Does Increasing the Gas Price Guarantee Faster Confirmation?
Increasing the gas price significantly increases the probability of faster confirmation, but it does not guarantee it. Miners prioritize higher-fee transactions.
If network congestion is extremely high, even a high fee may face competition. Under EIP-1559, a higher 'Priority Fee' (tip) is used to incentivize faster inclusion.
Glossar
Guarantee
Assurance ⎊ Within cryptocurrency derivatives and options trading, assurance represents a formalized commitment regarding the performance or outcome of a contract, extending beyond a mere promise.
Network Congestion
Latency ⎊ Network congestion within cryptocurrency, options trading, and financial derivatives manifests as increased latency, directly impacting execution speeds and potentially leading to adverse selection against slower participants.
Price Guarantee
Assurance ⎊ Price guarantee in trading contexts assures the client that the final transaction price will not be worse than a specified level, often used in primary offerings or specific market-making agreements.
Gas Limit
Constraint ⎊ Gas Limit, within cryptocurrency networks, represents the maximum computational effort a transaction or smart contract execution may require; it’s a crucial mechanism for preventing denial-of-service attacks and ensuring network stability by limiting resource consumption.