Post
Topic
Board Bitcoin Discussion
Re: What's happening with Bitcoin transaction fees?
by
qwertyup23
on 07/12/2023, 23:54:38 UTC
If you rely on a custodial service such as BitPay and they don't let you choose the fee, then there's nothing you can do.

Interesting- I searched the meaning of a "custodial wallet" and it stated that these third-party programs (such as BitPay) has full control and custody of our private keys. I guess they are the ones responsible for handling our transactions which somehow explains the high TX fees.

BitPay wallet is a custodial wallet, so you can neither set nor customize your fee rate, i am sure BitPay has their own fixed withdrawal fee that you must use when withdrawing funds, just as it works on centralized exchanges. You should try and move your funds into your self custodial wallet, because not your keys, not your coins.

I see- this is actually insightful to know. As someone who is really new to this kind of "more secured space" practice, can you recommend me a self-custodial wallet for my privacy? I would very much want to have full control over all the assets, keys, and funds of my BTCs for future transactions.

@qwertyup23 i'm sure this will help you now to send your remaining funds on bitpay wallet to avoid higher fees as well.

Thank you very much for all your replies! I would very much be interested in switching to a new wallet for my security as well. Probably I would look for a wallet outside my local exchange (since this is what I have been doing since 2017) and switch to a more secured space for my safety as well.

Once again, thank you for the replies and answers!