Post
Topic
Board Bitcoin Discussion
Re: Bitcoin is too slow
by
Dabs
on 15/06/2016, 15:59:20 UTC
Being a staff member does not imply having a high knowledge of the underlying technology that Bitcoin uses (Note: I'm not saying that dabs does not). I don't understand the point behind his post. This part of his post:
Quote
If you pay more than the minimum relay fee (currently 0.00005), and a little bit more than the estimated fee for confirmation in 25 blocks (estimatefee 25) then your transaction will get included in a block within an hour or two, almost guaranteed.
is false.

Sorry about that. There was some confusion on my part. estimatefee 25 means exactly that, it will probably confirm in 25 blocks from the time you send the transaction. It has been my experience that most of my own transactions confirm in less than 25 blocks, but some of them have indeed taken longer.

If you want a high probability of confirmation within the hour, you use a fee higher than estimatefee 6 gives you.

For most transactions that I have dealt with, anything higher than estimatefee 25 worked. For escrow transactions, since it is part of my fee, I make the buyer or seller pay for the tx fee and intentionally make it higher such that it confirms in 1 or 2 blocks. I also do not proceed with the the escrow until there is at least 1 confirmation to the escrow address, regardless of tx fee, so that part is up to the sender.

The only time I've had to use what I consider microtransactions was when I used to play Satoshidice and the minimum bet was 0.01 and I included a fee of 0.001 but that was a long time ago. I've only discovered bitcoin in 2012, so there are many people who know a lot more about this than I do.

I'm just another user of bitcoin.