Recommended BTC Network Fees

Modified on Sat, 1 Jun at 8:36 AM

A mandatory requirement for executing transactions on the Bitcoin Network is the fees. These sat/byte fees are preset by the application to ensure transaction prioritization. In-depth knowledge on this aspect can be gleaned from this comprehensive source: Cryptocurrency Network Fees.

Covered in this guide:

- Cautionary Note on Fee Adjustment

- Creating a Transaction

- Accessing Advanced Settings

- Changing Fees

- Saving Changes

- Screenshots

Be Aware:

Amending the fees is fraught with the risk of rendering your transaction stagnant, causing a potential delay in processing. Predispose your transactions while considering delays. Remember, all levied fees are miner-specific, and once initiated, a pending transaction cannot be revoked.

Setting up a Transaction:

Initiate by opening the BTC wallet, followed by tapping 'Send'. Input the 'Recipient Address' and 'Amount', and proceed by tapping 'Continue'. The succeeding screen will apprise you of a transaction summary inclusive of the computed fee.

Navigating to Advanced Settings:

Tap the gear icon located at the upper right corner, which will direct you to the advanced settings. To modify fees, tap on the 'Network Fee' field.

Amending Fees:

Important reminder: Tweaking the fee structure could result in your transaction stagnating or remaining pending.

For fee modification, manually adjust the Network fee to the desired fee sats/byte, which should be a numeric figure. The application will notify you in case of a fee reduction. Exert caution while handling this setting.

Consigning Changes:

Post your desired fee entrance, and tap 'Save' to validate changes. The amended, reduced fee will manifest. Keep in mind, that such actions could engender potential transaction-related issues. Proceed at your discretion. It is advisable to confirm on https://mempool.space/

A Note to Remember:

An error alert essentially denotes a low balance remaining in the address, hence deemed as UTXO dust.

To ensure you are utilizing the most recent features, make certain to download the latest version of Trust Wallet: trustwallet.com/download