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 allows you to choose the amount you want to pay in transaction fees when you create a transaction by selecting the speed in which you would like your transaction to be verified. 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.
Bitkey will always tell you up front how much you will pay in transaction fees. If you would like to see exactly how much your transaction will cost, set up the transaction in your wallet and select the transaction speed you would like. Before confirming the transaction, on the transaction confirmation screen, you will see the fee amount.