Can I have a fee rate lower than the one suggested by estimatesmartfee economical

Question

I know what the inputs and outputs are, the weight of the transaction. At the moment I have $1400 divided into addresses (of my own bitcoin-node).

When using sendtoaddress, 24 blocks, ECONOMICAL he wants $400 commission.
Is there anything I can do now?

Can I somehow transfer money locally to 1 address?

UPD: estimatesmartfee return

bitcoin-cli estimatesmartfee 24 "ECONOMICAL"
{
  "feerate": 0.00105724,
  "blocks": 24
}

leevancleef · Accepted Answer · 2021-04-27 16:51:43Z

0

Is there anything I can do now?

Yes, if you want to lower the fee rate, you can set the fee you want to pay manually:

bitcoin-cli settxfee 0.00081

fee are in bitcoin/kB so they correspond to 81 satoshi/vbyte

and then you can do your transaction with

bitcoin-cli sendtoaddress "address" "amount"

Can I somehow transfer money locally to 1 address?

From blockchain viewpoint all address are equal, it don't know which belong to the same wallet, so there can't be local and external transactions.

answered Apr 27, 2021 at 15:24

leevancleef

8927 silver badges17 bronze badges

Thanks for the detailed answer! I will definitely put LIKE when I can do this. I would like to know how online payment acceptance systems work with small amounts >= $20? What happens to them or what is the best way to handle them in my case?
– 3xcepts
Commented Apr 27, 2021 at 16:53
If you don't need to spend right now, you can wait when the mempool is more empty (these weeks fee are crazy, near historical high) so you can pay lower fee. In this chart you can see how fee rise when mempool fill up jochen-hoenicke.de/queue/#BTC,1y,count here there are other things you can do: en.bitcoin.it/wiki/Techniques_to_reduce_transaction_fees If the answer is right to you, you can accept it with the green check.
– leevancleef
Commented Apr 27, 2021 at 17:04
Thank you again everything worked out. I will definitely take into account your answer, and i am sure that the last link has everything need.
– 3xcepts
Commented Apr 27, 2021 at 23:26

Add a comment |

1 Answer 1