Most Bitcoin users are well aware of how transaction fees work. In most cases, there is no reason to pay a high fee to send a transaction. However, not all wallets automatically adjust this figure, for some reason. This is where the BitcoinFees app comes into the picture. It can be a pretty useful tool for Bitcoin users, although one shouldn’t need a third-party app to determine correct transaction fees in the first place.
The BitcoinFees App for Android and iOS
Over the past few years, there have been many issues involving Bitcoin transaction fees. Especially during times when the network sees an influx of transfers, these fees tend to spike. In some cases, people spend a few US dollars’ worth of Bitcoin just as a fee to get their transaction across. Such a situation isn’t sustainable whatsoever, and only causes a lot of unnecessary friction.
Calculating the correct Bitcoin network fee yourself is not necessarily easy. It is something that certainly can be done by looking at the current mempool, though. However, one would expect most Bitcoin wallets to automatically adjust the network fee as needed. While some solutions do so, there are still wallets out there which charge a standard – and high – fee regardless of network congestion or lack thereof.
This is why Living Room of Satoshi has introduced a new mobile application. The BitcoinFees app was designed to display the current recommended Bitcoin network fee at all times. It’s an interesting feature, and one that will certainly be appreciated by a lot of people. At the same time, it is a bit sad we need a completely separate app for this specific purpose. It would be far more convenient if all wallets adjusted fees in real time.
The main selling point of the BitcoinFees app is that it will always offer users the best fee for their needs. This amount is calibrated based upon the preferred cost and confirmation time, depending on users’ preferences. Additionally, the app’s interface itself looks pretty convenient and should be easy enough to use for virtually everyone who is involved with Bitcoin. Moreover, the app will display how many blocks it will take until one’s transaction is confirmed. This latter aspect is pretty nifty, in our opinion.
It is commendable to see the Living Room of Satoshi go to great lengths to educate people on Bitcoin network fees. This has been a topic of substantial debate for far too long already, yet no real solution has yet been found. Granted, it isn’t difficult for experienced users to determine their own fees, as nearly every wallet allows users to set custom fees. Then again, if people don’t know what to fill in, this feature won’t be used.
Whether or not we will see substantial demand for the BitcoinFees app remains to be determined. It is currently available for both iOS and Android. It’s an interesting tool to keep an eye on; that much is certain. However, it is still the case that wallet service providers will need to find a way to update fee estimates on the fly at all times.