Re: What is the tie-breaker between transactions of same fee and size?
I am not sure my answer is correct (I guess it is inaccurate in some parts) but let's give me this post to discuss. I can learn more from my inaccurate understandings.
I guess if two waiting transactions have same size, same mining fee (not fee rate), the older will be chosen to be confirmed first by miners, according to [1]
Formula
You can imagine when fee rates on the network drops to 2 sat/(v)byte, ie. and all waiting transactions with that fee rate are totally fitted in size (and max number of transactions) of one block, they all will be confirmed at the same time. In rare cases, the tip of mempool (1 MB) is cut at exactly transaction A, while transaction B with same fee rate, same size, same mining fee so B will be confirmed in the next one block. Of course, if same fee rate will be used in next one block.
[1] https://en.bitcoin.it/wiki/Miner_fees#Priority_transactions
I guess if two waiting transactions have same size, same mining fee (not fee rate), the older will be chosen to be confirmed first by miners, according to [1]
Formula
Code:
priority = sum(input_value_in_base_units * input_age)/size_in_bytes
In fact, it can be more complex than such. How many transactions will be confirmed in one block of bitcoin.You can imagine when fee rates on the network drops to 2 sat/(v)byte, ie. and all waiting transactions with that fee rate are totally fitted in size (and max number of transactions) of one block, they all will be confirmed at the same time. In rare cases, the tip of mempool (1 MB) is cut at exactly transaction A, while transaction B with same fee rate, same size, same mining fee so B will be confirmed in the next one block. Of course, if same fee rate will be used in next one block.
[1] https://en.bitcoin.it/wiki/Miner_fees#Priority_transactions
The first time my transaction is included in the block and hashed by the miners I get a confirmation. What does the second confirmation mean? And the third and so on?
Quote
After a transaction is broadcast to the Bitcoin network, it may be included in a block that is published to the network. When that happens it is said that the transaction has been mined at a depth of 1 block. With each subsequent block that is found, the number of blocks deep is increased by one. To be secure against double spending, a transaction should not be considered as confirmed until it is a certain number of blocks deep.
tl;dr number of blocks (within the currently dominant chain) the transaction exists in.
EDIT: By "exists", I mean that if you took the entire dominant chain at a certain number of blocks and parsed it (e.g. in Bitcoin wallet app), the transaction would be included in some block within that chain (either the newest or any older one). So if, hypothetically, your transaction was included in block 5 in the dominant chain and the newest block is now 6, your transaction has 2 confirmations since it "exists" in blocks 5 and 6.
I didn't understand what you said.