replace by fee – Prioritize transaction with low fee [regtest]

Tx1:

send '{"bcrt1qgz8qhrqyglh7zu3alssydsfa7wk2auucftfnv3": 0.2}' null "unset" 1.1
{
  "txid": "d040ebe603f80bdf1a92877efeb2b4a27c32766202aeecf3a969b665a0d4c6d8",
  "complete": true
}

Bump fee:

bumpfee d040ebe603f80bdf1a92877efeb2b4a27c32766202aeecf3a969b665a0d4c6d8

Tx2:

{
  "txid": "14f13ad9e757752fce52be3f60a08ff697db646863e68f43e76bd1e70eb4504f",
  "origfee": 0.00000228,
  "fee": 0.00001268,
  "errors": [
  ]
}

Prioritize Tx1:

prioritisetransaction "d040ebe603f80bdf1a92877efeb2b4a27c32766202aeecf3a969b665a0d4c6d8" 0.0 2536
true

Mine a block:

generatetoaddress 1 "bcrt1qh3v7u6qv46q26srjtjux3cg2g35qlyjf8fqgej"
[
  "7901e58c61d7e4ed0a07aaef382b5ca6c2f3ec146ed093f443c5e322d4ba3848"
]

Why does Tx2 get included in the block even though I tried to prioritize Tx1:

getblock "7901e58c61d7e4ed0a07aaef382b5ca6c2f3ec146ed093f443c5e322d4ba3848" 2

https://pastebin.com/raw/kYfTsUUG

If this is related to mempool conflicts and the way they are managed in Bitcoin Core, how can I test below scenario using regtest:

  1. User broadcasts Tx1 which is relayed and now in the mempool of a node used by mining pools.
  2. User replaces it using RBF with Tx2, this transaction is not yet relayed to mempool of nodes used by mining pools.
  3. Next block is mined and Tx1 is included in the block

fraud – Is it normal to be asked for an advance fee on a withdrawal?

No, when transferring or selling Bitcoin you don’t ever have to first pay any sort of extra fee in advance.

Being asked to pay in extra money for any sort of fee is a trick of confidence tricksters (conmen, scammers, fraudsters)

Ordinary Bitcoin transactions will deduct a small amount of Bitcoin from the balance as a transaction fee (not a transfer fee), but this is not something extra you pay in. Current transaction fees are very high at around $30 per transaction (a year ago they were less than $1). The actual fee you should pay depends on how complex the transaction is and how quickly you want the transaction to be processed. You should not be paying more than this and it should automatically be deducted from your Bitcoin balance, not paid in as an extra amount. This is a transaction fee not a transfer fee. There is no such thing as a transfer fee or transfer code in normal Bitcoin transactions.

When dealing with any business, no fees should ever come as a surprise. You should be able to find the business terms and conditions on their web page without talking to anyone at that business. Any fees that come as a surprise are a sign of possible fraud.

replace by fee – What are we trying to predict in fee estimation and why?

There are different estimations used in wallets, explorers and other Bitcoin projects. For example: estimatesmartfee in Bitcoin Core

This is the fee rate distribution right now according to https://btc.bitaps.com

mempool-stats

Are different estimations misleading and affect the way fees are used in Bitcoin transactions? Will it be better if we just share mempool stats and user can decide the fee rate accordingly?

If I compare this with BTCUSD orderbook on any exchange, are we trying to estimate at what price buy order will get filled in certain time? Does that make sense?

orderbook

In Bitcoin, block space is the supply, fee bidding to get the transaction included in a block is demand, miners are sellers who will fill the limit orders however they can include any transactions (not necessary it will be prioritized based on fee rate) so what exactly are we trying to estimate and why?

Market buy orders that fill the sell orders on exchanges can be compared to a transaction using fee rate 310 sat/vByte when highest bid in mempool is 300 sat/vByte. Although things are not instant in Bitcoin and there is a time gap between broadcasting with a certain fee rate and transaction being included in block. There are few other differences like if I try to buy 0.01 BTC right now on Bitfinex at 70,000 it will be executed at 53,450 and in Bitcoin there is no such thing, you can decide any fee rate and even if I use 1000 sat/vByte right now, same will be used and accepted by miners unless there is something that avoids such errors in wallet being used but overall picture looks similar and all this makes estimation even more difficult.

I consider it misleading because lot of users think a transaction with fee rate 1-5 sat/vByte will be included in 1 week or maybe a transaction with X sat/VByte will be included in Y time which is not true. User decide the fee rate and can do bidding, transaction will be included based on demand, supply and miners.

Will it be better if the wallets used this approach?

  1. Show mempool stats
  2. Leave the fee rate for user to decide
  3. RBF every transaction and follow different algorithms for automated bidding

A simple algorithm for automated bidding can be:

automated-fee-bidding

Is the transaction size relevant if fee per byte is the same?

TL;DR: Usually not.

Bitcoin holds a lottery to elect the author of the next block roughly every ten minutes. The participants enter by performing hashes on block candidates (“buying lottery tickets with power expenditure”). The “winning ticket” is found when a miner finds a valid block. Whatever (valid) set of transactions the miner had in their block candidate gets appended to the blockchain. The block includes a transaction that collects the block subsidy and transaction fees and pays it out to the block’s author. This “distributed lottery” is used to rate limit updates to the system’s shared state, giving everyone time to converge on a single ground-truth. While the block’s content must fulfill the rules of the network, the actual selection of transaction for the block happens before consensus is established and is therefore each miner’s sole prerogative.

Generally, miners get paid more when they include the transactions with the highest feerate first. If the feerate of the two described transactions is in the range of the next block, they should include both. If only one fits, they should pick the one that maximizes the transaction fees collected from the transactions that fill the remaining space in the block block. If only one fits, presumably preferring the bigger transaction would usually yield more total transaction fees, but for that to matter, the two transactions would need to fall right at the end of the next block.

blockchain – What is the best way to pull miner’s fee associated with a list of transactions?

I have a spreadsheet containing the transaction ID, datetime, and BTC amount of 800,000+ transactions associated with a BTC address (includes both sent and received transactions). Now I am trying to add another column listing the fee paid for each of those transactions. What is the (1) fastest (2) easiest (3) most efficient way to do that? Please explain in detail if technical know-how is required, because I am a novice in coding.

Why isn’t Replace by fee default for all transactions?

I know it’s a wallet implementation and a flag, but when it was introduced why wasn’t this change a rule for all transactions so that anyone could RBF if they wanted to instead having had to set the mandatory flag?

BlockChain.Com Wallet – Why transaction FEE Is very HIGH

I have two wallets in BlockChain.Com web site.
When i want to transfer bitcoin from one of them situation is like this :

Money for transfer : $1000
Transaction Fee = Priority = $26

In another wallet situation is like this :

Money for transfer : $1000
Transaction Fee = Priority = $210

I am so confused!!!!!!!!!!!!!
Why does BlockChain.Com act like this?
How can i reduce second wallet’s fee?

fraud – Is it normal to be asked for an advance fee on a withdrawal?

No, when transferring or selling Bitcoin you don’t ever have to first pay any sort of extra fee in advance.

Being asked to pay in extra money for any sort of fee is a trick of confidence tricksters (conmen, scammers, fraudsters)

Ordinary Bitcoin transactions will deduct a small amount of Bitcoin from the balance as a transaction fee (not a transfer fee), but this is not something extra you pay in. Current transaction fees are very high at around $30 per transaction (a year ago they were less than $1). The actual fee you should pay depends on how complex the transaction is and how quickly you want the transaction to be processed. You should not be paying more than this and it should automatically be deducted from your Bitcoin balance, not paid in as an extra amount. This is a transaction fee not a transfer fee. There is no such thing as a transfer fee or transfer code in normal Bitcoin transactions.

When dealing with any business, no fees should ever come as a surprise. You should be able to find the business terms and conditions on their web page without talking to anyone at that business. Any fees that come as a surprise are a sign of possible fraud.

transactions – I used edge wallet to send my bitcoin from my wallet to my cash app but i used a low fee soo its been unconfirmed for 10 days what can i do?

So it looks like your transaction does not have RBF (Replace-by-Fee) enabled, so you won’t be able to bump your fee in a replacement transaction.

And there’s no change output, so it seems you sent all your money in one go, so you wouldn’t be able to do a CPFP (Child-Pays-for-Parent) transaction.

One suggestion is to use ViaBTC’s Transaction Accelerator service. You can pay them in Bitcoin Cash to have them include your transaction in the next block they mine. So, you’ll lose money still by paying for the service, but your transaction would be confirmed sooner.

Netherlands import fee refund when leaving country with stuff

I have bought a laptop from the US. They sent me the laptop to my address in the Netherlands by UPS.
Before delivering the laptop, UPS asked me to pay 380 Euros for the Import fee.
I am a businessman living temporarily in the Netherlands with a residence permit.
I have bought this laptop for my personal use.
When leaving the Netherlands, can I claim for refund of the import fee?
If yes, How should I handle it?