Does the Bitcoin Fee change the Speed of the Transaction?

[GERVobis]

Hello is it truth that a Custom bitcoin fee for example on the bitcoinfees site, will change the Speed of the Transaction.


For Example:

If i will choose the Regular Fee it will takes: 30 Minutes

And if i will look on the Site "Bitcoinfees" and find a good fee and use this fee as custom fee it will be as fast as possible?

[Nivea Soft]

If you choose high priority you have to pay more fees and it's faster.

[GERVobis]

Originally Posted by Nivea Soft

If you choose high priority you have to pay more fees and it's faster.

I mean Custom Fee this not ever means that the Fee have to be high just custom from this site google it "Bitcoinfees"

[FlyffServices]

Originally Posted by GERVobis

I mean Custom Fee this not ever means that the Fee have to be high just custom from this site google it "Bitcoinfees"

more fees = faster

every transaction got into the mempool, the miner collect now this transactions that he want (mostly the high fee transaction) and mine the block.

[gan881]

Honestly, it's a good question. I've never thought about it, but now I would probably agree with Nivea Soft. Thinking logically, the speed is faster if the transaction priority is high. That should be the same with custom fee, IMO. But I could be wrong.

[Der-Eddy]

btw. BTC blocktimes are 10 minutes
so at worst, even if you paid a really high transaction fee, you would need to wait up to 10 minutes to get your transaction "confirmed" into a block
exchange sites even require several confirmations (adding ~10 minutes per confirmation)

some vendors may choose to allow 0-conf transaction (meaning you don't to wait for a confirmation, if it's in the mempool waiting to get into a block, you are fine)
but that is almost replaced with RBF (Replace-by-fee) which allows to send a tranction again with more fees attached, making 0-conf unreliable