Users can choose from four Bitcoin on-chain withdrawal fee options, depending on their preferences for speed and cost:
1. Priority:
• Users pay the highest withdrawal fee, and Bitaroo pays a high miner fee, aimed at confirming transactions relatively quickly.
2. Standard:
• Users pay a medium withdrawal fee, and Bitaroo pays a medium miner fee, designed to confirm transactions within a reasonable timeframe.
3. Economy:
• Users pay a low withdrawal fee, and Bitaroo pays a low miner fee (potentially as low as 1 sat/byte). Ideal for users prioritising low fees over confirmation speed.
4. Batch:
• Processed daily at 6:15 pm Brisbane time, this option combines all batch withdrawal requests into a single Bitcoin transaction. Ideal for HODLers preferring minimal fees and flexible confirmation times.
Important Notes:
• Bitaroo guarantees that Priority fees will be higher than Standard, which will be higher than Economy. However, we cannot commit to specific miner fees for each option due to wallet limitations. We aim to set fees within an optimal range, though paying slightly too much or too little may occasionally occur.
• If you need to speed up an unconfirmed transaction, you may want to explore the Child Pays for Parent method.
Details regarding Bitcoin withdrawal fees and other fees are available here.