If I offer a higher transaction fee, will my order get processed faster?

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I was reading the wiki and it seemed to sugest that the transaction fees didn't play to much of a role in determining the priority of an order but rather the actual size in bytes and the previous amount of wait time are used.

priority = sum( input_value_in_base_units * input_age ) / size_in_bytes

but if I was a miner and I had the choice between two orders of equal size, I would always pick the one that offered the higher fee.

So for all of you miners out there, would my orders on average get processed faster?

Also it could just be that the current mining software does not discriminate based on fee size, but is it possible to write a miner which does?

Loourr

Posted 2013-07-08T15:40:14.727

Reputation: 3 032

Answers

3

DannyHamilton from bitcointalk says

At a minimum. 0.0001 BTC per kilobyte. That would put you ahead of all transactions that are considered "low priority" which don't include a fee by all miners (and pools) that choose to use the reference implementation.

Given how low the exchange rate has been lately, you might even consider a fee of 0.0005 BTC per kilobyte. This would put your transaction ahead of everyone that is using the 0.8.3 reference implementation for fee calculation and even with everyone using the older versions. At the moment this works out to about 3.5 cents for an average transaction.

So the answer is yes, offering a higher transaction fee does speed up your transaction. Heres a link to the bitcointalk discussion.

Loourr

Posted 2013-07-08T15:40:14.727

Reputation: 3 032