The introduction of a new fee recommendation algorithm aimed at being more reactive to changing network conditions and providing a better, more consistent experience for our users.
A new ‘Priority’ option which aims to have your transaction included in a block within 60 minutes. This feature is currently available via our Web and Android wallets and will be included in our upcoming iOS release; available the week of June 19th.
How Fee Recommendations Work
In Bitcoin, transaction fees are used to incentivize miners to confirm transactions by including them in a block which is then appended to the previous blocks, creating a ‘block chain’. Rational miners will select transactions paying a higher fee per byte. ‘Fee per byte’ is represented in satoshis/B (‘sat/B’ for short) and can be seen when viewing a transaction on our explorer:
Recommending a fee that will achieve a confirmation within a specific time window would require knowing what fee per byte future transactions will pay and therefore is not possible to do reliably. There are many approaches to fee recommendations. Bitcoind, for example, tracks how long past transactions took to confirm and how much they paid in order to determine a fee level which will confirm a transaction in a given number of blocks most of the time. This gives conservative estimates but does not react quickly to changing network conditions (which can be very dynamic) and often results in users either paying too much or too little.
Source :- https://blog.blockchain.com/2017/06/14/better-fee-recommendations/
