With the increasing popularity and usage of Bitcoin, network congestion and longer transaction times have become more common. To alleviate these issues, our team has implemented several features that help improve the efficiency of Bitcoin transactions.
The Fee Priority Selector and Batching of outgoing BTC transactions are two important settings to better manage your Bitcoin transactions.
You can locate these in the Admin by navigating to Settings > Wallet > Wallet and clicking on the cogwheel icon (⚙️).
This allows you to choose between "mili" or "full" units to represent amounts of Bitcoin or other coins on your machine's display. For example, "mili" represents one-thousandth of a Bitcoin or mBTC, while "full" represents a full Bitcoin or BTC. This unit system also applies to other coins, such as mLTC for one-thousandth of a Litecoin, or LTC.
Fee Priority Selector:
The Fee Priority Selector is a feature that allows users to decide if they want to increase or decrease the average transaction fees, for their outgoing Bitcoin transactions. The fee rate is measured in satoshis per byte, and the higher the fee rate, the higher the priority of the transaction and better chances to be included in any upcoming block.
This means that transactions with higher fee rates will be confirmed faster than those with lower fees. This feature is particularly useful for users who value transaction confirmation velocity, or to compensate any mempool transaction spikes that may happen, that would prevent your transaction to be confirmed if broadcast with a lower fee than needed.
ℹ️By not having this option enabled, you may sometimes find that BTC transactions take longer than usual to confirm. If this happens, refer to the article on Using RBF to bump a Bitcoin transaction's fee.
Batching of outgoing BTC transactions (30 minutes):
Another feature that improves the efficiency of Bitcoin transactions is the Batching of outgoing BTC transactions. This feature batches all user's cash-in Bitcoin purchases into a single outgoing transaction from the operator's wallet, aggregating all pending transactions over the course of 30 minutes.
This saves the operator in Bitcoin miner fees by sending a single transaction instead of any number of individual transactions within that period.
To enable this simply use the checkbox below 'Allow BTC Transaction Batching'.
Additionally, you can override the settings by clicking 'Add override'. Here you can ensure that a specific coin is set up correctly for its unique needs. Unlike deleting settings, an override allows for individual customization.