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Author Topic: Can I set txconfirmtarget=0 in my bitcoind daemon ?  (Read 72 times)
Uniex
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February 19, 2018, 07:11:13 PM
 #1

Hi all!

Can I set txconfirmtarget=0 in my bitcoind ?
Because it seems like txconfirmtarget=1 causes sending with low fees approx 8 sat/B
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February 19, 2018, 07:38:01 PM
 #2

No. It is impossible to get confirmed in 0 blocks.

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February 19, 2018, 09:15:41 PM
 #3

Because it seems like txconfirmtarget=1 causes sending with low fees approx 8 sat/B
That fee is low, but not too low[/i].
If I select 2 blocks as confirmation target, Bitcoin Core currently recommends just under 10 sat/B. https://coinb.in/#fees recommends 3 sat/B, and I've used a lower fee than that yesterday.

At the moment, there's no need to pay a higher fee.

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February 19, 2018, 09:32:12 PM
 #4

8 sat/b should be fine right now.

Johoes mempool (https://core.jochen-hoenicke.de/queue/#2h) only has about ~0.25 MB of transactions at or above 5 sat/b
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February 19, 2018, 10:56:31 PM
 #5

you don't need to change -txconfirmtarget option to pay less fee
you can set -paytxfee to your desired tx fee rate in BTC/kB
or alternatively you can just manually set the fee (on gui mode) every time you send out bitcoin

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February 20, 2018, 07:06:31 AM
 #6

8 sat/b should be fine right now.

Johoes mempool (https://core.jochen-hoenicke.de/queue/#2h) only has about ~0.25 MB of transactions at or above 5 sat/b

Still if you are want get the confirmation on the average 30 minutes to 6 hours also you need to get confirmation on 2 blocks. Then how this 5sat/B or 8sat/B will be enough buddy?
I have seen that mempool is empty but required fees is cheap or economy.
You cannot expect the confirmation. 1 blocks confirmation maximum takes 26 days. May he need to wait till that time.

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February 20, 2018, 07:12:01 AM
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 #7

8 sat/b should be fine right now.

Johoes mempool (https://core.jochen-hoenicke.de/queue/#2h) only has about ~0.25 MB of transactions at or above 5 sat/b

Still if you are want get the confirmation on the average 30 minutes to 6 hours also you need to get confirmation on 2 blocks. Then how this 5sat/B or 8sat/B will be enough buddy?
I have seen that mempool is empty but required fees is cheap or economy.
You cannot expect the confirmation. 1 blocks confirmation maximum takes 26 days. May he need to wait till that time.

I have a hard time following your question... But just to clarify the current situation:
At THIS moment, my node (running for several weeks) estimates the following fees:
95% chance of getting your transaction into the next 3 blocks (~30 minutes) = 7 satoshi's/byte
95% chance of getting your transaction into the next 6 blocks (~1 hour) = 6 satoshi's/byte
95% chance of getting your transaction into the next 12 blocks (~2 hours) = 4 satoshi's/byte
95% chance of getting your transaction into the next 24 blocks (~4 hours) = 4 satoshi's/byte

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