Hello, since you use bitcoin, I just wanted to ask, which wallet would you recommend personally? And what are the approx. fees for a bitcoin transaction (at least for the wallet that you use)? Is Coinbase-Coinbase transaction free of fees? Would be thankful for a reply
Using a Bitcoin wallet mainly depends on personal preference, but there certain wallets that are easier and more secure to use. Personally, I use Exodus and Electrum, which are both Desktop wallets, Exodus is easier to use, while Electrum is more customisable. My best advice would be to have a look around and find the one best for you.
Bitcoin fees mostly depend on the current amount of transactions that are currently waiting to be confirmed in the blockchain and depend on how much of a fee you are willing to pay. This means you can choose your own fee, but larger fees are confirmed more quickly. (Exodus automatically chooses a fee, Electrum does not.) One way of checking the average fee is by using a website like https://bitcoinfees.info/ that gives an estimate, but that is only an estimate, and YMMV.
I don't really know about Coinbase - Coinbase transactions, but I would assume there would be a fee, but i'm not certain.
Hope this helped!
Thank you so much! <3 I appreciate you really typed a lot. I never knew that we can customize the fees and it be inversely proportional to the time taken for transaction! Thanks a again!
Btw, can we choose our own fee in every wallet or only some wallets have this facility?I'm sorry if this was a stupid question. I'm really new to bitcoins. I had been using PayPal but I can't use it anymore due to some reasons.
Not every single wallet unfortunately, but if I know that Electrum supports user defined fees, while Exodus automatically chooses it for you. I’m not sure about other wallets, but most desktop based wallets should support customisable fees in one way or another. Most of the web wallets/exchanges such as Coinbase and Kraken have built in fees that you are unable to change, but choosing the lowest fees aren’t always the best idea, ive had some transactions delayed up to 4 days because of it.
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