Description
The default fee estimate mode for the following RPC calls is set to "ECONOMICAL" rather than "CONSERVATIVE".
My observation running a Bitcoin non-custodial exchange and payment processor which creates a lot transactions is that Bitcoin Core on conservative mode consistently overpays transaction fees as compared to mempool's fee estimation algorithm. I have collected data on this, if anyone needs convincing, but I think this is common knowledge.
Since RBF, it is standard best practice for advanced Bitcoin users to "lowall" transaction fees instead and RBF later if their transaction. Unfortunately, Bitcoin Core users and wallets which use Bitcoin Core's fee estimation will probably use the default mode (as users always do) and this will lead them to "overpay" more often than not.
Therefore, I suggest changing the default fee estimation mode to "ECONOMICAL" in the following RPCs
I would exclude this change from RBF related RPCs, where the user probably wants the RBF to be sucessful and is clearly willing to pay more for faster confirmation.
I'm not a developer but am willing to financially support a developer willing to make a PR for this if there is interest.