Thanks for your reply brother. What reasonable value will you suggest for txconfirmtarget=X
I mean what number can i replace with X.
Pretty much any integer number >= 1. From the docs:
-txconfirmtarget=<n> If paytxfee is not set, include enough fee so transactions begin confirmation on average within n blocks (default: 6)
What does -txconfirmtarget=X mean? Why - added before txconfirmtarget=X
Questions like this indicate that you're probably biting off more than you can chew... the "-" is a standard way of indicating a new commandline argument when you need to also specify options for those arguments... ie. myapplication.exe -arg1 option -arg2 -arg3 -arg4... have you read ANY of the documentation for the applications that you are trying to use to implement your system?
In case if i want to set up my own tx fee, normally how many KB would be required to process a transaction(approx)? Can i set up paytxfee=0.00020000
Transaction size in bytes can be roughly calculated using the following formula: (Number of Inputs * 148 bytes) + (Number of outputs * 34 bytes) + 10 bytes
You can pretty much use any fee you like. Although you should know that a lot of nodes will refuse to propagate your transaction if the fee rate is too low.
If i setup the above value, will the transaction fee for each transaction will be 20,000 satoshis or less?
It should be exactly 20000 satoshis in total.
If i use dyanamic fee, what would be the approx fee per transaction? How do i check the approx fee per transaction
How long is a piece of string? No one can answer this for the simple fact that "Dynamic" fees are dynamic... they go up and down to meet the current network conditions... Also, you need to stop considering the fee as a "total amount"... you need to be working on a BTC
per kiloByte or a Satoshis
per Byte. The total fee has no real affect on the confirmation speed. Miners look at the fee
rate.
refer:
https://bitcoinfees.21.co/ and
https://support.21.co/bitcoin#transactions-and-fees for more info regarding fees
