Transaction fees (ie, miner’s fees) are an important part of the blockchain network and are designed to incentivize miners and validators to confirm cryptocurrency transactions. Transaction fees typically fluctuate depending on the size of the transaction, how many transactions are waiting to be added to the current blockchain, and the speed in which you want the transaction to be verified.
Bitkey will always show you the fees associated with your transaction so that you can select the fee and the transaction speed that is right for you. The faster the speed, the higher the transaction fee will be. Bitkey currently offers the following options for transaction speed:
- Priority: ~10 minutes
- Standard: ~30 minutes
- Slow: ~60 minutes
Note: Bitkey will only display the transfer speed options for which you have sufficient funds.
If the Bitcoin network becomes congested after you have sent your transaction, and your transaction has not been confirmed in the timeframe specified, you can pay an additional fee to speed up your transaction. See How can I speed up my transaction? for more information.