Bitcoin Core Transactions fees Recommended default

[tothemoon10]

I am having trouble with Send in Bitcoin Core.   (I have a separate thread for that but that thread is getting a bit technical now).

Much want some help with just the very core basics.

When it comes to:

Is that default ok for most "Send" transactions? Or does it have to be adjusted for most people, most transactions, for everyone?

Transaction Fees.
There is a default recommended 0.00004978 BTC/kvb Estimated to begin confirmations within 6 blocks.

Is that ok? To just leave it at that? (Or should it be adjusted?)


What does this really mean?
Should one go for 4 or 2 blocks?

(I am not very concerned about saving some dollars on transactions fee cost, I am mostly willing to pay to get this done now, do not care if it is USD 20-50-100 transactions fees. Just want it done.)

Or is it better to go with Custom per kilobyte. Is there a risk with that?

Any advice appreciated.

[LoyceV]

Is that default ok for most "Send" transactions? Or does it have to be adjusted for most people, most transactions, for everyone?

Usually, the default is okay. At current fees, it doesn't matter much anyway.

Transaction Fees.
There is a default recommended 0.00004978 BTC/kvb Estimated to begin confirmations within 6 blocks.

That should be fine. That would mean about 0.00001xx BTC fee for one input and 2 outputs. Let's say about $0.50.

What does this really mean?
Should one go for 4 or 2 blocks?

It depends on how long it takes for the next block to be found. As an estimate: assume there's 95% chance it will confirm within 6 blocks, probably much faster.

However:

(I am willing to pay to get this done now, do not care about USD 20-50-100 transactions fees. Just want it done.)

I don't think fees are your problem. There's no need to pay USD 20 or more in transaction fees (and you should check the transaction fee before confirming the transaction), but it looks like you have a different problem. It may help to zapwallettxes your wallet (of which you should have several backups by now), but I haven't used that command in years so I'm not sure what the current best practice is.

Or is it better to go with Custom per kilobyte. Is there a risk with that?

Any advice appreciated.

My advice: don't bother about the fees for now.

[hosseinimr93]

It may help to zapwallettxes your wallet (of which you should have several backups by now), but I haven't used that command in years so I'm not sure what the current best practice is.

The zapwallettxes option doesn't work anymore. It was removed in the version 0.21.0.  

The -zapwallettxes startup option has been removed and its functionality removed from the wallet.

I didn't understand why you recommended using zapwallettxes, but if the purpose is to remove an unconfirmed transaction from your node, should run the wallet without any startup option and use abandontransaction command instead.

[LoyceV]

I didn't understand why you recommended using zapwallettxes

Back in the days, I used it to get rid of weird wallet problems.

[nc50lc]

I am having trouble with Send in Bitcoin Core.   (I have a separate thread for that but that thread is getting a bit technical now).
-snip-

The error that you got from your "separate thread" isn't about the fee rate.
If it's a default fee issue, it should be broadcast without issue but could only stay unconfirmed until it was mined,
your transaction wasn't sent to the mempools at all.

I made a new reply to that thread and I think the main issue is your way of "replacing" the wallet.dat file so I've posted the "don'ts" of doing it.