Should I specify the total allocated bandwidth in bytes?

[Alexey]

You can, but it will not be used anymore:

Bandwidth caps are getting removed

Just a fair warning. There is an open PR to remove bandwidth caps from the codebase. I expect that change to get merged and deployed within the next 2 weeks. The storage node will ignore any bandwidth cap and you might end up exceeding the bandwidth cap of your ISP. Reducing the allocated space should help to reduce the traffic. Another option would be graceful exit.

@littleskunk

Bandwidth limits removed
Storage nodes don’t have a bandwidth limit anymore. We removed it from the CLI and webUI dashboard. The old configuration value has no effect anymore and the storage node will keep accepting uploads and deliver downloads.

So, you can leave it unspecified.