Post
Topic
Board Development & Technical Discussion
Merits 103 from 2 users
Re: Bitcoin server - set minimum transaction fee
by
Gavin Andresen
on 03/04/2015, 20:52:54 UTC
⭐ Merited by EFS (100) ,ETFbitcoin (3)
Hello fellows!
I'm actually running bitcoind server to receive and send transaction through my own software.
Transaction size of my spends are always near to 100kb/500kb, so how do I set a minimum/pseudo-fixed transaction fee in my bitcoin.conf/software? If you haven't figured out yet what I mean, I would always pay 0.0001 BTC for each spend cause they never exceed 1.000kb.
Hoping in a fast reply  Roll Eyes

You can't, the reference implementation wallet always pays some-amount-per-1000-bytes-of-the-transaction.

The rules for the 0.10 release are:

+ By default, you always pay a fee (this is different from previous releases that would send transactions without a fee if they had high enough priority)  (run with -sendfreetransactions=1 to get the old behavior of sending high-priority transactions without a fee)
+ By default, the fee-per-kilobyte is estimated based on recent transaction confirmation history.

To get close to what you want (pay a fixed fee per transaction), run with -paytxfee=0.whatever  : that tells the wallet code to pay 0.whatever BTC per 1000 bytes. Most transactions are about 500 bytes big.

See here:  http://core2.bitcoincore.org/smartfee/fee_graph.html  ... for how high to make -paytxfee=0.whatever based on how long you're willing to wait for the first confirmation (that page graphs estimates from the latest&greatest fee estimation code from Alex Morcos that will hopefully be in the 0.11 Bitcoin Core release).