can get the correct guidance, my next thread will be on freely expediting other bitcoin user's transactions for free.
Thank You!
I've seen a few services here and there of people expediting the time frame of bitcoin transactions.
I'd like to do the same as these transaction delays are steering beginners away.
I've got 2 gaming computers and a server @ home.
How would I go about helping others speed up their transactions.
If i can get the correct guidance, my next thread will be on freely expediting other bitcoin user's transactions for free.
Thank You!
I have always believed that the time of your transaction can be accelerated only by increasing the price of the commission. But it means that there are people who can accelerate the transaction in their miner pools. Very interesting topic
The important thing here is that your effective fee (in terms of cost per byte and not actual amount) actually has no direct impact on how fast transactions are confirmed (as blocks are found and txs included on an average of 10 mins).
But since miners choose which txs to include in the blocks they find, the higher your effective fee, the more attractive your tx is to miners. Since they have limited space per block it makes economic sense to choose prioritise txs which earn them more fees.
So, the more you pay as fees in proportion to the size your tx takes up, the higher its chance to get picked up by miners for block inclusion, hence confirmation.
