How Does a Higher Fee Rate Affect Transaction Confirmation Time?
A higher fee rate significantly decreases the transaction confirmation time. Miners prioritize transactions with the highest fee rate to maximize their profit.
By offering a high fee rate, a user ensures their transaction is selected by a miner quickly, often for inclusion in the very next block, leading to a fast confirmation.
Glossar
Higher Fee Rate
Rate ⎊ The designation "Higher Fee Rate" within cryptocurrency derivatives, options trading, and related financial instruments denotes a tiered pricing structure where transaction costs escalate based on factors such as trading volume, contract size, or asset class.
Confirmation
Attestation ⎊ The term "confirmation" within cryptocurrency, options trading, and financial derivatives signifies a process validating a transaction or event, establishing its legitimacy and finality.
Transaction Confirmation
Finality ⎊ The transaction confirmation process, across cryptocurrency, options, and derivatives markets, fundamentally establishes the irreversible state of an exchange.