Wrong information. Higher Tx fee does NOT make a Tx confirmed faster. It is dependent on how fast miners are finding blocks. Miners generally include all Tx available in mempool that offers standard Tx fee in LIFO mode.
Your information is wrong... and it's hard to believe that Senior Member don't know that.
You are trying to tell me that while paying higher fee your transaction won't be confirmed faster?
Well..
Higher transaction fee = higher priority = transaction will be confirmed faster
priority = sum(input_value_in_base_units * input_age)/size_in_bytes
So yes - my information is right - pay higher fee to increase a priority of your transaction.
If you want to argue - send 0.001 with 0.0001 fee and send 0.001 with 0.0002 fee one after another. Then tell me which transaction was confirmed faster
This is way Bitcoin was always meant to work: more fees = faster confirmations; less fees = slower confirmations. At first, when transaction volume was lower, it didn't work that way; most or all transactions were confirmed quickly regardless of fees, and apparently some people were fooled into thinking that was normal, and now that the fee system is working properly, people are complaining that it's broken.
Higher fee paid makes it more likely you will be in a block found sooner. But you are correct it will not speed up blocks being solved.
We were not talking about block solving speed. We are talking about speed of transaction = time period from when you send to when receiver can use received coins.
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The only thing I don't like at bitcoin is transaction time. Why 10 minutes?
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What about hacker at Bitstamp who paid (i think) 1 BTC to transfer bitcoin instantly to his wallet?
Was this huge fee responsible for so quick transaction?
yeah it would be first in the queue in this case(or at least chance ar every high), but you still need to wait 10 minute as average(for the first confirmation), you can't do nothing about that
Sorry, but you are not right ...
Just some examples of recent transactions:
https://blockchain.info/tx/cc61ecf31e689ba016f83bf56f00d9ac7f499047a5c08436c703b436bee4b0ae - 1 confirmation in 17 seconds.
https://blockchain.info/tx/414d29157b763b0ef5c885c8c72d4942cff31bd11b94f1c1b9b336b9794b957c - 1 confirmation in 1min11seconds
So well .. sometimes 1st confirmation need just seconds - when your priority is high your transaction will be confirmed in the upcoming block.
Also I know that sometimes it takes more than 30min to get 4 confirmations even when higher fee is included.
But point is - it's not ~10min but it depends on situation and paying higher fees will get your transaction confirmed faster than smaller transaction sent in same time as yours.
Best regards.
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