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Bitcoin => Bitcoin Technical Support => Topic started by: entropybit on May 07, 2024, 10:42:16 PM



Title: A Bitcoin wallet that allows any low fee...
Post by: entropybit on May 07, 2024, 10:42:16 PM
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Title: Re: A Bitcoin wallet that allows any low fee...
Post by: Zaguru12 on May 07, 2024, 10:47:28 PM
This is mostly referred to as customization of fee and there are many bitcoin wallets that support such feature. Wallet like electrum, BlueWallet, sparrow and even some closed source wallets allow you to customize your fee. Although some wallet settings or let’s say nodes or servers you’re connected to might outrightly fail to broadcast your transaction because of low transaction fee and you could end up getting error messages


Title: Re: A Bitcoin wallet that allows any low fee...
Post by: Charles-Tim on May 07, 2024, 10:52:33 PM
Wallets like Bitcoin Core can let you set below 1 sat/vbyte as the fee rate. You can even use 0 sat as the fee on Bitcoin Core. But the SPV wallets that I have used before that makes you to customize fee will not allow you to use below 1 sat/vbyte.


Title: Re: A Bitcoin wallet that allows any low fee...
Post by: bitmover on May 07, 2024, 11:06:28 PM
Wallets like Bitcoin Core can let you set below 1 sat/vbyte as the fee rate. You can even use 0 sat as the fee on Bitcoin Core. But the SPV wallets that I have used before that makes you to customize fee will not allow you to use below 1 sat/vbyte.

0 sat vB fee rate won't be propagated. You need at least 1 sat vB to get into mempool of other nodes.

A miner can insert a 0 sat vB transaction in a Block, but you can't, even using bitcoin core 

More info here
Quote
There is a policy rule for a minimum relay fee. Transactions must pay a feerate greater than or equal to the minimum relay fee configured for a node. By default, this value is 1 sat/vb, but node operators can choose to increase or decrease this value. It can also change depending on how many transactions are in a node's mempool. Transactions that do not meet the minimum relay fee are not invalid, they are simply not accepted by the node for relay to other nodes.

Miners can bypass any and all policy rules. A miner can choose to insert a transaction which pays less than their configured minimum relay fee, including transactions that pay no fee.

https://bitcoin.stackexchange.com/questions/113258/how-is-this-0-sat-tx-even-possible-how-can-i-do-them


Title: Re: A Bitcoin wallet that allows any low fee...
Post by: Forsyth Jones on May 07, 2024, 11:12:40 PM
I've never tried to send 0 sat/B on Bitcoin core, but I don't think it's allowed, as I vaguely remember trying that.

Why would you want to send at 0 sat/b even though you know your transaction will never be accepted? 1 sat/B has a chance of being accepted, although it may take many days, due to the current state of the mempool.

How nice it was to send transactions paying 1 sat/B fee... anyway, you can still use Bitcoin Core even if your storage disk is smaller than the current blockchain size when opening Bitcoin Core for the first time, in the configuration, you will be asked if you want to prune the blockchain to X size... Ex: 2gb, 4 gb, then it is downloaded to 4gb (or whatever size you define) and the old blocks are deleted... You lose some resources, but they are not absolutely important.


Title: Re: A Bitcoin wallet that allows any low fee...
Post by: Charles-Tim on May 07, 2024, 11:16:50 PM
0 sat vB fee rate won't be propagated. You need at least 1 sat vB to get into mempool of other nodes.

A miner can insert a 0 sat vB transaction in a Block, but you can't, even using bitcoin core

Do not mind me for this correction. It supposed to be sat/vB and not sat vB.

I know that unless someone is a miner (that is able to mine a block like mining pool) or knows a miner (that is able to mine a block like mining pool) that can help him include the transaction into a block, the node runner has no other option because most miners set it at 1 sat/vbyte. I suppose to include that.


Title: Re: A Bitcoin wallet that allows any low fee...
Post by: Charles-Tim on May 07, 2024, 11:25:15 PM
Why would you want to send at 0 sat/b even though you know your transaction will never be accepted? 1 sat/B has a chance of being accepted, although it may take many days, due to the current state of the mempool.
No even having any chance for now. Many nodes can also purge the transaction out of mempool. The purging right now is above 5 sat/vbyte, which means most nodes are not accepting 1 sat/vbyte transaction right now.

How nice it was to send transactions paying 1 sat/B fee... anyway, you can still use Bitcoin Core even if your storage disk is smaller than the current blockchain size when opening Bitcoin Core for the first time, in the configuration, you will be asked if you want to prune the blockchain to X size... Ex: 2gb, 4 gb, then it is downloaded to 4gb (or whatever size you define) and the old blocks are deleted... You lose some resources, but they are not absolutely important.
There is nothing better than to download the full blockchain for easy wallet recovery. Prune node has it disadvantages.


Title: Re: A Bitcoin wallet that allows any low fee...
Post by: bitmover on May 07, 2024, 11:34:19 PM
Why would you want to send at 0 sat/b even though you know your transaction will never be accepted? 1 sat/B has a chance of being accepted, although it may take many days, due to the current state of the mempool.
No even having any chance for now. Many nodes can also purge the transaction out of mempool. The purging right now is above 5 sat/vbyte, which means most nodes are not accepting 1 sat/vbyte transaction right now.


This is the minimum now. 6 sat v/B

     
  • fastestFee: 21 sat/vB
  • halfHourFee: 19 sat/vB
  • hourFee: 17 sat/vB
  • economyFee: 12 sat/vB
  • minimumFee: 6 sat/vB
https://talkimg.com/images/2024/05/07/rbrdj.gif (https://bitcoindata.science/bitcointalk-api.html#bitcoin-fees)


Title: Re: A Bitcoin wallet that allows any low fee...
Post by: Mia Chloe on May 08, 2024, 05:48:53 AM
Op you are actually referring to fee customization most wallets now have that function since most users are aware that it's possible to choose the fees you wish to use. Customizing Bitcoin fees is something that should be done with fine understanding of how the block chain works. Meaning you should be able to check the Mempool with necessary tools to know the level of conjestion at the time you intend on broadcasting your transaction.

As usual, the higher the fees you make use of the faster your transaction is confirmed and added to the next block. However when trying to pick the best fee for your transaction you should take note of the minimal fee at the time of broadcast. This is because if your fees fall below the minimal fee , nodes will simply drop your transaction.


Title: Re: A Bitcoin wallet that allows any low fee...
Post by: OcTradism on May 11, 2024, 03:51:05 AM
Which Bitcoin wallet(not Bitcoin Core) allows users to send any fee?
Lets say I want to send a transaction with $0.01 fee or 0.00000001.
You must understands basics about Bitcoin transactions and transaction fee.

Transaction fee depends on two main factors: transaction size, and fee rate.

Transaction size depends on your inputs, transaction address, transaction type, ...
Fee rate is what you set when broadcasting your transaction. Fee rate is in satoshi/ byte or satoshi/ vbyte.

If you understand, you will see there will be nothing to be set during broadcasting a transaction process, relates to $. It means there is no wallet that can allow you to set your transaction fee in $.


Title: Re: A Bitcoin wallet that allows any low fee...
Post by: LoyceV on May 11, 2024, 06:34:05 AM
There is nothing better than to download the full blockchain for easy wallet recovery.
Most people will never do that. If you have one wallet, it will always be synced on your pruned node.

I need to import a private key format
What are you trying to do? You jump from wanting to create a transaction that can only exist locally in your wallet to importing private keys. What's the goal here?


Title: Re: A Bitcoin wallet that allows any low fee...
Post by: nc50lc on May 11, 2024, 07:56:43 AM
Obs.. I need to import a private key format 5KYZdUEo39z3FPrtuX2QbbwGnNP5zTd7yyr2SC1j299sBCnWjss but when I try it on BTC core shows error ''BTC legacy only''.
Hmm, that error... could it be "Only legacy wallets are supported by this command"? Because, there's nothing else exactly like that.

If so; Bitcoin Core's new "descriptor wallet" doesn't allow importprivkey command, use importdescriptor instead.
Instead, create a "pkh" descriptor with that uncompressed WIF private key, get its "checksum", then import it.

Example:
Create a descriptor:
Code:
pkh(5KYZdUEo39z3FPrtuX2QbbwGnNP5zTd7yyr2SC1j299sBCnWjss)

Get its checksum:
Code:
getdescriptorinfo "pkh(5KYZdUEo39z3FPrtuX2QbbwGnNP5zTd7yyr2SC1j299sBCnWjss)"
Result: "checksum": "pcxrjydy",

Import it, append the checksum:
Code:
importdescriptors "[{\"desc\": \"pkh(5KYZdUEo39z3FPrtuX2QbbwGnNP5zTd7yyr2SC1j299sBCnWjss)#pcxrjydy\",\"label\": \"test_import\",\"timestamp\": 0}]"

You can also import "pk()" descripto if you think you own P2PK outputs.

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Title: Re: A Bitcoin wallet that allows any low fee...
Post by: Findingnemo on May 11, 2024, 08:57:58 AM
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Use your signature space to include this to your posts instead of posting it at the bottom of each of your topics.
To get there, click "PROFILE->Forum Profile Information".
Newbies don't have signature space if I am not wrong, it is only available from Jr. Members or above.

Sorry for the off-topic. ;)