I think basically it’s not a very effective/efficient market, you have to place your ‘bid’ (decide a fee) based on what the fees in recent blocks have been or what the fees of competing transactions in the mempool are. But the bids are taken after you’ve decided them, so there’s a degree of uncertainty and inefficiency - other higher-paying transactions can be broadcast before the next block that will delay your confirmation.
You’re effectively guessing at the right fee rate. RBF (replacing a transaction with another that pays a higher fee) helps with this a little.
1f52b / 1F52B
npub1ra…tgns2
2023-01-12 23:48:46
in reply to nevent1q…areh
Author Public Key
npub1raftzmju5gq77twqxrumv5gnweew2t0p4v5upv8kku4vsz4j8jzq3tgns2Published at
2023-01-12 23:48:46Event JSON
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"pubkey": "1f52b16e5ca201ef2dc030f9b651137672e52de1ab29c0b0f6b72ac80ab23c84",
"created_at": 1673567326,
"kind": 1,
"tags": [
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[
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"content": "I think basically it’s not a very effective/efficient market, you have to place your ‘bid’ (decide a fee) based on what the fees in recent blocks have been or what the fees of competing transactions in the mempool are. But the bids are taken after you’ve decided them, so there’s a degree of uncertainty and inefficiency - other higher-paying transactions can be broadcast before the next block that will delay your confirmation.\n\nYou’re effectively guessing at the right fee rate. RBF (replacing a transaction with another that pays a higher fee) helps with this a little.",
"sig": "a8fa5c7d7d4674b7c91a0e9e6e543b6e626443be78e540220c3bc7981b317473333b2e4a925033d5f047e45189c228a03fda31a3df7dec1dab11c89cb1dbcf75"
}