High Counterwallet TX Fee

I made a send with Counterwallet today and the fee was $0.26.

I tired another wallet with a $0.04 fee and it too worked, albeit a few blocks’ wait.

These were both simple BTC sends, and I don’t know if $0.04 would be sufficient with a an op_return encoded XCP tx.

What I advocate are

  • CW GUI should inform users of the TX fee
  • It would be nice with fee amount options, ideally high fee/fast confirmation vs moderate fee/some wait time.

Yeah I found the same the other day (but my transaction went through really really quickly while that same day people were bitching left and right about the congestion on the bitcoin network).

Counterparty (and Counterwallet) now uses dynamic fee estimates from Bitcoin Core.

I agree it’d be nice to allow users to set their own fee, I proposed this high/low idea to Indiesquare and I think they implemented that.

I think the easiest way would be to not estimate anything, but just let people enter the fee and provide a link to somewhere where they can see the current situation. .

If actual fees can be decided by the user and for each individual transaction, then each action (Send, Issuance, DEx, etc. ) would have to be changed, plus some logic written to give options. It’s not trivial but it’s much simpler to just add a Hi/Lo Transaction Priority setting in Settings > Advanced, plus an indicator somewhere in the UI that informs the user of the current setting. Yes that’s a primitive way to do it, but considering how many things have to be done in CW (e.g. how are we going to support SegWit), I think we need to lead with the minimum requirements (which would simply use Bitcoin Core RPC to get estimatepriority 2 and estimatepriority 6 to get inputs for the Lo and Hi and then divide those by the transaction size and multiply if it’s multisig to get to the final fee figure) .

I wish I knew enough JavaScript to be able to add this PR, but I don’t. You could, though :slight_smile:

By the way I think it’d be good to implement the recommended fee in CounterTools (the simple method "Target confirmation time: 10|30|60 minutes") and then submit a PR to CW.

Reference: Counterwallet’s fee setting:

And for Counterparty Server API:

Defaults in Counterparty Server:

@jdogresorg in #L88 of this last file, you can set your target estimate to 6 blocks if you want.
Today when I was writing that Bash script I realized that 10 and 30 mins fees were exactly the same (based on several tests I did with the API)

I’m glad to see that somebody did submit a PR that improves this for counterparty-client and API users.
CW still needs a hook for this, IMO preferably in the Send modal (if not, then in wallet Settings).