Questions about bitcoin transactions

[Oshosondy]

I really like this forum, it welcomes even beginners to also ask questions and many of my questions has been solved. I have been using bitcoin for weeks to months now but I still have some questions that I still do not able to answer for myself. I will really like you people to help me out:

1. The fastest bitcoin transaction I made was 9 minutes and some seconds with bitcoin core full client wallet. Can the transaction time be reduced to 1-5 minutes. I mean if I still increase my transaction fee, because I use the normal transaction fee, suppose if I increased it to high fee.

2. I think the transaction fee can altar bitcoin transaction time? Or why should we increase the transaction fee?

3. I notice when I transfer from my wallet to another person, the amount of bitcoin transferred will leave my wallet immediately, but it still take time to reach my friend wallet, where is the bitcoin at the time? Not in my wallet not in my friend's wallet.

[jackg]

1. Transaction speeds depend on the fee paid and the timing of the next block. If you pay a high fee your transaction could be confirmed in a few seconds if the next block is mined quickly enough.

2. Yes a higher fee gives a higher priority but so does the age of the transaction (afaik).

3. The amount is technically still. With you but can't be spent by your wallet because it'd lead to errors and mean you'd overwrite an old transaction with a new - just because you can do something doesn't mean you should I guess..

Welcome to cryptocurrency and the forum if you're new also!

[Oshosondy]

2. Yes a higher fee gives a higher priority but so does the age of the transaction (afaik).

What effect could the age of the transaction has? Did you mean the longer it takes the likely the transaction will be done?

[sakurro]

2. Yes a higher fee gives a higher priority but so does the age of the transaction (afaik).

Welcome to cryptocurrency and the forum if you're new also!

I just wanted to add that in case transaction fee is selected too low, it is technically possible that a transaction is never included in the next block.
Vice versa, it is also possible to include a transaction without any fees.

Just some random facts that might be interesting to some people.  

[Rengga Jati]

Everyone that is willing to learn more in this forum will be always welcomed so warmly by the other memebrs, moreover, for those who are like to have more knowledge again and not too lazy for reading. We are all here for learning, no matter we are new or old member here. We must have willing to always learning because technology is always developing. I also still have a little knowledge about it and this forum really gives me worth things to learn and know.

1. ..snip..
2. ..snip..

Actually, currently, the transaction fee is going higher after halving. Well, but this becomes the issues that always BTC has, that is high transaction fee. But we don't have any chocie to avoid it. On the other hand, if we want our transaction faster processd, we should increase the transaction fees for some blocks. So that it will run faster. Before doing the transaction, commonly the platform also shows the fees and how many blcoks or estimates time they will take. You can set the custom fees on the platform or wallet in order to get the "Transactions Priority". Try to fulfil the fees higher than what already at taht time.

A transaction fee depends on two factors: the size (length in bytes) of the transaction; and the prevailing fee density. Fee density (sometimes referred to as “fee rate” or “feerate”) is a floating value that increases and decreases in response to network transaction volume. A fee density is usually expressed in terms of the number of satoshis required per byte of transaction data (satoshis/byte).

Probably these articles will help you:
https://medium.com/novamining/how-to-increase-transactions-priority-by-fees-6398d1786408
https://news.bitcoin.com/how-to-get-best-transaction-fees-bitcoin/

I notice when I transfer from my wallet to another person, the amount of bitcoin transferred will leave my wallet immediately, but it still take time to reach my friend wallet, where is the bitcoin at the time? Not in my wallet not in my friend's wallet.

It's on the blockahin through the mining process, isn't it?
You can check your transaction actually in some blockchain explorer in order to know the progress of Bitcoin confirmations. It si likely blockstream.info.
This article may help you:
https://www.buybitcoinworldwide.com/confirmations/

Please correct me if I'm wrong here.  

[jackg]

.
Vice versa, it is also possible to include a transaction without any fees.

I think you mean low fee. No fee transaction inclusion won't be coincidental as it goes against current mampool protocols for the majority of nodes.

2. Yes a higher fee gives a higher priority but so does the age of the transaction (afaik).

What effect could the age of the transaction has? Did you mean the longer it takes the likely the transaction will be done?
[/quote
It used to be that the older a transaction got the higher its priority was in the mempool because someone setting a low fee doesn't need a confirmation as fast as someone who's had the same fee for a longer time although it could come down to random selection (a bit like radioactive decay - more atoms will break down in a longer Timeframe).

[JeromeTash]

1. The fastest bitcoin transaction I made was 9 minutes and some seconds with bitcoin core full client wallet. Can the transaction time be reduced to 1-5 minutes. I mean if I still increase my transaction fee, because I use the normal transaction fee, suppose if I increased it to high fee.

If you have paid the optimal fee for your transaction to be confirmed in the next block. Then the transaction speed depend on the confirmation time of the  Next block. The average confirmation time of bitcoin blocks is approximately 10 minutes. But it varies in real time, Sometimes the next block can be confirmed with in 2 minutes, or with 5 minutes or other times after 50 minutes, It's something random. So basically it all depends on how quickly the miners find the next block.

If your fee is very low, on top of how quickly the blocks are mined, your transaction will also depend on the number of other unconfirmed transactions in the mempool

2. I think the transaction fee can altar bitcoin transaction time? Or why should we increase the transaction fee?

Yes It can, The higher the fee, the most likely your transaction will be confirmed in the next block but your high fee can not affect how quickly the next block will be confirmed

3. I notice when I transfer from my wallet to another person, the amount of bitcoin transferred will leave my wallet immediately, but it still take time to reach my friend wallet, where is the bitcoin at the time? Not in my wallet not in my friend's wallet.

Basically the Bitcoins are still in your address until the transaction is confirmed thou your wallet might seem to indicate a change in your bitcoin balance. The bitcoins can not appear on your friends wallet until the transaction is confirmed so as to prevent double spend attacks.

[pooya87]

there is no such thing as "transaction time". there is propagation time and confirmation time. propagation time is the time it takes for the transaction your node broadcasts to reach majority of nodes including mining nodes. this time has always been in matter of seconds. the confirmation time depends on two factors: 1) the time it takes to find the next block which can be a second to a couple of hours 2) the fee/size the transaction paid in comparison with the rest of the transactions waiting to be included in a block.

2. Yes a higher fee gives a higher priority but so does the age of the transaction (afaik).

this is an ancient preference that some nodes had. since it has never been part of the protocol, it never mattered. today nodes can still choose to have such preferences similar to how they prefer rejecting anything with 0 fee although i don't know of any node that has such rules.

[jackg]

2. Yes a higher fee gives a higher priority but so does the age of the transaction (afaik).

this is an ancient preference that some nodes had. since it has never been part of the protocol, it never mattered. today nodes can still choose to have such preferences similar to how they prefer rejecting anything with 0 fee although i don't know of any node that has such rules.

Yeah I thought it might have been instead that if the probability remains 0.05 for being accepted into a block then if everything stays the same it would have a 0.1 probability of being accepted in one of the two consecutive blocks...

I can imagine btc.com, antpool, viabtc and f2pool are running modified versions of code and that code could contain this sort of thing (especially since btc.com timestamp stuff on their block explorer - assuming they work it out themselves and don't rely on transaction code which they can't if height is listed instead of time)... But it might not be something they'd want to release anyway.

[tranthidung]

1. The fastest bitcoin transaction I made was 9 minutes and some seconds with bitcoin core full client wallet. Can the transaction time be reduced to 1-5 minutes. I mean if I still increase my transaction fee, because I use the normal transaction fee, suppose if I increased it to high fee.

Bitcoin blocktime is volatile but its average or median time is around 10 minutes. The analysis BTC empty blocks (2009 - 5 May 2020): miners, size, daily, monthly,yearly stats give you overview on bitcoin blocktime for empty blocks and one-block before those empty blocks.

2. I think the transaction fee can altar bitcoin transaction time? Or why should we increase the transaction fee?

If you are not in a hurry with your crypto bussiness, you should not accept high fees. There are opportunities to move your bitcoin at cheap fees, especially in the weekends. Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC

Remember to consolidate your inputs to prepare for later move when fees are cheapest. [JULY 2020] Fees are low, use this opportunity to Consolidate your small inputs!

3. I notice when I transfer from my wallet to another person, the amount of bitcoin transferred will leave my wallet immediately, but it still take time to reach my friend wallet, where is the bitcoin at the time? Not in my wallet not in my friend's wallet.

It is automatic movements from hot wallets to cold wallets of platforms. This point is incorrect because I did not careful read OP (joniboni is right)

Your coin does not actually leave your wallet if your transaction does not have at least 1 confirmation. Transaction can be removed from mempool

[joniboini]

It is automatic movements from hot wallets to cold wallets of platforms.

What do you mean by this? OP does not even mention what wallet that he use. It might lead to confusion as if there's some kind of centralized hub between each wallet due to the "platform" thing.