How to Set a Custom Fee on Bitcoin Transactions

The Bitcoin network currently uses recordings, resulting in longer confirmation times and higher miner costs for transactions.

Transactions tend to be more expensive and / or take longer to complete and additional costs directly to the miners.

The Bitcoin network has 10 minutes blocks and many transactions per unit of time. Therefore, the transaction is not included in the block, or is confirmed immediately.

To enter a transaction in one block, the user can set a custom fee, but to get faster confirmation, we recommend setting a fee that is not lower than what's right now.

Some popular Bitcoin purses, such as: Blockchain.info, Electrum, Coinbase.com. usually apply the standard fee included in your transaction to the miner, which helps drive the flow of transactions on the Bitcoin network.

To ensure that your transactions confirm consistently and reliably, some bitcoin wallets will automatically include a reasonable cost base on your transaction size and the level of network traffic at that time.

Before you send a transaction through your wallet, you can see the fees already listed that are recommended to you.

If you want to determine your own cost, you can do so by arranging fees on the available transaction fee columns.

You can set a higher cost than recommended to you to speed up your transaction confirmation.

Responding to the bitcoin transaction cost issue above, in this article we will provide tutorial on how to set the cost (Custom Fee) bitcoin transaction in popular crypto wallet, such as: Blockchain.info, Electrum, Coinbase.com.

For that let us consider the following explanation.

Each Bitcoin Wallet differs in using various measurement units. They are usually sat / byte and btc / KBit. Their ratio is calculated according to the formula:
- 1 sat / byte = 0.00000125 btc / kbit
- 1 btc / kbit = 800000 sat / byte

For example, 360 sat / byte = 0.0005 btc / kbit.

1. How to Set Bitcoin Transactions Fee with Special Fees in Blockchain.info Wallet

Go to your Blockchain wallet and hit the "Send" button.

1. Enter the recipient's address and the amount to be sent.
2. Choose the cost type, either "Regular" or "Priority" - this is the cost recommended by the wallet (service). You can also set custom fees (fees with arbitrary value).
3. To set the cost you want, go to the "Customize Fee" tab.

Then enter the cost amount in the "Transaction Fee" column, which will be displayed in sat / byte. Note that, for your convenience, "Regular" and "Priority" are shown here.

Press the "Continue" button. Done!