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Author Topic: Set minimum fee for bitcoind  (Read 98 times)
Uniex
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February 11, 2019, 07:50:55 AM
Merited by bones261 (2)
 #1

Hi everyone!

How can I set minimum transaction fee while running bitcoind server or in bitcoin.conf ?
Because now with txconfirmtarget=1 my node sends transaction with 2.125 sat/B which is too low.
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Pmalek
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February 11, 2019, 09:48:29 AM
 #2

It is an older thread but you should be able to get the needed info from achow101's reply 
If you want a faster transaction try this:

You should use the dynamic fee estimation feature of Bitcoin Core. When you go to send a transaction, there is an option at the bottom for "transaction fee" and a button labeled "Choose...". Click that and you will get a box with a bunch of information for setting the fee. Choose the radio button labeled "Recommended" and move the slider there all the way to the side labeled "Fast" (I think it is on the right, it may have been reversed). That will always set your transaction fee to be based upon what is currently happening on the network so that your transactions will have a (overly) sufficient fee.

There is one caveat though. You need to have Bitcoin Core running a for a while in order for it to gather enough data to properly estimate the fee. So you cannot just start Bitcoin Core and expect the fee estimator to work but rather keep Bitcoin Core running for a while before you send.

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Heisenberg_Hunter
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February 11, 2019, 03:39:45 PM
 #3

Currently the transactions are getting confirmed with a minimal fee of 3sats/byte based on https://coinb.in/#fees. Your transactions will get past within this day probably. But you should set the fees manually using the GUI slider for your to get past quickly with the recommended fees. As achow said in an older post, bitcoind needs to sync completely for you to check with the current fee.

How can I set minimum transaction fee while running bitcoind server or in bitcoin.conf ?
You can set minimum transaction fee by configuring the mintxfee= xBTC/KB
By this way, you are instructing your client to broadcast your transaction with xBTC/ 1000 bytes. Setting the mintxfee too low would be quite dangerous.

Uniex
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February 11, 2019, 05:49:25 PM
 #4

Currently the transactions are getting confirmed with a minimal fee of 3sats/byte based on https://coinb.in/#fees. Your transactions will get past within this day probably. But you should set the fees manually using the GUI slider for your to get past quickly with the recommended fees. As achow said in an older post, bitcoind needs to sync completely for you to check with the current fee.

How can I set minimum transaction fee while running bitcoind server or in bitcoin.conf ?
You can set minimum transaction fee by configuring the mintxfee= xBTC/KB
By this way, you are instructing your client to broadcast your transaction with xBTC/ 1000 bytes. Setting the mintxfee too low would be quite dangerous.

unfortunately, mintxfee doesn't work, started my bitcoind with -mintxfee=0.00005 after testing, got sent transaction with 0.00004094 BTC
khaled0111
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February 12, 2019, 12:04:54 AM
 #5

unfortunately, mintxfee doesn't work, started my bitcoind with -mintxfee=0.00005 after testing, got sent transaction with 0.00004094 BTC
Is it 0.00004094 BTC/transaction or 0.00004094 BTC/Kb?
If you paid  0.00004094 to get your transaction confirmed then everything is OK and your transaction size should be less than 0.8Kb

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Heisenberg_Hunter
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February 12, 2019, 05:10:06 AM
 #6

Is it 0.00004094 BTC/transaction or 0.00004094 BTC/Kb?
Either way it is a good fee to pass through and get confirmed by the miner soon. An ordinary legacy tx has an average size of about 500 bytes. So with the current fee rate of 3 sats/byte each legacy transaction would cost about

3-6 sats * 500 = 1500-3000 sats or 0.000015-0.00003 BTC/ transaction

unless the tx don't have complex inputs. If the OP's transaction is of native segwit or P2SH then the size would be higher and the fees would be considerably lower than a legacy tx.

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