Wallets & Fees


Learn the basics with Bitvest! Posted by Lorilikes on March 8, 2017

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Graze through a delicious array of insights on blockchain trends, wallet services, and bitcoin news as it happens. Enjoy a gambling tale, and be one of the first gamers to get "bonused" just when you need it most. This project is an ongoing collective effort comprised of fine-tuned wisdom, clever insights, and experience.

Must-Have wallet features

There are several things to consider when deciding which wallet suits your specific needs. In time, you will find that your needs will shift according to the current bitcoin trends. Such as the blockchain moving slowly, which makes wallets with auto-adjusting fees and other various transaction-related features look good.

The Bitpay/Copay Wallet is an example of this for two reasons. First, they allow spending of unconfirmed funds, which is a huge relief to anyone who understands the annoyance of a backed up blockchain. This allows you to spend funds you have received immediately instead of having to wait for a single confirmation. For a transaction to be considered complete and irreversible on the blockchain, it must have at least 1 confirmation. However, up to 6 confirmations are recommended for larger transactions. That may sound like a minuscule amount, but during a more congested time in the blockchain traffic, 6 confirmations can feel like an eternity.

Transaction Fees

The other great feature Bitpay offers is a choice that puts power in the hands of the transaction initiator (that is you). The Bitpay fee selector gives you 4 options of which include priority, normal, economy, and super economy. They state that the actual amount of the fees varies slightly and is calculated based on the state of the bitcoin network. On a typical day, choosing the normal or economy fee will be fine. However, when there are lots of unconfirmed transactions waiting to get into a block, and you need fast confirmation. Setting your bitcoin transaction to priority is a fantastic way to get your transaction to move to the front of the line. Imagine you are tipping the Valet Parking Attendant. A Priority fee means you may get a better parking place and you will have to wait less for the keys at the end of the day.

Our Recommendations

Android users all seem to praise the features of a wallet called Mycelium, so if you are on Android check out the play store for the download. According to the Mycelium Wallet website, you can now use this wallet on iPhones and any Google device. The Mycelium Wallet; similar to Bitpay, offers a varying miners fee option. On a typical day, their default fee setting is fine, but it is nice to have the choice to adjust the fee based on network performance. Mycelium boasts the best security features available, surpassing all modern security standards and holding an unparalleled cold storage functionality. This makes Mycelium a very attractive choice.

There are many wallet choices, so please compare features and read up so you can make an educated decision for yourself. Below, we have compiled a list of our recommendations for each platform.

  • Electrum - Our #1 Recommendation - One of the most popular bitcoin wallets. Featuring automatic fees, HD keys for easy backups, and more powerful features for advanced users.
  • Copay/Bitpay - A user-friendly wallet with automatic fees, an easy-to-use interface, HD keys for easy backups, and multisignature support. You can even buy bitcoin within the app in certain locales.
  • Bitcoin Core - This wallet isn't for everyone (The Bitcoin Savvy) - if you are the hands-on type of person, that likes getting their hands dirty then this is for you! You will need to download the blockchain of (120GB+) to use.
  • Mycelium - Our #1 Recommendation - Easily the most popular Android wallet! Its many features include, HD keys, dynamic fees, hardware wallet support, multiple wallets/accounts, and much more!
  • Copay/Bitpay - A user-friendly wallet with automatic fees, an easy-to-use interface, HD keys for easy backups, and multisignature support. You can even buy bitcoin within the app in certain locales.
  • Breadwallet - Our #1 Recommendation - The first standalone wallet for iPhone, with features such as dynamic fees, a highly secure wallet keychain, and an easy-to-use interface.
  • Mycelium - Easily the most popular mobile wallet! Its many features include HD keys, dynamic fees, hardware wallet support, multiple wallets/accounts, and more!
  • Copay/Bitpay - A user-friendly wallet with automatic fees, an easy-to-use interface, HD keys for easy backups, and multisignature support. You can even buy bitcoin within the app in certain locales.
  • Quick Confirmations

    Bitvest has a very generous policy because we don't make our players wait to use their funds through the common 6 confirmations, but instead, we only require only 1 confirmation to release your pending bitcoin funds so you can start playing and investing more quickly.

    How to check your bitvest deposit confirmation. One, click the transaction ID; this will give you the real-time blockchain information for your transaction. Two, look for the number of confirmations to see if your transaction has confirmed or not.

    The speed at which a transaction is confirmed depends on widely varying factors, but mainly it depends on the state of the bitcoin network, and your chosen fee. If there are a large number of pending transactions, especially those with a higher fee than yours, your transaction may take longer to confirm. To help with this, we display a warning message on your fund's tab when this has the potential to occur; letting you know you should use a higher fee.

    How we store your coins & more!

    For more info on this topic, and for related materials, be sure to read the upcoming topic expansions with Bitvest masterminds known as Lightlord and Zodiac. They will demonstrate an impressive level of security that proves Bitvest is the industry leader. Bitvest is entrusted with large sums of bitcoin which is secured using cold storage and hardware wallets.

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