When bitcoin blocks are full, highest fee transactions are confirmed first.
Pending transactions sit in node mempools awaiting confirmation - can conceptualize mempools as a line to enter a restaurant sorted by who is willing to pay the most.
Discussion
#btc mempool is the only honest bribery system 😃
Similar to any courier in the world. USPS/UPS/Airlines/Uber all of them have the same approach.
Logistics is a non value added process. Moving things around is just a cost. No new value is added to the item being moved. And it takes effort to do so.
The beauty of this system is the the choice is in the hands of the users more than the system.
If you want your delivery to go out fast you pay a higher fee. If you don’t mind the wait, you can pay the lower fee.
But mempool looks like shit recently, too full and too expensive fees. Why is that? Is it the ordinals thing making it so full?
Could for example miners fill it with ordinal mbs to increase the fees?
Looks like BRC-20 tokens.
Please wait 2-3 business days for confirmation just like an ACH transaction.
You do use lightning, right?
https://service-design.co/make-your-customers-busy-during-the-waiting-time-ad8a8e7e9172
I view at it as a test of my time preference. Challenge accepted!
*highest feerate
A big transaction with a high fee could still be a low feerate, and not get mined.
Please wait 2-3 business days for your on-chain confirmation and learn about lightning
As developers, here's how we might improve that user experience
https://service-design.co/make-your-customers-busy-during-the-waiting-time-ad8a8e7e9172
If you send a transaction with a very low fee, say 1 satoshi, what happens to the transaction if your 1 sat fee never reaches the top of the line. Are the funds stuck in limbo, or can you spend the same satoshis again with a higher fee rate while the first transaction is still pending?
If you created the transaction with RBF you can replace it with a higher fee. Or u can just wait. Few weeks ago I had a transaction with 1 sat/vB siting on the mempool for almost 3 weeks. But finally it got included in a block :)
Someone needs to start a club that only allows so many people in every 10min. And have a live club mempool screen outside for would be club entrants to watch!
This ride or die freak is hoping you and/or Marty will come out against using the Bitcoin ledger as a degen cloud storage spam ape .jpg platform. Neutrality won't do.
The raspberry pi nodes are struggling to keep the spam filled mempool in memory.
And mempools will always clear, because it makes no sense to wait in line forever.