Summary

When you create a transaction using the Bitcoin.com Wallet, you can customize the fees you pay for using the public blockchain network.

๐Ÿ” NOTE๐Ÿ”

Bitcoin.com does not charge any additional fees for sending and receiving crypto-assets. Network fees are paid to the miners/validators of the public blockchains.

How to customize network fees

When you create a transaction using the Bitcoin.com Wallet, you can customize the fees you pay for using the public blockchain network. Here's how:

  1. On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left

  2. Choose from one of the three following options:

'Eco' means you'll pay a lower fee, but your transaction will take longer.

'Fast' strikes the optimal balance between cost and speed.

'Fastest' optimizes for speed over cost.

Bitcoin

What's the BTC network fee?

Bitcoin transactions incur a small fee which is paid to the miners that confirm them. 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. This means you can opt for faster transaction processing by paying a higher fee. Alternatively, if you're not in a rush to have your transaction confirmed, you can save money by opting for a lower fee. 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. Don't worry though, you're never in danger of losing bitcoin by setting the fee too low. In the absolute worst case, you'll have to 72 hours with your bitcoin in limbo until it's finally returned to your wallet.

How are BTC fees determined?

Fees are measured in satoshis/byte. A satoshi is the smallest divisible unit of bitcoin. This is 0.00000001 BTC (8 decimals, or 100 millionth of a bitcoin). Each transaction is made up of data, which is measured in bytes. In general, more complicated transactions (more inputs and outputs) involve more data and so are more expensive.

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). 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). Changing it to "Eco" will save you some money, but still, result in your transaction getting confirmed within the next six blocks, so generally less than 60 minutes. For advanced users, you also have the option of setting a custom fee. You'll want to use a tool like Bitcoinfees to ensure you're choosing an appropriate fee given the current state of network congestion.

Customizing fees when sending BTC

When you create a transaction on the Bitcoin network using the Bitcoin.com Wallet, you can customize the fee you pay to Bitcoin miners for sending BTC. Here's how:

  1. On the "Enter send amount" screen, tap on the "Network fee" icon.

  2. Choose from one of the three following options:

'Eco' means you'll pay a lower fee, but your transaction will take longer.

'Fast' strikes the optimal balance between cost and speed.

'Fastest' optimizes for speed over cost.

You also have the option to manually customize the network fee, choosing exactly the satoshi/byte rate you prefer. Here's how:

  1. On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left

  2. Select "Advanced fee options." You'll then be prompted to enter the precise satoshi/byte rate you prefer. You can use a tool like this to determine the optimal Bitcoin fees for your needs.

๐Ÿ”Note that if you choose the 'Eco' option or manually customize the network fee to a level that is too low, there's a small chance your transaction will be canceled due to network congestion. In this case, you won't lose your Bitcoin, but you will need to wait up to 72 hours for the transaction to be canceled, at which point you'll need to re-initiate the sending process.

Bitcoin Cash

Why is there no BCH network fee?

The Bitcoin Cash network has a bigger block size than the Bitcoin network. This means fees for Bitcoin Cash transaction fees are negligible, transactions are always confirmed quickly, and the fee settings can be safely ignored. In other words, Bitcoin Cash is ideal for use as peer-to-peer cash!

Ethereum

How do fees work when sending ETH?

Just like with Bitcoin, making transactions on the Ethereum network incur fees that are paid to miners. Also just like with Bitcoin, miners optimize for profitability. This means transactions with higher fees are typically confirmed faster than those with lower fees.

While transactions in Bitcoin are measured in size (bytes), transactions on the Ethereum network are measured by computational effort, which is delineated in units of "gas." For example, sending ETH from one wallet to another (one of the simplest transactions you can make on the Ethereum network), may consume 20,000 units of gas.

When you create an Ethereum transaction, you must set the "gas price". This is the amount of ETH you are willing to pay for each unit of gas consumed. Gas price is measured in Gwei (giga wei), which itself is a denomination of ETH. Each Gwei is equal to 0.000000001 ETH (10-9 ETH). So, instead of saying that your gas costs 0.000000001 ETH, you can say your gas costs 1 Gwei.

The cost you pay for a transaction on the Ethereum network, then, is a function of the gas price you set and the gas units your transaction consumes.

Customizing fees when sending ETH in the Bitcoin.com Wallet

When you create a transaction on the Ethereum network using the Bitcoin.com Wallet, you can customize the fee you pay to the Ethereum network sending ETH. Here's how:

  1. On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left

  2. Choose from one of the three following options:

'Eco' means you'll pay a lower fee, but your transaction will take longer*

'Fast' strikes the optimal balance between cost and speed

'Fastest' optimizes for speed over cost

The Bitcoin.com Wallet constantly monitors the market rate for gas to arrive at the optimal gas price for each preset mode, but you also have the option to manually customize your 'gas price' for each transaction (see above for an explanation of how 'gas' relates to fees in Ethereum). Note that gas prices fluctuate based on Ethereum network congestion, so whether your transaction is picked up by miners sooner rather than later depends on the current market rate for gas. You can check gas rates using a tool like https://ethgasstation.info/ and set customized fees based on the market rate for gas. Here's how to set customized fees in your wallet:

  1. On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left

  2. Select "Advanced fee options." You'll then be prompted to enter the precise gas price in Gwei for your transaction.

Read more: Why is my Ethereum transaction pending and what can I do about it?

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