bitcoind – Why does Bitcoin Core’s ‘estimatesmartfee’ return a higher fee than necessary?

The Bitcoin Core fee estimator does not aim to provide a minimum fee. possible Fees included within N block. We aim to provide a minimum fee such that we have high confidence that the transaction will be mined. N block.

Therefore, we tend to provide higher estimates than we believe are necessary for a particular transaction. However, this also provides a guarantee (0) that over time, a high percentage of transactions generated with the recommended fee will be mined within the required fee. N block.

Bitcoin enthusiasts often use mempool-based estimates to minimize fees and tend to view this guarantee as unnecessary. This is because you understand how Bitcoin works and can deal with transactions that sometimes take longer than necessary to confirm (or use technologies like RBF). They tend to overlook how this is an important asset for people who don’t want to be Bitcoin experts and just want their money to perform reliably.

It said:

1. Economical mode can be used with: estimatesmartfee Instead of the default conservative mode. By sacrificing some reliability, this mode is more responsive to short-term declines in the general fee market.
2. Recently, a discussion began on the Bitcoin Core Github repository about how the accuracy of fee estimators can be improved.

(0): This is still an estimate. We only guarantee what you can estimate.