Summary
When you send a cryptocurrency like Bitcoin (BTC) or Ether (ETH), you'll pay a fee for using the public blockchain network. When the network is busy or congested, the fee is higher. Certain types of transactions also require a higher fee. Some networks such as Polygon, Avalanche, and Bitcoin Cash are known for having lower transaction fees.
When you create a transaction using the Bitcoin.com Wallet app, you can customize the fees you pay no matter which network you are using. Choosing a lower fee means your transaction will process more slowly.
💡 Bitcoin.com does not charge any additional fees for sending and receiving cryptocurrencies or for transacting on public blockchain networks. Network fees are paid to the miners/validators of the public blockchains.
Table of contents
What are blockchain network fees?
Blockchain network fees, often referred to as transaction fees or gas fees, play a crucial role in the functioning and maintenance of decentralized networks like Bitcoin and Ethereum. These fees act as incentives for miners or validators who contribute their computational power to verify and process transactions, ultimately adding them to the blockchain. Network fees ensure the efficient and secure functioning of the system, as they deter spam transactions and malicious activities, while encouraging miners/validators to prioritize transactions with higher fees. This, in turn, promotes a competitive marketplace where users can decide the priority of their transactions by choosing the amount of fees they are willing to pay.
The reason some transactions incur higher fees than others is primarily due to the differing levels of complexity, data size, and urgency. In networks like Ethereum, where smart contracts are executed, more complex operations consume more computational resources, and thus require higher fees. Similarly, transactions with larger data sizes take up more space in a block, and therefore demand higher fees. This is why sending a larger amount of bitcoin generally comes with a higher fee.
Urgency also plays a significant role; users who desire faster confirmation times for their transactions typically offer higher fees to incentivize miners/validators to prioritize their transactions. This creates a dynamic fee structure that enables users to determine the balance between cost and speed, while simultaneously supporting the overall health of the blockchain network.
How to customize network fees when sending cryptocurrency
When you create a transaction using the Bitcoin.com Wallet app, you can customize the fees you pay for using the public blockchain network. Here's how:
On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left. This will open up the network fee settings menu.
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.
Here’s how to adjust the transaction fee when sending Bitcoin:
Fees for sending Bitcoin (BTC)
What is the Bitcoin 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.
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 Bitcoin.com Wallet app ("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 (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 app, you can customize the fee you pay to Bitcoin miners for sending BTC. Here's how:
On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left. This will open up the network fee settings menu.
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:
On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left
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.
🔍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 for the transaction to be canceled, at which point you'll need to re-initiate the sending process. Cancelled transactions will be reverted to the sender's wallet, meaning the balance will show up in your wallet again.
What can I do if my Bitcoin transaction is stuck?
If the network is very congested or if you've set a fee that is too low, there's a small chance your transaction will be stuck. Don't worry, you won't lose your Bitcoin! If your transaction is stuck, you have two options:
Wait for the transaction to be canceled by the network, at which point you'll need to re-initiate the sending process. Cancelled transactions will be reverted to the sender's wallet, meaning the balance will show up in your wallet again.
If you'd rather not wait, another option is to use a Bitcoin transaction accelerator, which you can access from the Bitcoin.com Wallet app. Here’s how it works:
Get your transaction ID for the stuck BTC transaction. For step-by-step instructions on how to find your transaction ID in the app, please refer to this guide.
Navigate to Discovery > Overview > Services > BTC TX accelerator > Launch Service
Paste your transaction ID and follow the instructions. There are free and paid options. And that's it!
Fees for sending Bitcoin Cash (BCH)
Sending bitcoin cash (BCH) generally incurs a fee of less than a penny per transaction.
Why is the BCH network fee so low?
The Bitcoin Cash network has a bigger block size than the Bitcoin network. This means that, in most cases, there is plenty of space in each block to include all transactions proposed by network participants. The result is that fees for Bitcoin Cash transactions are negligible. Furthermore, transactions are always confirmed quickly. These features make Bitcoin Cash ideal for use as peer-to-peer money.
Fees for transacting on the Ethereum network
Summary
Transactions on Ethereum incur fees that are paid to the network in ETH. This means that you must have a balance of ETH in your wallet in order to execute any type of transaction on the Ethereum network.
Customizing fees for using the Ethereum network in the Bitcoin.com Wallet app
When you create a transaction on the Ethereum network using the Bitcoin.com Wallet app, you can customize the fee you pay to the Ethereum network. Here's how:
On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left. This will open up the network fee settings menu.
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
Here’s how to customize the transaction fee for Ethereum and Ethereum Virtual Machine (EVM) chains including Avalanche, Polygon, and BNB Smart Chain:
Manually customizing fees when using the Ethereum network in the Bitcoin.com Wallet app
The Bitcoin.com Wallet constantly monitors the market rate for gas, as well as the current base fee cost, to arrive at the optimal price for each preset mode. However, you also have the option to manually customize your network fee settings for each transaction (see below for an explanation of how 'gas' relates to fees in Ethereum). 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:
On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left. This will open up the network fee settings menu.
In the network fee settings menu, select "Custom fee options." You'll then be prompted to enter the max base fee and the priority fee, both priced in Gwei, for your transaction.
Ethereum fees in detail
The cost you pay for a transaction on the Ethereum network is two-fold. First, there is the base fee, which is burned (destroyed). Second is the priority fee, or tip, which is paid to network validators. Both of these fees are influenced by market forces, meaning the cost goes up when the network is congested. The total cost for a transaction also depends on its complexity.
Transaction complexity is 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), may consume up to 21,000 units of gas. One unit of gas is equal to 0.000000001 ETH (10-9 ETH). Note that this denomination of ETH is also known as a giga-wei, or gwei.
Total fees are calculated as follows:
Gas units * (base fee + tip)
Let’s look at an example where Alice sends Bob 1 ETH. Imagine the base fee is 100 gwei and Alice includes a tip of 10 gwei. Using the above formula, we can calculate this as 21,000 * (100 + 10) = 2,310,000 gwei or 0.00231 ETH.
When Alice sends the money, 1.00231 ETH will be deducted from Alice's account. Bob will be credited 1.0000 ETH. The validator will receive the tip of 0.00021 ETH and the base fee of 0.0021 ETH is burned.
Pending transactions on Ethereum
Pending transactions are those that haven’t yet been processed by the Ethereum network. You can speed up pending transactions by replacing them with a new transaction with a higher fee.
Fees for transacting on the Avalanche network
Summary
Transactions on Avalanche incur fees that are paid to the network in AVAX, the network’s native token. Although fees are generally very small, you must have a balance of AVAX in your wallet in order to execute any type of transaction on the Avalanche (C-Chain) network.
Customizing fees when using the Avalanche network in the Bitcoin.com Wallet app
When you create a transaction on the Avalanche (C-Chain) network using the Bitcoin.com Wallet app, you can customize the fee you pay to the network. Here's how:
On the "Enter send amount" screen, tap on the "Network fee" icon. This will open up the network fee settings menu.
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
Manually customizing fees when using the Avalanche network in the Bitcoin.com Wallet app
Advanced users may also choose to manually customize fees:
On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left
In the network fee settings menu, select "Custom fee options." You'll then be prompted to enter the max base fee and the priority fee, both priced in nAVAX, for your transaction.
How do fees work on the Avalanche network?
In order to prevent spam, transactions on Avalanche require the payment of a transaction fee. The fee is paid in AVAX and subsequently burned (destroyed forever).
Transactions on the Avalanche network are measured by computational effort, which is delineated in units of "gas." **Simple transactions like sending from one wallet to another use less gas than more complicated transactions such as those that interact with one or more smart contracts.
When you create an Avalanche C-Chain transaction, you must set the “gas price.” This is the amount of AVAX you are willing to pay for each unit of gas consumed. Gas price is measured in nAVAX, which itself is a denomination of AVAX. Each nAVAX is equal to 0.000000001 AVAX (10-9 AVAX). So, instead of saying that your gas costs 0.000000001 AVAX, you can say your gas costs 1 nAVAX.
The Avalanche C-Chain uses an algorithm to determine the "base fee" for a transaction. The base fee increases when network utilization is above the target utilization and decreases when network utilization is below the target. The base fee can go as low as 25 nAVAX and has no upper bound.
Fees for transacting on the Polygon network
Summary
Transactions on Polygon incur fees that are paid to the network in MATIC. This means that you must have a balance of MATIC in your wallet in order to execute any type of transaction on the Polygon network.
Customizing fees when using the Polygon network in the Bitcoin.com Wallet app
When you create a transaction on the Polygon network using the Bitcoin.com Wallet app, you can customize the fee you pay to the Polygon network. Here's how:
On the "Enter send amount" screen, tap on the "Network fee" icon. This will open up the network fee settings menu.
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
Manually customizing fees when using the Polygon network in the Bitcoin.com Wallet app
The Bitcoin.com Wallet app constantly monitors the market rate for gas, as well as the current base fee cost, to arrive at the optimal price for each preset mode. However, you also have the option to manually customize your gas price for each transaction (see below for an explanation of how 'gas' relates to fees in Polygon). You can check gas rates using a tool like https://polygonscan.com/gastracker and set customized fees based on the market rate for gas. Here's how to set customized fees in your wallet:
On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left
Select "Advanced fee options." You'll then be prompted to enter the precise gas price in Gwei for your transaction.
Polygon fees in detail
The cost you pay for a transaction on the Polygon PoS network is two-fold. First, there is the base fee, which is burned (destroyed). Second is the inclusion fee, or tip, which is paid to network validators. Both of these fees are influenced by market forces, meaning the cost goes up when the network is congested. The total cost for a transaction also depends on its complexity.
Transaction complexity is measured by computational effort, which is delineated in units of "gas." For example, sending MATIC from one wallet to another (one of the simplest transactions you can make), may consume up to 21,000 units of gas. One unit of gas is equal to 0.000000001 MATIC (10-9 MATIC). Note that this denomination of MATIC is also known as a giga-wei, or gwei.
Total fees are calculated as follows:
Gas units * (base fee + tip)
Let’s look at an example where Alice sends Bob 1 MATIC. Imagine the base fee is 100 gwei and Alice includes a tip of 10 gwei. Using the above formula, we can calculate this as 21,000 * (100 + 10) = 2,310,000 gwei or 0.00231 MATIC.
When Alice sends the money, 1.00231 MATIC will be deducted from Alice's account. Bob will be credited 1.0000 MATIC. The validator will receive the tip of 0.00021 MATIC and the base fee of 0.0021 MATIC is burned.
Fees for transacting on the BNB Smart Chain network
Summary
Transactions on BNB Smart Chain incur fees that are paid to the network in BNB. This means that you must have a balance of BNB in your wallet in order to execute any type of transaction on the BNB Smart Chain network.
Customizing fees when using the BNB Smart Chain network in the Bitcoin.com Wallet
When you create a transaction on the BNB Smart Chain network using the Bitcoin.com Wallet, you can customize the fee you pay to the BNB Smart Chain network. Here's how:
On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left
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
Manually customizing fees when using the BNB Smart Chain network in the Bitcoin.com Wallet
The Bitcoin.com Wallet constantly monitors the market rate for gas, as well as the current base fee cost, to arrive at the optimal price for each preset mode. However, you also have the option to manually customize your gas price for each transaction (see below for an explanation of how 'gas' relates to fees in BNB Smart Chain). You can check gas rates using a tool like https://bscscan.com/gastracker and set customized fees based on the market rate for gas. Here's how to set customized fees in your wallet:
On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left:
Under "Custom fee options"you can enter the precise gas price in gwei for your transaction:
BNB Smart Chain network fees in detail
The majority of transaction fees generated on BNB Smart Chain are paid to BNB Smart Chain validators. BNB Smart Chain runs on a Proof of Staked Authority consensus mechanism where validators take turns compiling and proposing transactions for new blocks. BNB Smart Chain doesn't have inflation (no new BNB is being minted), so validators don't receive a block reward; only the transaction fees. A small portion of transactions fees go to the BNB Smart Chain protocol and are used for actions such as facilitating cross-chain transactions between the BNB ecosystem of blockchains.
The cost for transactions on BNB Smart Chain is influenced by two factors:
The current market rate for gas.
The complexity of the transaction.
The market rate for gas is determined by congestion, so if BNB Smart Chain is very busy, the price of gas will go up. Under normal conditions, the BNB Smart Chain gas price is set at 3 gwei.
Transaction complexity is measured by computational effort, which is delineated in units of "gas." For example, sending BNB from one wallet to another (one of the simplest transactions you can make), may consume up to 21,000 units of gas. One unit of gas is equal to 0.000000001 BNB (10-9 BNB). Note that this denomination of BNB is also known as a giga-wei, or gwei.
Total fees are calculated as follows:
Gas units consumed x Current Gas Price
Let’s look at an example where Alice sends Bob 1 BNB. Imagine the cost of gas is 3 gwei and the gas consumed is 21,000 units. Using the above formula, we can calculate this as 21,000 x 3 = 63,000 gwei or 0.000063 BNB.
When Alice sends the BNB, 1.000063 BNB will be deducted from Alice's wallet. Bob will be credited 1.0000 BNB. Most of the 0.0000063 BNB transaction fee will go to the validator, however a portion will go to the BNB Smart Chain protocol.