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lets say.
i have created a raw transaction with inputs = outputs aka setting 0 fees.
so when i do
bitcoin-cli sendrawtransaction <signed_hex> 1
1 is for allowhighfees
what it actually does ? if it increases fees ? then how much ?
how much fees does it sets per byte ?
What if there is not much satoshis in input to cover the fees ?
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The fee is whatever you define in the raw transaction, based on the difference between inputs and outputs. sendrawtransaction never changes it. However, as a safety measure, it will normally reject your transaction if the fee exceeds a certain "absurd" threshold, so that you don't accidentally lose a lot of coins by miscalculating your raw transaction. If you set the allowhighfees parameter, this check is disabled, and you can send a transaction with fees as high as you wish.
The threshold value can be set with the maxtxfee command line / config file option.
so its just precaution measure to not send all btc in fees. – AMB – 2017-09-04T04:25:37.940
Indeed, the only effect is possibly not creating a transaction instead of sending a transaction with enormous fee. It doesn't affect the fee of anything that'd be sent anyway. – Pieter Wuille – 2017-09-04T08:15:40.057