Confirmation of transactions and BTC fees (part 2)

Published nov 28, 2020

In the first part of the material, you learned how the commission is calculated, and how miners prioritize inclusion in a block.

You say, I paid 20 USD for the transaction! I see how transactions with a commission of $ 1 or less are included in the block. The first possible option is a high priority transaction, the second option is you have a very large transaction (you received many small amounts and send one large one). In this case, it turns out that you pay less for a unit of information in a transaction than someone who paid only a dollar for the entire transaction, but has a small transaction.

How to speed up transaction confirmation?

What can you do if your Bitcoin transaction is frozen for a long time and is not confirmed? There are a couple of options: Use the principle of “children pay for parents” =) Earlier we mentioned the concept of “change” in a transaction. Make a transaction using this change (as we said earlier, you can make transactions even with unconfirmed coins, if you own them), send to your own wallet, only this time calculate the commission so that the average commission for the old and new transaction is competitive on this moment level. In this case, it will be beneficial for miners to include both transactions in the block, because the average reward will be high.

Some mining pools offer a paid service to include a transaction in a block. For a certain amount, they will choose your transaction to be included in the next block they mined, despite the low fees. True, the cost of such services is usually very high and is measured in tens of dollars, often in the hundreds. Which is not always economically feasible.

There are so-called "transaction accelerators" on the network, at the moment they are not relevant, they just relay your transaction to a larger number of known nodes, and were relevant at the dawn of Bitcoin. Now they are nothing more than just a means of attracting visitors.

In order to avoid freezing of the transaction in the future, it is only worth assessing what priority your transaction will have and whether it is worth increasing the rewards to miners at the moment. It is difficult for the user to make such calculations, because you need to take into account the age of the outputs for the transaction, calculate its size, assess the current situation in the mempool, see what commission per unit of information the transactions are at the moment ... All this can be done for you by our wallet, you just choose of two options, quickly or economically. Moreover, economical does not mean that transactions will hang in mempool for hours or days.

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