Author: Marco Falke 2016-03-03 15:55:25
Published on: 2016-03-03T15:55:25+00:00
Bitcoin Core has implemented a safety limit of 10000 times the minimum relay fee, also known as an "absurd fee" limit, to prevent large transaction fees. This limit is active in both the wallet and the sendrawtransaction RPC call. There is also a user configurable option called -maxtxfee to limit fees set by the wallet, which currently defaults to 0.1 BTC. It is planned for Bitcoin Core 0.13 to use -maxtxfee for both the wallet and the RPC interface. The issue of large transaction fees was historically caused by no or insufficient warnings from the wallet software, and it is the responsibility of operators to make the wallet user-friendly. However, there are legitimate use cases where one would want to pay a large transaction fee, such as convenience for miners to collect fees instead of sending back change on their own transactions. Furthermore, it could increase privacy if multiple parties decide to "wash" their bitcoins by letting the miner claim the fee and then have the miner send back a fraction of the fee to a fresh address.
Updated on: 2023-06-11T04:22:02.771317+00:00