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Title: are high amount/price transactions prioritised over small amount transactions Post by: joe1234 on November 01, 2018, 04:12:55 PM Hello forum
Are high amount/price transaction prioritised over small amount transactions even if (for the small transaction) a high transaction free is choosen by the wallet owner ? Thank's a lot for your feedback! Joe Title: Re: are high amount/price transactions prioritised over small amount transactions Post by: OmegaStarScream on November 01, 2018, 04:20:10 PM It's about the transaction fees which the miners profit from and not about the amounts being transacted.
If I make a $1M transaction with a very small fee and another transaction of 10$ with a much higher fee, the second TX will get prioritized. Title: Re: are high amount/price transactions prioritised over small amount transactions Post by: Screamshot on November 01, 2018, 05:03:20 PM The increase in transcation fee are not directed to all transactions the transcation fee are for miners that will verify the transaction you can personalize your transaction fee for faster transactions.
Title: Re: are high amount/price transactions prioritised over small amount transactions Post by: dothebeats on November 01, 2018, 07:07:17 PM It's about the transaction fees which the miners profit from and not about the amounts being transacted. If I make a $1M transaction with a very small fee and another transaction of 10$ with a much higher fee, the second TX will get prioritized. It's also worth mentioning that mining pools can choose what transactions can they include in a block, though in most cases, the higher the fee, the higher priority it has on the queue. Mining pools have different rules they follow in picking up transactions in the mempool. I have personally encountered a strange scenario wherein I paid the highest tx fee to get the transaction confirmed within the next block yet I have mine confirmed on the 5th which, to me is quite puzzling--but that is a rare case, mind you. Title: Re: are high amount/price transactions prioritised over small amount transactions Post by: jossiel on November 01, 2018, 11:58:19 PM That's the reason why we can adjust our fees. If your fee is way too small, you'll get less priority. Check out blockchain.com's way of adjusting the fee, you can have the "regular" and "priority" transaction fee.
Estimated confirmation time for priority which has a bit higher fee is faster than the regular one. You can customize your fee and many times I experienced that I paid only for smaller fee and it was confirmed quickly. Title: Re: are high amount/price transactions prioritised over small amount transactions Post by: Thirdspace on November 02, 2018, 03:55:53 PM It's also worth mentioning that mining pools can choose what transactions can they include in a block, though in most cases, the higher the fee, the higher priority it has on the queue. important to point out that we're talking in terms of higher transaction fee rate not fee amount and fee rate is calculated based on fee per byte of the transaction size so a transaction with higher fee amount of 10,000 sats for 10kb tx size (= 1s/byte) is considered lower priority than another transaction with fee of 1,000 sats for 250 bytes tx size (= 4s/byte) |