Casa Node Update - June 19, 2019 - The Fees Update
Turns out a great thing about bear markets is that on-chain fees are low. Now that the bear market seems to be retreating into hibernation, fees are a real thing again!
This update gives you much more control over fees when sending on-chain transactions or opening channels.
We've based our fee selection on the desired confirmation time for the transaction. You'll have four choices for speed when sending BTC transactions or opening custom channels:
- Fastest targets a 1 block confirmation, or about ten minutes
- Normal targets a 6 block confirmation, or about an hour
- Slow targets a 24 block confirmation, or about four hours
- Cheapest targets a 144 block confirmation, or about 24 hours
If you're sending an on-chain BTC transaction and want it to confirm quickly, you can pay the higher fee to have it done in the next block.
The "cheapest" option is great for opening channels that you don't need open immediately, but want to open for general liquidity - now you aren't forced to pay a high fee unnecessarily.
Our community has requested this feature quite a bit lately as fees have gone up, so we're excited to add it and give you more control over your node!
Other Improvements & Bug Fixes
- Improved seed phrase recovery. We increased the address gap when the node scans the chain history, so it will check more addresses to try to find funds, increasing the likelihood of success.
- Fixed a bug with Tor that caused some nodes to become unaccessible after a factory reset.
Want to experience the Lightning Network?
Get a Casa Node today! Casa Node is the easiest way to run Lightning and Bitcoin and now comes with Keymaster Gold:
As a Gold member, you’ll receive:
- a Casa Node
- 2of3 Basic Multisig using Keymaster on iOS or Android
- a Trezor One Hardware Wallet to use with Keymaster App
- a Casa Faraday Bag
- Unlimited Recovery Signings
- Direct Email Support from Casa