Bitcoin Forum

in the link below does the transaction age mean it will take that amount of time to send or receive some bitcoins??
and if i use bigger transaction fee will it be faster?

https://chain.so/BTC

Age in that graph means how long ago was a block mined.
Usually it is around 10 minutes (median) but it can go from 1 minute to 30 and even more.

And of course, higher fee means faster confirmation time.
Transactions are instant but they need to be included in a block to be confirmed.
A higher fee gives you priority in the next block over lower fees.

Those who offers fast transactions usually offers higher transaction fees. I tried it one and it took me no more than an hour to transfer and exchange my bitcoins to cash.

The blocks are usually mined every 16 minutes (that is the average that Blockchain.com is showing ATM)

If you put a higher fee on your transaction, it will get confirmed easier, and probably the block will be mined faster than if you put just a dollar worth of fees.

If you send a transaction with $2,80 of fees at the moment, it will get the first confirmation in just 15 minutes.

And segwit transactions are below than $2,50 right now, and they are being confirmed in much less time than normal wallets, and i am using a ledger nano.

Bigger fee always means faster time because the miners will want to mine the biggest fees first then work downwards. That is why some transactions get stuck or take sometimes weeks because people cheap out and then they wonder why there transaction doesn't go through. Also if you want speed a bitcoin fork is incoming last week of December called Lightning Bitcoin (LBTC), there biggest selling point is that they will be blazing fast I believe.

Is this the official Lightning Network or this is another alt like Bitcoin Gold and the others were? I'm really interested, because I have read a lot about Lightning Network and it looks promising, so I'm just curious when it will start (in the near future or later), because I have to read more details about it.

Simple observation.
The miners would love to the service from your transaction because you paid more than the other ones who just priced it for the regular fee or maybe lower. Those that are stucked there are mostly lower fees.
So just like what is happening outside this world. You pay more then the service will be better. Just simple as that.

hmm interesting...
so how do you know how much to pay for the fee so that a transaction will go through with no problems?
because alot of wallets let you chose the fee to something between under 1 dollar and up to 7 or even 8 dollars
but if you only transfer like 50 dollars worth of bitcoins then choosing a fee of 5 dollars seems a bit too much but then again you don't want to chose 1 or 2 dollars to avoid taking forever to confirm
 

so the miners actually see the fee value in a transaction?
because i read somewhere that the miners don't actually see the values they just mine blindly

Use https://bitcoinfees.earn.com/

It allows you to see how many transactions with what fee range is being queued up in the network and predict the time it will take to confirm them. You don't have to choose the highest fee that allows it to confirm immediately. It's better to pick something in the middle and wait an hour or two as the difference between the first block and first 5 is usually huge. 81s/b at the moment allows for a decent transaction speed with moderate cost.

Wallets allow you to manually adjust the fee, if your wallet doesn't do it try electrum or run a full node. Good luck :)

The transaction speed is really depends on your fee, this is the current situation with bitcoin and for now we really have to pay for the higher fees if we really want to transact faster but I believe that in the future we don't need to pay for higher fees to transact easily.

Age means how long ago a block was mined. It takes from a few minutes to 30 minutes for a block to be mined.

Logically, if the fee is higher the transaction time is lesser. After you make a transaction it appears immediately in the wallet you sented to so transactions are instantly,but they need to be included in a block by miners to be confirmed.
Miners choose first the transactions with the highest fee.

You can check the time required for a transaction to be confirmed depending on the fee here https://bitcoinfees.earn.com

Transactions fee are crazy, that's the biggest problem of bitcoin - the speed of transactions and the fee...2 weeks ago i paid 0.009 bts fee for 0.08 btc amount...and i got that in 2 days!! 2 days!! that's called priority ? I don't think so!

wow i see. so according to that website if you need a transaction to be confirmed in under 30 minutes you need to pay a fee of at about 4 dollars or more  ;D
i am guessing that the BTC amount you send is not relevant regarding the confirmation speed?

But transaction fee is already so high in normal condition. Therefore it will become more difficult to pay some extra transaction fee for quick transfer of our fund from one place to another place, i think this is now the main issue to be solve. which is really effecting the image of bitcoin too much. in future we must be able to buy small day item with less transaction fee so as to encourage trading in our local markets.

The transaction speed is one of the problems of bitcoin, there were moments when I had to wait for a transaction more than a day and sometimes a week. Then I began to work with Ethereum. It quickly and clearly.

the speed of a transaction depends on how much you spend on the fee.
FYI this is because miners love money, they want money, they need money.
That's why a transaction with a bigger fee will be more quickly confirmed by the miners.