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I am using settxfee(0.00020) before sendtoaddress RPC call however after sending 0.042 in blockchain a fee of 0.000045 is showing.
How can I set the fee properly ?
Thanks
Settxfee does not work in RPC
Answers
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settxfee sets the transaction fee per kilobyte, as that is the relevant unit for prioritization on the network and in blocks.
With sendtoaddress the size (in bytes) is not known ahead of time, so you can't set the exact fee.
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What version of bitcoind do you have?
That is known issue about updated bitcoind server. Calculation of transaction size has been changed. Before update, transaction with 255 bytes size was rounded up to 1 Kb and your settxfee value was used. But now, it calculates accurate value of transaction size and calculates fee according to it, without rounding up.
is there a way i can implement a dynamic fee for my transactions ? – octav – 2016-04-20T17:50:58.873
What does dynamic fee mean? – Pieter Wuille – 2016-04-20T18:05:39.767
fee that will vary based on network load so that my transaction will confirm 100% – octav – 2016-04-20T18:15:41.317
2If you don't use settxfee, Bitcoin Core will use the results of automatic fee estimation. – Pieter Wuille – 2016-04-20T18:17:18.883
@PieterWuille really? since which version? – knocte – 2016-05-30T17:25:38.627
@knocte: I think since 0.12.0.
– Murch – 2016-06-20T07:43:41.213do you have the source for that? – knocte – 2016-06-20T07:48:58.893
https://bitcoin.org/en/release/v0.12.0#wallet-transaction-fees – Pieter Wuille – 2016-06-20T11:19:33.800