What is the difference between a standard or high priority transaction fee?

Bitcoin transactions must have a mining fee attached to them in order to ensure that they are successfully processed. This fee is paid to the bitcoin miners so that they are able to process transactions and secure the network.

Xapo does not pay the mining fee on behalf of our users in order to send outgoing transactions. The fee is dynamically calculated when an outgoing transaction is created. The fee can be higher or lower depending on the volume of pending transactions on the network at the time that you make the transaction. You will always have the ability to not only see this fee before a transaction is sent but also choose which type of fee you'd like to pay! Check out the current fees.

Xapo has created a way for our users to be able to select if they would like to pay a standard or high priority fee - thus allowing you to choose how quickly you'd like for your transaction to be processed!

  • When choosing standard priority fees, your transaction should get mined approximately within the next 6 blocks on the blockchain. If the bitcoin network is congested (you can always check the blockchain's volume here), there can be a delay in the mining of the transaction.
  • By selecting high priority fees, your transaction should be mined approximately within the next 1-2 blocks on the blockchain. If you choose to pay this higher fee, you will be giving the miners a larger incentive to mine your transaction faster than normal transactions!

By doing this, Xapo allows you to make sure that you always have the ability to choose how quickly your transactions will get mined!

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