Magic Eden Bitcoin, a leading platform for buying and selling Digital Artifacts, now offers users the ability to choose the Bitcoin Network Fee when purchasing Ordinals. This feature allows you to have control over the speed at which your Bitcoin transaction gets confirmed. By selecting an appropriate fee rate, you can ensure a timely confirmation and prevent your transaction from getting stuck in the mempool.
Understanding Bitcoin network fees:
The priority of a pending Bitcoin transaction is determined by its feerate, which is measured in sat/vB (satoshi per virtual byte). A higher feerate generally leads to quicker confirmation, while a lower feerate may result in longer confirmation times. It is important to note that feerates can change rapidly, so it is advisable to check the suggested feerates just before making a transaction.
Why isn't my transaction confirming?
If your transaction has been pending for a while without confirmation, it is likely that your transaction's feerate is lower compared to other transactions in the mempool. In such cases, there is no need to panic, as your transaction will either confirm completely or not at all. You can always track your transaction's progress using its transaction ID (TXID) and see where your funds are.
Getting your transaction confirmed more quickly
To expedite the confirmation of your Bitcoin transaction, you can increase its effective feerate. This can be achieved by selecting a higher fee rate when submitting your transaction. By opting for a higher feerate, your transaction is more likely to be prioritized by miners and confirmed sooner.
Preventing future transaction delays:
To avoid potential transaction delays in the future, it is crucial to use an appropriate transaction fee based on your desired confirmation speed. Magic Eden provides fee estimates from the Bitcoin Blockchain's mempool on the platform's ‘Item Details’ page, allowing you to make informed decisions.
How to choose the Bitcoin Network Fee on Magic Eden Bitcoin:
Navigate to the 'Item Details' page of the Digital Artifact you wish to purchase.
Look for the 'Bitcoin Network Fee' option, now available on the page.
You will see a selector allowing you to choose between 'Low', 'Medium', or 'High' fee rates.
The selector also displays the corresponding sat/vB value and provides an approximate cost in USD.
Select the fee rate that aligns with your preferences and comfort level.
Proceed with submitting your transaction as you normally would.
With the introduction of the Bitcoin Network Fee selector on Magic Eden Bitcoin, users can now actively manage the speed at which their Bitcoin transactions are confirmed. By choosing an appropriate fee rate, you can ensure timely confirmation and avoid potential transaction delays. Take advantage of this feature to optimize your buying and selling experience on Magic Eden Bitcoin and enjoy the seamless transfer of Digital Artifacts using Bitcoin.