Bitcoin (BTC): Customize Your Fees To Spend Less

Bitcoin fees are volatile, sometimes your wallet may ask you for a high amount of fees to process your transaction. When you want to transact a low amount of Bitcoin this might get in the way and you might think twice before you do it.

How can you avoid paying high fees?

On most wallets there's a setting that lets you setup custom fees for cryptocurrencies transactions, Bitcoin is the most valuable cryptocurrency, so you should have this option on every wallet. You shouldn't put a random value as a custom fee, because your transactions might get stuck and take days to go through or even worst you might have to add more fees to the transaction and this process isn't very user friendly.

There are tools online that can calculate how much you should put in fees to receive your coins on a certain amount of time. The more you chose to wait, the less the fees you pay. Lets take a look at this website:

https://www.buybitcoinworldwide.com/fee-calculator/

This Bitcoin fee calculator has two main fields that you need to fill, the amount of time you want to wait for your transaction to be confirmed/received and the type of transaction. If you are using a Legacy address you have to chose Legacy, if you are using a Segwit adress you have to chose Segwit. All Segwit addresses start with bc... so it's easy to distinguish one from the other.

The field you have to fill on your wallet is the satoshi/byte field. When all the information is filled on this website, the website will give you the amount of satoshis/byte you need to input in your wallet custom fees field. After that your wallet should give you the total amount you will spend on your transaction accordingly to the rate of satoshi/byte you have entered.

The example on this image is from Exodus wallet, as you can see the wallet gives you all the information necessary and informs you how quick your transaction will be. Just insert the value you setup on the website in the wallet and confirm your transaction.

This is a great way to save on fees, most of the times you don't need your transaction to be quick and waiting a little bit longer can help you save you some satoshis. Just remember to always check on a fee calculator website the value you should input, just to save you some trouble and anxiety.

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Best Regards,

Cryptopeach