Keymaster Update - Fee Selection
Today we’re releasing an update to Keymaster with a feature many of you have been requesting - fee selection! The update will be live on iOS and Android later today.
How it works
Now with every transaction, you can choose the expected transaction speed and the fee you’re willing to pay before sending. The fee options are split into four categories:
- Fast (targets the next block)
- Normal (targets the next 2-3 blocks)
- Slow (targets the next ~6 blocks)
- Cheapest (1 sat/byte)
Note that the 1 sat/byte option could result in transactions taking a day or more to be confirmed, so only use it if you are willing to wait.
Why haven’t we had this before?
Fee selection with multisig is trickier than a normal single signature setup. The fee is actually set when the transaction is first created, not when it’s broadcast. If your hardware devices are distributed far apart, the fee market could change by the time you finish signing with all of your devices.
We’ve previously handled this by putting a multiplier on fees paid to ensure that transactions are picked up quickly. Now that we’ve switched to giving you control over the fee you pay, we’ve added in a safeguard to help in case fees change significantly before you can send your transaction. If fees have changed by more than 50% by the time you’re ready to send, we warn you and give you the option to cancel the transaction and start over.
Let us know what you think!
Check out the new feature, and let us know what you think! We’re always listening to feedback from the community, so keep it coming with feature requests for Keymaster - you can email us at firstname.lastname@example.org or tweet us @CasaHODL.
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