Custom Bitcoin Transaction Fees

The increasing number of bitcoin transactions has caused processing delays for some transactions due to bitcoin’s scalability issue. Despite what many people believe, Bitcoin payments are not free and instant (unless both the sender and the recipient are using SpectroCoin) as there is a transaction fee to be paid to miners to process a transaction. Obviously, if there are transactions with higher fees that can be fit in a limited size transaction block, the transactions with lower fees will be postponed by the miners. As a result, such services as Bitcoin transaction accelerator has appeared. It is advised to pay a higher fee, to prevent a transaction from being on hold. To avoid inconvenience caused by unincluded transactions sent from your SpectroCoin wallet, we have created an option that allows you to set custom bitcoin transaction fees.

SpectroCoin created the option of setting custom Bitcoin transaction fees

To use our new feature, firstly, select Bitcoin wallet after logging into your account page:

Bitcoin wallet on the account menu

Then select “Send”:

 Bitcoin wallet options and history

After that click on “Fee configuration”, just above the Bitcoin address:

Fee configuration available on bitcoin withdraw

Enter the fee you want to use. The usable range is 0.0001 – 0.005 BTC (default fee is 0.00075 BTC)

Custom the transaction fee amount

Please note that transactions with higher bitcoin transaction fees are processed faster.

Transactions made from one SpectroCoin account to another are completely free. Therefore there is no need to set a custom transaction fee.

For more information, check out our YouTube tutorial:

If you have further questions regarding custom bitcoin fees on SpectroCoin, contact us at [email protected]

 

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