Why bitcoin core set up low fee by default ?

Uniex

jr. member

Activity: 115

Merit: 2

Quote from: Uniex on October 31, 2017, 11:42:10 AM

txconfirmtarget= - will this config parameter help to automate setting the transaction fee value ?

I have tested and I confirm that setting txconfirmtarget=1 in bitcoin.conf will automatically set up the fee, that will be enough to be confirmed in 1st block

Uniex

jr. member

Activity: 115

Merit: 2

txconfirmtarget= - will this config parameter help to automate setting the transaction fee value ?

bob123

legendary

Activity: 1624

Merit: 2481

Quote from: Uniex on October 31, 2017, 04:32:42 AM

I know that I can set up paytxfee, but I want that bitcoind server set it up automatically - how can I do that ?

You have always to choose your transaction fee by yourself. There is no "bitcoin server" (neither a "bitcoind server").
The fee of 20 Sat/B appears to be the standard value in your client.
Next time, check https://bitcoinfees.21.co to see how big the fee has to be to get your TX confirmed within x blocks.
Ant the next time you forgot to change your fee you can use a free TX accelerator to get your transaction faster confirmed.
You can find those in the service section on this forum.

Uniex

jr. member

Activity: 115

Merit: 2

Hi all!

I have updated bitcoin core on my server to 0.15.0.1 version, unfortunately after sending a small btc amount,
I saw that transaction fee was 20 sat/B it is too small to confirm in 10 minutes or around it.

I know that I can set up paytxfee, but I want that bitcoind server set it up automatically - how can I do that ?

Topic: Why bitcoin core set up low fee by default ? (Read 534 times)