Minimum fee bitcoin wallet
At the time of this writing, a Bitcoin fee of satoshis per byte will be enough for your transaction to go through in about 30 minutes Bitcoin transaction fees are expressed in satoshis , which is one hundred millionth of a Bitcoin, per byte size of the transaction, which is typically a little over bytes.
Have in mind that fee estimators aren't perfect; an alternative service that shows you the currently optimal fee is this one. Paying a fee that's too high is unnecessary, as it doesn't carry any additional benefit. But paying too small a fee means your transaction won't go through fast, or at all.
This information won't help you much if you use a wallet that doesn't let you change transaction fees, so maybe it's time to switch to a different wallet. For example, a mobile Bitcoin wallet called Mycelium offers several possibilities for Bitcoin transaction fees: If you choose the low-priority fee, your transaction might take longer to go through but it will be cheaper.
Conversely, a high priority transaction will almost surely go through quickly but it will be expensive. For even more control, you could try out the Electrum wallet , which lets you set any fee for your transactions, though you need to enable the option manually in the settings.
If you choose too small a fee, your transaction might forever stay in Bitcoin's backlog. Coinomi is another mobile-only wallet which lets you customize your transaction fees.
There are other things you could do to make transaction fees lower, though it requires a slightly higher level of knowledge. If you've received a lot of small transactions to a Bitcoin address, and then send bitcoins from that address, the transaction will be larger in bytes and thus more expensive.
If you enable the "Coins" tab in the desktop version of Electrum you can minimize the number of inputs for your transaction, which will make it cheaper. If you're moving bitcoins from an exchange and not a wallet, you likely won't be able to set a fee, and many exchanges have very high fees set up.
Exchanges mostly don't do that because they're evil; they do it because they want to make sure the transaction went through, or else they'll need to deal with support tickets. Unfortunately, at this point there's little you can do about this besides find an exchange that is a bit more reasonable with this regard than others. Have in mind that, on top of transaction fees, exchanges will likely charge their own additional fees, so you should focus on the total costs.
Bitcoin fees are currently very expensive, but this will likely get better in a few months. But even right now, by choosing the right wallet and making sure you use the optimal fee, you'll do a lot better than just paying whichever fee you're offered.
We're using cookies to improve your experience. Click Here to find out more. Tech Like Follow Follow. Popular networks are crowded and thus more expensive. Today, Bitcoin is the most popular network and has the highest fees of any digital asset supported by Exodus. Bitcoin fees are calculated on the amount of traffic the network currently has and the size in bytes of the transaction.
A transaction's size is dictated by the number of inputs and outputs. The more inputs you have, the more expensive the transaction. One of the easiest ways to think about this is with change and dollars. One dollar is the same as pennies, however, it requires more work to count pennies and give it to someone for payment than it does to hand over a one dollar bill. Bob receives a payment of 1 bitcoin once.
Both Alice and Bob now have a 1 bitcoin balance. If Alice and Bob now try to send 1 bitcoin, Alice will have a much larger fee than Bob. Bob who just has 1 input. This is similar to a person who tries to spend pennies vs. Both have the same value, but the pennies are much harder to count, and it takes a lot longer to count them and make the transaction. Exodus tracks changes in the Bitcoin network and adjusts the fees accordingly using the dynamic pricing model from: Exodus does not keep any portion of this fee.
We have done extensive testing over the years to make sure bitcoin transactions are delivered the fastest way possible. Because Exodus prioritizes speed and reliability over low fees, Exodus will always dynamically set the best price to deliver your transactions as fast as possible. This may be worth checking out to learn more about Bitcoin fees: