BTC.com wallet users can choose between 3 options:
Low: Pay the lowest fee when you have time to wait for your transaction to confirm. This options saves cost but can lead to high waiting times.
Optimal: The middle ground, where you pay a higher fee than in the “Low” category but you can expect a shorter confirmation time.
Priority: Do you need to push your transaction fast? Then “Priority” is the right choice. Bear in mind however, that priority transactions cost more as you have to outbid some other users in the waiting queue.
How much transaction fee is recommended?
It’s a complicated questions that depends on multiple factors:
- Time pressure: Do you need your transaction to confirm quickly to become spendable or do you have time to wait?
- Network peak times: Some periods are more busy than others in the Bitcoin network. When many users want to make transactions, the limited supply of blocks meets high demand. This can make fees, that would be normally enough, less competitive.
- Size of the transaction: Despite the common misbelief, the amount of Bitcoin you send does not impact the fee. What impacts the fee is the size of the transaction data. Without going into details, when users receive many small transactions frequently, the size of their transactions tend to become larger. If you often make Bitcoin transactions, choose a wallet like BTC.com that has support for Segwit.
The BTC.com wallet uses a dynamic fee strategy to determine the best fee for a particular transaction. We recommend our users to use the default “Optimal” setting for their transactions. This accounts for all factors to determine the optimal fee.