Sending Bitcoin to someone is essentially free; however, you do have to allocate a “network fee” that goes straight to miners for including your transaction in the blockchain. If you do not allocate a network fee, your transaction will be stuck at the mempool and eventually returned to you. Miners include transactions in order of highest to lowest transaction fees. So, if you have allocated a bigger fee, miners will add your transaction to a block and then add it to blockchain quite quickly.
The majority of bitcoin wallets available today, do not allow you to customize the transaction fee. These wallets monitor the bitcoin network and determine a transaction fee. These fees usually end up being unnecessarily high. If you are not in a hurry, paying high fees is redundant. Setting a low transaction fee and waiting a bit longer is the rational thing to do. As we mentioned, the majority of wallets do not allow you to customize transaction fees; however, there is a handful of bitcoin wallets that do allow you to customize transaction fees. These are usually the more advanced wallets. So, here are some of the best bitcoin wallets that allow you to customize transaction fees:
Blockchain wallet is an online wallet that is accessible from the web or mobile devices. Blockchain Wallet also provides mobile applications for iPhone and Android.
This wallet is completely free to use. Blockchain Wallet does take security very seriously. They offer users with various security features and recommendations to increase the security of their funds.
Most importantly, when sending Bitcoin from Blockchain Wallet, you are allowed to customize the transaction fee. So, you can reduce the transaction fee significantly.
If the wallet you are using right now doesn’t allow you to customize transaction fees, you can easily import your bitcoin address to Blockchain Wallet and transact from there. To do this, first, you need to get the private key from the wallet you are using. Then create a wallet at Blockchain.com, go to settings > wallet & addresses > import Bitcoin address. Input your private key and import:
You can customize the transaction fee when sending bitcoin to someone:
Ledger Nano S is a hardware wallet that stores your cryptocurrency securely, offline. Since your cryptocurrency is stored offline, it is very difficult for someone to hack.
Ledger Nano S is arguable the best hardware wallet out there. It is best because of its cheap and easy way to secure cryptocurrency. Interestingly, this hardware wallet supports a multitude of coins and new ones are added regularly. You can check out this wallet here.
But most importantly, Ledger Nano S allows you to customize transaction fees when sending bitcoin:
Trezor was the first hardware wallet ever created. It was launched in 2014, offering customers with a secure and cheap way to store cryptocurrency offline. It also provides a hot wallet to spend cryptocurrency at your convenience. This small device connects to the computer with a USB cable. All your cryptocurrency private keys are stored securely, offline on this small device that fits in your pocket.
Trezor also has a feature to customize transaction fees in satoshi per byte when sending bitcoin. This is how you do it:
Ledger Nano X is the newest addition to the Ledger hardware wallets. The Nano X has all the features of Nano S, plus many other new features. The biggest difference between Nano X and older models is that now you can connect to it with Bluetooth. You can control this device with your smartphone or computer.
Just like Nano S, Nano X also allows you to customize the transaction fee when sending bitcoin. You are also given the option to select between three levels of speed when sending Bitcoin. Just remember, the higher the transaction fee, the faster your transaction will be confirmed:
KeepKey is among the top 3 in the cryptocurrency market for hardware wallets. It was founded in 2015 in the US. This hardware wallet is slightly bigger than other hardware wallets; although it is very sleek and simple in design. KeepKey supports cryptocurrency such as Bitcoin, Bitcoin Cash, Bitcoin Gold, DASH, Dogecoin, Ethereum, Kyber Network, Litecoin, and 46 ERC-20 tokens.
When sending bitcoin to someone, you are given the option to select between fast, medium, and slow transaction speeds. So you can eliminate those unnecessary fees:
Coinomi is a popular multi-cryptocurrency wallet that can be installed on your smartphone or computer. Interestingly, this wallet has integrated with Changelly and Shapeshift to allow users to quickly exchange cryptocurrency. Coinomi takes different measures to guard user’s privacy. These measures include IP anonymization, no KYC requirement, no ID and transaction tracking.
Coinomi wallet also supports customization of bitcoin fees when sending bitcoin to someone:
Electrum is one of the oldest bitcoin wallets. This wallet is feature-rich but lacks when it comes to user experience. Electrum is only available for computers. Your cryptocurrency private keys are encrypted and stored on your computer. You also have the option to use Electrum wallet as a watch-only wallet. Electrum is one of the handful wallets that allow you to customize transaction fees when sending bitcoin:
Mycelium is another well-reputed, mobile wallet that was founded in 2008 by a group of hardware engineers. It was awarded the “best mobile app” by Blockchain.info in 2014. It is primarily designed to work with one cryptocurrency. That is bitcoin. Furthermore, Mycelium wallet allows users to customize bitcoin transaction fees:
Jaxx is a multi-cryptocurrency wallet that is available for smartphones and computers. Jaxx also has Chrome and Firefox extensions. Jaxx has one of the simplest user interfaces. If you are a newbie, you will quickly get used to it. Furthermore, Jaxx gives users the option to choose the amount of fee to be charged:
Which Wallet Should You Choose?
We have listed 9 different bitcoin wallets that allow you to customize bitcoin transaction fees. However, not all bitcoin wallets are equal. Some are strong at security but lacks when it comes to user experience. All hardware wallets listed in this article allow you to store cryptocurrency offline or have the option to do so. Because of that, a hardware wallet is almost always more secure than a mobile wallet. The only downside is that they cost you. Almost every mobile wallet is free to use. If you have a significant amount of bitcoin that you want to store securely, go for a hardware wallet. Here is the list of all bitcoin wallets and its type, listed in this article:
|Blockchain Wallet||Mobile/Web Wallet|
|Trezor One||Hardware Wallet|
|Ledger Nano S||Hardware Wallet|
|Ledger Nano X||Hardware Wallet|
In this article, we have listed 9 different wallets that allow you to customize bitcoin transaction fees. If you want to customize Ethereum or ERC-20 token fees, check out this article. Learn how to withdraw cryptocurrency from cryptocurrency exchanges with the lowest possible fee here.