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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 ?

1 Answers1

4

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.

Nate Eldredge
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  • so its just precaution measure to not send all btc in fees. –  Sep 04 '17 at 04:25
  • 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 Sep 04 '17 at 08:15