Fail of transaction because of fee

[Camel179]

Hi everyone


I'm back here to understand better the fee on bitcoinre core


I'd like to send some btc, but it's saying that it can't estimate the fees at the moment, and that i have to activate the fallbackfee, or that i wait fews blocks..

Also, do you know what 60' for a transaction represent as a fee ?

Thank you, hope this is clear

[jackg]

Can uou screenshot the 60' thing?

I'd check the debug. Log in your data directory to see if you can find out why it can't estimate network fees.

According to my electrum app a fee of 32 sats per byte should be sufficient to be included in the next block. With about 25 sats per byte for a confirm within 25 blocks. But this is based on the current state of the mempool and transactions could increase in volume or decrease in volume and change the fees needed.

[khaled0111]

I'd like to send some btc, but it's saying that it can't estimate the fees at the moment, and that i have to activate the fallbackfee, or that i wait fews blocks..

To activate fallbackfee you can either start your wallet with the -fallbackfee=value parameter or add fallbackfee=value to your bitcoin.conf file.
The value you set will be used by your wallet by default and it has to be in btc/kb (by default it's set to 0.0002 btc/kb).

[nc50lc]

Also, do you know what 60' for a transaction represent as a fee ?

The only "60" that I can find is the "Confirmation time target" for your transaction to get a confirmation within 60minutes.
It'll be displayed when you click "Choose..." beside the transaction fee (it's already displayed in OP's case).
And that's part of the "fee estimation" and wont work unless it's initialized.

Alternatively, you can always use the other option "Custom". and set your desired fee rate.
The pre-loaded amount is the minimum 1sat/B or 1000sat/kB.

[Camel179]

I'm having difficulties to paste a screenshot.

So how to enable fee estimation ? (without going into data floder)

it's currently saying : "consider choosing your fee manually or wait until you've validates the complete chain"

Is 0.00001000 BTC as a fee ok ? What would you recommend ?

thanks

[ranochigo]

it's currently saying : "consider choosing your fee manually or wait until you've validates the complete chain"

Is 0.00001000 BTC as a fee ok ? What would you recommend ?

thanks

So you haven't synchronized your client yet? The error usually only appears when you're out of sync.

You shouldn't send transactions till the Core synchronizes completely due to the potential lack of information. Just wait till it synchronizes and your fee estimation will work.

[NotATether]

I'm having difficulties to paste a screenshot.

So how to enable fee estimation ? (without going into data floder)

it's currently saying : "consider choosing your fee manually or wait until you've validates the complete chain"

Is 0.00001000 BTC as a fee ok ? What would you recommend ?

thanks

Post the link to the screenshot here and another forum member will embed it for you in a quote. The forum restricts newbie accounts from embedding images.

As for the error, bitcoin core needs to gather transactions to predict a suitable fee to use. Your node probably doesn't have enough transactions gathered yet, which means peers aren't sending you many transactions. Best thing you can do is wait for a few dozen blocks or so to get confirmed and by then, your node should have enough information to estimate the fee that's appropriate for the next block.

In the meantime, if you really have to send a transaction right away, you can use Jochen Hoenicke's mempool statistics, second graph, to see how much other transactions are paying, and pick a fee within the range that the most transactions are using. But I would wait until your node finishes syncing.

[nc50lc]

Is 0.00001000 BTC as a fee ok ? What would you recommend ?

Like I've said in my previous reply, it's the minimum and being "minimum" means that it's the lowest priority fee rate.

There are times that it's okay like if you do not want fast confirmations or the average mempool size is low,
but not right now if your transaction is a bit rush.

Refer to the post above for the alternative but I'd suggest to use the 3rd graph instead and look for the range that suits your transaction best.
Eg: Using that site, fee rate at range of <1MB has a good chance to get confirmed in the next block, >1mb for the next and so forth.
Note that the number of newly broadcast transactions and rate of mined blocks can increase/decrease that chance.

So how to enable fee estimation ? (without going into data floder)

Without the latest blocks and some unconfirmed transactions in your mempool, the client can't estimate fee rate.
That's when your node isn't synced or you're not relaying unconfirmed transactions.