How to set a custom network fee?
Every transaction on the blockchain requires a network fee, that is how the system works. The network fee is paid to miners to include the transaction on the blockchain. The amount of the fee is codependent to the fact of how fast your transaction will be taken by the miners and included in the block. For you, it will effectively mean how fast your asset will be delivered to the receiving address. The higher the fee – the faster the speed.
In Atomic Wallet, all the fees are set in such a way to ensure fast and safe confirmation on the blockchain according to the current loading of the network.
The network fees can be fixed or can vary due to several factors. For BTC and BTC-like assets, the network fees are influenced by the number of inputs on the address.
Starting from 2.3.0 versions of Atomic Wallet it is possible to adjust the custom fee for BTC, LTC and ETH coins. Here is a step by step guide.
- Open Atomic Wallet.
- Search for BTC in the coin list and click on it.
- Then click on Send.
- You will then see an interface for sending BTC. Here you need to specify the receiving address, amount to send (in BTC or USD). Below the Available balance, you see the default Network Fee set by Atomic Wallet, which also considers the number of inputs that you have. Click on Set Fee to set the fee manually.
- You will see a scale Slow to Fast, which indicates how fast your transaction will be included on the blockchain. By moving the cursor you can adjust the fee you wish to pay for the transaction. Your Available balance and Network fee will change accordingly.
Important: if you set the network fee too low and the network will be overloaded, your transaction can remain unconfirmed for a long time (up to several days). The default network fee ensures the transaction to be included in the next 1-2 blocks. We recommend taking the default fee as a starting point. Note: Atomic Wallet won’t be able to speed-up your transaction on the blockchain if you set the network fee too low. In extra cases, you may use BTC.COM service to make a paid request for miners to pick up your transaction out of the queue.
- Double-check the information and click Send.
- You will then see a confirmation of your sending operating along with the transaction hash. Click on it to track your transaction on the blockchain and see, if it is yet confirmed or not.
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