Post
Topic
Board Bitcoin Technical Support
Re: Bitcoin Core default fees not ok?
by
jackg
on 14/08/2018, 22:15:07 UTC
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)...