We recently talked about the rising Bitcoin transaction fees and how it has gone through the roof for trading bitcoins.
In case you missed my previous article on Bitcoin transaction fees, I would recommend you to go through for it may help you choose the right fees for transacting your bitcoins.
Here it is: How much transactions fees you should pay for sending Bitcoins
In the link above, I have mentioned a tip – using segwit addresses as well as using wallets that allow you to customize your Bitcoin transaction fees.
Customizing your Bitcoin transaction fee can help you save extra fees if you are not in a hurry. You can customize it to pay more for a very quick transaction confirmation (10-20 minutes).
That is what brings me here today. We will discuss more about wallets you can use to save a fair amount of money in transaction fees or decrease your transaction confirmation time!
BTC Wallets That Support Custom Transaction Fees
There are a number of wallets in the market that allow you to set custom transaction fees to Bitcoin while transacting. Some of them are:
Ledger Nano S is my favorite wallet as it has almost everything one can ask for! By everything I mean they are super fast in implementing and supporting new cryptocurrencies as well as new features.
On similar lines, they were also the first in the cryptosphere to implement segwit addresses that help save big in transaction fees.
Also, they have a feature to customize your Bitcoin transaction fee while sending a BTC transaction.
Here is how you can use this feature and set your custom fees in satoshis per byte in Ledger Nano S.
If you wish to learn more about Ledger Nano S, you should watch the video tutorial series created by Harsh Agarwal, the founder of CoinSutra.
Trezor is also one of the most robust Bitcoin wallets out there in the cryptosphere. They too support a large number of cryptocurrencies and were also pretty quick in implementing segwit addresses for Bitcoin right after its implementation by Bitcoin core.
Trezor was, in fact, the first Bitcoin hardware wallet that actually paved the way for many others like Ledger Nano S and KeepKey.
Trezor also has a custom fee feature that allows you to set your desired fee in satoshis per byte. Here is it how you can do so in Trezor.
Do check out of Trezor video tutorials for the CoinSutra community.
Coinomi is one of my go-to wallet when using multiple cryptocurrencies on mobile.
It supports a plethora of cryptocurrencies and crypto assets including Bitcoin but the sad part is that it has not yet implemented segwit addresses for its users.
But to compensate, it does provide its users the freedom to customize their fees while transacting the cryptocurrencies.
This is how you can customize BTC transaction fees in the Coinomi wallet: Settings>Transaction Fees> Bitcoin.
Note: Coinomi shows fees in BTC per kilobyte. To see it in satoshis per byte, multiple this fee by a factor of 100,000 which will come down to 200 satoshis per byte as per the example above.
Currently, it is only available for Android. iOS support is coming soon.
Electrum is a lightweight Bitcoin wallet that supports cold storage and multi-signature features. It is one of the oldest and most trusted Bitcoin wallets available in the market. It is an open source project released under an MIT license.
It was also the quickest wallet to implement segwit for its users.
Apart from that, it is both, a desktop and a mobile wallet, that allows its users to customize Bitcoin transaction fees both in desktop and mobile versions of the wallet.
However, you can change and customize your BTC transactions fees in electrum mobile wallet. Go to Settings>Fees and you will see the screen (below) with a custom fee slider that will predict when your transaction with that particular fee will be picked.
Note: Electrum shows the fee in mBTC per kilobyte. To see it in satoshis per byte, simply multiply this fee by a factor of 100 which will come down to 906 satoshis per bytes as per the above example.
Currently, it is available for Windows, Mac OSX, Linux, and Android.
It is safe to say that the fees war will continue for some time. However, using segwit addresses and custom fee wallets is a workaround for now.
YES!!! There is a huge different if you make SegWit available. Just look this two images as a prove (Sending $100 from Exodus Wallet vs Sending $100 from Ledger Nano S – SegWit Enabled). You're ignoring your users dudes. pic.twitter.com/kqcknV1ugX
If you wish to understand how to chose the correct custom fee, you should definitely read this article: How much transactions fees you should pay for Sending Bitcoins?
Lastly, I know some of you might be feeling the weight of so much information on Bitcoin fees, segwit, hard forks etc, but this is the way it works in the cryptosphere.
Also, you need not worry because CoinSutra will keep sharing knowledge and information with our community for everyone's benefit.
Also, we believe that learning everyday is an absolute must for people involving themselves in the cryptosphere.
That is all from my side. I will back soon with something new and interesting that will help you and me thrive in this crypto boom!
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