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Author Topic: How to set minimum fee for outcoming transactions  (Read 827 times)
MrsHash
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April 04, 2017, 04:13:24 PM
 #1

I use bitcoin node v0.14.0 and can't set up minimum fee for outgoing transactions. I use next parameters:
mintxfee=0.0009
paytxfee=0.0009
txconfirmtarget=1

But actual fee is always much more lower then 0.0009. What am I doing wrong?
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April 04, 2017, 05:26:49 PM
 #2

Those settings set the fee rate in BTC/kB, not the actual fee itself. IIRC, there is no way to set an absolute fixed fee now because you really shouldn't be using an absolute fixed fee.

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April 04, 2017, 06:23:25 PM
 #3

I use bitcoin node v0.14.0 and can't set up minimum fee for outgoing transactions. I use next parameters:
mintxfee=0.0009
paytxfee=0.0009
txconfirmtarget=1

But actual fee is always much more lower then 0.0009. What am I doing wrong?

The fee you're setting there is a fee per kilobyte. Transactions with only one input script are about 250 bytes so the fee you pay will be 0.000175btc for that transaction.
You probably want to use dynamic fees though unless there's a reason you want to use fixed fees?

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April 04, 2017, 07:35:45 PM
 #4

Yes, I want to use fixed fee to guarantee that transaction will be confirmed in about 2-3 blocks. Because I actually wait up to 20 hours currently for some transactions to get confirmed.
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April 04, 2017, 08:53:23 PM
 #5

Yes, I want to use fixed fee to guarantee that transaction will be confirmed in about 2-3 blocks.

This is why you should NOT use fixed fee.

You CANNOT guarantee that transaction will be confirmed in about 2-3 blocks if you use fixed fee, since you may have a very big transaction and miners might choose to ignore your transaction.

Confirmation time depends on how much fee you pay PER BYTE.  If you use fixed fee, then the fee per byte will be small on big transactions (lots of inputs and/or outputs) and big on small transactions (only a few inputs and outputs).  The only way you can guarantee that the fee will ALWAYS be enough with fixed fee would be to pay a ridiculously high fee on small transactions.

Better would be to use a proper fee per byte (or fee per kilobyte).  Then you can provide the proper incentive to the miners so that they will be very likely to confirm your transaction in the next block or two.

Because I actually wait up to 20 hours currently for some transactions to get confirmed.

Then you need a higher fee PER BYTE.  You do NOT need a fixed fee.

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April 05, 2017, 05:40:23 PM
 #6

DannyHamilton explained it very correctly.

Try to adjust satoshi/Byte rate around 100, at least.

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Blockonomics.co
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April 06, 2017, 11:15:25 AM
 #7

If you're unsure of the fee you should set for your transaction, you could use https://bitcoinfees.21.co/ to check the appropriate fee per byte you should set.

Blockonomics.co also provides a fee wizard. You can simply type your address into the fee wizard, and it will suggest a transaction fee based on the inputs needed for the transaction, and the current network conditions.

Blockonomics.co
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