How can I prioritize my transaction in Bitcoin? Does Bitcoin has any feature that can provide me fees required in case I want my transaction to be sent as high priority?
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3 Answers
In bitcoin core existed embedded tools to estimate fee cost and confirmation time in blocks.
you can read the description with help command
bitcoin-cli help estimatesmartfee
estimatesmartfee conf_target ("estimate_mode")
Estimates the approximate fee per kilobyte needed for a transaction to begin confirmation within conf_target blocks if possible and return the number of blocks for which the estimate is valid. Uses virtual transaction size as defined in BIP 141 (witness data is discounted).
Arguments: 1. conf_target (numeric) Confirmation target in blocks (1 - 1008) 2. "estimate_mode" (string, optional, default=CONSERVATIVE) The fee estimate mode. Whether to return a more conservative estimate which also satisfies a longer history. A conservative estimate potentially returns a higher feerate and is more likely to be sufficient for the desired target, but is not as responsive to short term drops in the prevailing fee market. Must be one of: "UNSET" (defaults to CONSERVATIVE) "ECONOMICAL" "CONSERVATIVE"
Result: { "feerate" : x.x, (numeric, optional) estimate fee-per-kilobyte (in BTC) "errors": [ str... ] (json array of strings, optional) Errors encountered during processing "blocks" : n (numeric) block number where estimate was found }
The request target will be clamped between 2 and the highest target fee estimation is able to return based on how long it has been running. An error is returned if not enough transactions and blocks have been observed to make an estimate for any number of blocks.
Example:
bitcoin-cli estimatesmartfee 6
That is one of the purposes of transaction fees.
Since block space is finite, miners will select transactions with the best Feerate or fee/kB ratio. Of course, this is variable based on volume of transactions and the market rates.
If you haven't send your transaction already, most wallets have an "economy", "normal" or "priority" transaction fee, which will automatically estimate what the average fee at the moment is, and will adjust the fee/kB ratio accordingly.
Remember that this ratio varies all the time, depending on how congested the Bitcoin network is. Here's a couple of sites I use to see how congested the network is: https://bitcoinfees.earn.com/ and https://bitcoinfees.info/ If you'd really want to send your transaction through, you could probably see what the highest tx fees are and manually enter a high number in the fee/kB field, if your wallet offers you to set your tx fee manually.
