When you withdraw Bitcoin from Bitstack to another wallet, you can choose the speed of the transaction: Standard, Fast, or Priority. The choice is yours! 😊
Transaction fees are calculated at the time of your request and depend on the transfer speed you choose. Here’s what that looks like:
Priority – 10 minutes or less: Pro Rata + an additional fee of up to €3
Fast – 2 hours or less: Pro Rata + an additional fee of up to €2
Standard – usually 24 hours or less: Free 🎉
If any fees are applied, you'll see them clearly on the withdrawal confirmation screen before you finalize your transaction. 👍
*Pro Rata: A proportional amount that varies depending on the fees incurred by your transaction on the Bitcoin network.
Want to dig deeper? 😉 Why aren’t fees and delays fixed?
When a transaction is made, it appears in the mempool, the waiting area where unconfirmed transactions accumulate. Miners are then responsible for validating the transaction. Transaction speed and fees on the Bitcoin network aren’t fixed because they depend on supply and demand within the mempool.
When traffic is low, miners may include transactions with low fees, but during periods of high activity, they prioritize those offering higher fees in order to maximize their earnings. Additionally, fees are calculated based on the size of the transaction in bytes—not the amount transferred—which introduces another variable.
As a result, the competition among users to be included quickly in a block makes delays and costs fluctuate.
*If you'd like even more information about transaction fees and delays, we’ve written an article that details the full journey of a Bitcoin transaction: What Happens When You Send Bitcoin?