What needs to be done to make your transaction go through within 10 minutes?
A similar question is often of interest to every user who has changed cryptocurrency at least several times. This article will help you deal with this issue.
Let’s start from afar. “Mining” is the process of mining cryptocurrencies. The people who are mining are called miners. They validate transactions, write them to a block, and receive a reward for doing so. A block is a list of all recently entered transactions that were not entered in previous blocks. The task of the miners is to perform calculations for processing the list of transactions (closing a block). It can contain hundreds or even thousands of transactions, each of which has its own priority. The higher the commission, the faster your transaction will go through – this is the principle behind priority determination.
Does this mean that for a transaction of, for example, 100 USDT, you need to pay 10 USDT fees so that the cryptocurrency quickly passes from the sender to the recipient?
Not necessary. There are many ways to find out the priority commission. Below you can see a few of them.
The first way. Various crypto wallets have the function of withdrawing a priority fee for their users (for example, Blockchain). When you send funds using one of these wallets, you can sеlect the “priority fee” option in the commission entry field. When this option is selected, the systеm itself will enter the priority fee for this moment. Priority Fee is the best option for quickly completing a transaction based on previously closed blocks and the transaction fees in those blocks.
The second way: block explorer sites (for example, btc.com). On this site you can see the best fee for fast transaction execution. In the lower right corner of the main page, opposite the link the current best fee for the transaction, this fee will be indicated.
Usually it is about 30-60 Satoshi regardless of the principal amount of the transaction, which is actually not much. And since any exchange office requires the execution of at least 1 block to be sure that the transaction is completed, the priority fee can become your panacea for wasted nerves while waiting for your transaction.
