The Bitcoin Network
IN THIS lesson we will learn how to snipe a pending purchase transaction on bitcoin.
For those involved with Runes and Ordinals, one of the most important concepts to understand is the ability to snipe someone's pending purchase transactions. As the market grew and more participants became familiar with this concept, the process of purchasing Runes and Ordinals became somewhat stressful, highlighting the importance of knowing how to snipe.
Sniping on Bitcoin
BTC functions as an auction house, where the highest bidder in terms of transaction fees can complete the purchase of that Ordinal or Rune.
Whenever you snipe someone you are replacing their original transaction with your own by paying a higher sat/vb fee rate than them.
Transactions can be replaced over and over again until the transaction is confirmed.
The best tool to snipe on BTC is: https://magicpool.space/
Below is a video showing how to do it. Follow the steps and sign the transaction with your wallet. Make sure to keep the magicpool tab open as it alerts you if your transaction got sniped, as well as when you win.
Some tips on using MagicPool:
The best transaction to snipe is not always the one with the lowest unit price. Sometimes people overbid on the first transaction as they believe it to be the best purchase, causing other transactions that may seem not as good to end up being cheaper and offering you a better chance to profit on your trade.
Always keep in mind gas fees. Depending on the size of your bag as gas fees rise it starts to eat into your profit margin, and sometimes you end up with little to no profit due to it and paper hands.
Be careful sniping runes as paper hands can make you become a community member really fast.