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Author Topic: Bitcoin Core default fees not ok?  (Read 202 times)
Tyger
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August 14, 2018, 06:21:01 PM
 #1

Hi,

I used a new installed node v0.16.2 to create this transaction:
https://www.blockchain.com/btc/tx/72a63e4e27f425eaa4f6ab0de34d18af518b277db1342caf1949e59a03e0cc2e

Now i noticed this a few times that i have to wait a few hours sometimes to get transactions confirmed.
So de dynamic fees from the core are not high enough?

Do i update the fee settings?
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LoyceV
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August 14, 2018, 06:30:08 PM
 #2

So de dynamic fees from the core are not high enough?
Recommended fees are an estimate, based on past confirmed transactions. Fees can go up, for instance if it takes long to find a new block, or if the number of transactions goes up. If that happens, the estimate turns out to be incorrect.
When in a hurry, I manually set the fee a bit higher. Most of the time I manually set it as low as possible.

Tyger
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August 14, 2018, 06:33:49 PM
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I know, but this requires to change the fee by hand all the time.
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August 14, 2018, 06:51:19 PM
Last edit: August 14, 2018, 07:04:24 PM by BitMaxz
 #4

If your transaction still unconfirmed you can abandon or delete the unconfirmed transaction then you can create a new transaction with higher fee.
Read the quoted below.

Quote
Bitcoin Core

Bitcoin Core makes making Full RBF transactions very easy. Simply go to the transactions list, right click the transaction that is stuck, and choose the "Abandon Transaction" option.

If that option is greyed out, then you must go to the Bitcoin Core datadir and delete the mempool.dat file. Then restart Bitcoin Core with the -walletbroadcast=0 option and then you should be able to use "Abandon Transaction".

If the above two options fail for some reason, then you can start Bitcoin Core with the -zapwallettxes option to clear all unconfirmed transactions from your wallet.

Once the transaction is either Abandoned or cleared from the wallet, you can simply go to the Send tab and send the Bitcoin again but make sure that you include a sufficient transaction fee.
Source: https://bitcointalk.org/index.php?topic=1802212.0

Then always check the updated fee here https://bitcoinfees.earn.com/ make sure to use the fastest and cheapest fee or higher to make your transaction faster.


I know, but this requires to change the fee by hand all the time.
The miner's fee does not have a fixed value it always depends on the network.

If you don't want to change the miner's fee from time to time you must set your miner's fee to the higher amount per byte. So, you don't need to replace the fee from time to time.

Tyger
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August 14, 2018, 08:57:38 PM
 #5


Quote
The miner's fee does not have a fixed value it always depends on the network.

If you don't want to change the miner's fee from time to time you must set your miner's fee to the higher amount per byte. So, you don't need to replace the fee from time to time.

This is what i am looking for, what amount do you recommend? is there a default setting for this now?
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August 14, 2018, 09:06:23 PM
 #6

is there a default setting for this now?
No, it varies too much. Last December, you would need a 500 times higher fee than you need now.
I use https://coinb.in/#fees as an indication, if you go a bit higher than what the site recommends, you should see a fast confirmation most of the time.

Tyger
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August 14, 2018, 09:16:09 PM
 #7

So basicly if i set mintxfee to 2sat per byte i should be ok (it says 1 is enough now) right?
but the default value is 0.00001 (BTC/kB) if i look it up, am i missing something?
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August 14, 2018, 09:49:25 PM
 #8

So basicly if i set mintxfee to 2sat per byte i should be ok (it says 1 is enough now) right?
but the default value is 0.00001 (BTC/kB) if i look it up, am i missing something?

It depends on what you want. A 1 sat/b will get you confirmed anywhere between ~1-10 blocks. See https://bitcoinfees.earn.com/ (Albeit this site can be very inaccurate, it usually gives a clear indication)

If you're in a hurry, it might be better to use a slightly higher fee.

Which fee should I use?
The fastest and cheapest transaction fee is currently 12 satoshis/byte, shown in green at the top.
For the median transaction size of 225 bytes, this results in a fee of 2,700 satoshis.

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August 14, 2018, 10:15:07 PM
 #9

So basicly if i set mintxfee to 2sat per byte i should be ok (it says 1 is enough now) right?
but the default value is 0.00001 (BTC/kB) if i look it up, am i missing something?

It depends on what you want. A 1 sat/b will get you confirmed anywhere between ~1-10 blocks. See https://bitcoinfees.earn.com/ (Albeit this site can be very inaccurate, it usually gives a clear indication)

If you're in a hurry, it might be better to use a slightly higher fee.

Which fee should I use?
The fastest and cheapest transaction fee is currently 12 satoshis/byte, shown in green at the top.
For the median transaction size of 225 bytes, this results in a fee of 2,700 satoshis.

I was just about to suggest I'd use 10 satoshi per byte fees (although that's only when I want a legacy transaciton to fit into a block - the bech32 transactions I send move faster because they can fit much more tightly into blocks, or maybe they're favoured somewhat).

This number also needs constantly changing, what does core set the default setting to for transactions to confirm (you could try running 'estimatesmartfee 1' - although I'm not sure how well that works as I still can't get core to sync fully and that command came from the litecoin cli)...

Tyger
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August 15, 2018, 08:15:29 AM
 #10

i will set mintxfee to 0.0001 and see what happens.
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August 15, 2018, 10:39:20 PM
 #11

i will set mintxfee to 0.0001 and see what happens.

What was result ?
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August 16, 2018, 06:54:11 AM
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 #12

i will set mintxfee to 0.0001 and see what happens.
What was result ?
The result would have been (ridiculously) high fees!!! Shocked Shocked Shocked

mintxfee specifies the minimum (total) fee that your transaction will be created with... NOT the fee rate to be used. So, setting 0.0001 means that if you sent an "average" sized transaction of say 226 bytes, it would still use a fee of 0.0001 BTC... that's 10,000 sats... for a 226 byte transaction, that's a fee rate of just over 44 sats/byte.

Generally, the automatic fee estimation isn't terrible, it just doesn't handle sudden spikes in transaction and/or fee volume very well... it can be quite unpredictable. For that reason, I'd still recommend double checking https://btc.com/stats/unconfirmed-tx and https://jochen-hoenicke.de/queue/#1,24h to get an idea of the current mempool size and "pending" fees before you send a transaction.

If the mempool is low (less than 1 block ie.  less than ~1meg of transactions)... and all the fees are in the 1 sat/byte range, simply using 2 or 3 sats/byte is likely to get nextblock confirmation. If the mempool is getting bigger  (ie. more than 2 or 3 blocks worth, ie. more than ~2meg of transactions) and there are a significant number of transactions using more than 1 sat/byte, you may need to pay a bit more for a fast confirmation.

If it gets really full (like ~10megs+)... expect to see fees spiking up quite high. It's all about "supply and demand" Wink

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August 16, 2018, 07:47:47 AM
 #13

I installed Bitcoin node too.
When I use "settxfee" can't send btc. (use RPC)

How can adjust max fee?
Exist command like "setmaxfee"?

Thanks.

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August 16, 2018, 08:16:20 AM
 #14

When I use "settxfee" can't send btc. (use RPC)

settxfee does accept one parameter (the fee) in bitcoin per kilobyte.
If you want to set the fee to 5 sat/B, you'll enter 0.00005 (5 sat/B => 5000 sat/KB => 0.00005 BTC/KB).

So, the command to set the fee to 5 sat/B would be:

Code:
bitcoin-cli settxfee 0.00005



How can adjust max fee?
Exist command like "setmaxfee"?

If you want to set a 'fixed' fee (independent from the size of the transaction; not recommended), you will have to use the CreateRawTransaction call and build the transaction yourself (fee = inputs - outputs).
You can read more about this call in the documentation: https://bitcoin.org/en/developer-reference#createrawtransaction.


Tyger
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August 19, 2018, 01:07:24 PM
 #15

i will set mintxfee to 0.0001 and see what happens.

What was result ?

Instant confirmation, 6.6sat er byte
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August 22, 2018, 03:44:36 PM
 #16

May I know what's this discussion all about ? I am very much interested in ICO and am basically an ivestor !!
You can know that by reading the thread.

Hi,

I used a new installed node v0.16.2 to create this transaction:
https://www.blockchain.com/btc/tx/72a63e4e27f425eaa4f6ab0de34d18af518b277db1342caf1949e59a03e0cc2e

Now i noticed this a few times that i have to wait a few hours sometimes to get transactions confirmed.
So de dynamic fees from the core are not high enough?

Do i update the fee settings?

Tyger had transaction fees predicted that were too low and wanted to update the settings.


If you are a real investor, don't invest in ICOs, Bitcoin is the coin you want and is the only coin that has combatted time much better than any of the alts.



Tyger it's freed up a bit now the network then. There's a fee predictor site on loyce's thread which is quite useful: https://bitcointalk.org/index.php?topic=2848987.0 - probably good to check just before you send a transaction.

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