For advanced users, you also have the option of setting a custom fee. Changing it to "Eco" will save you some money, but still result in your transaction getting confirmed within the next six blocks (generally less than 60 minutes). If you change it to "Fastest," you'll pay a higher satoshi-per-byte rate and likely have your transaction confirmed in the next two blocks (so less than 20 minutes). The default BTC network fee in the Wallet ("Fast") is set to have your transaction confirmed most likely within the next two blocks (so less than 30 minutes). In general, more complicated transactions (more inputs and outputs) involve more data and so are more expensive. Each transaction is made up of data, which is measured in bytes. This is 0.00000001 BTC (8 decimals, or 100 millionth of a bitcoin). A satoshi is the smallest divisible unit of bitcoin. In the absolute worst case, you'll have to wait 72 hours with your bitcoin in limbo until it's finally returned to your wallet.įees are measured in satoshis/byte. Don't worry though, you're never in danger of losing bitcoin by setting the fee too low. However, you need to be careful because if you set the fee too low, your transaction may take hours or get stuck for days, and ultimately be reversed altogether. Alternatively, if you're not in a rush to have your transaction confirmed, you can save money by opting for a lower fee. This means you can opt for faster transaction processing by paying a higher fee. Transactions with higher fees are picked up sooner by miners (who optimize for profitability), so higher-fee transactions are more likely to be included in the next block. Fees for transacting on the Ethereum networkįees for transacting on the Avalanche networkīitcoin transactions incur a small fee which is paid to the miners that confirm them.
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