For the next release of Litecoin reference client, we will reduce the relay fees from 0.001 LTC/kb ($0.30/kb) to 0.00001 LTC ($0.003/kb). We hope to have that out next week. Once people are using the new relay fees, we will reduce the actual min fee to 0.0001 LTC/kb ($0.03/kb).
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Median fee is easy to figure out. Just look at last 100 block headers. Then if you pay the median fee, your transactions should confirm in 5 mins (2 blocks) on average.
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That should work most of the times yes. The only scenario where it might not work well is when tx volume increases or decreases rapidly. When that happens, the current block’s median fee would be a more accurate estimate than the median over the last 100 blocks.
End of conversation
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This is equivalent to credit/debit card Payment Processors that competes for merchants processing business. The fees are reasonable. My teams will be waiting to explore and build on top of LTC.
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min feerate might not guarantee fast confirmations if fee rises rapidly.