When interacting with decentralized applications (dApps), such as minting FAssets like FBTC on Bifrost Wallet, it's crucial to understand how to manage your transaction settings effectively. Here's how you can set custom fees, speed up transactions, and cancel transactions that aren't getting confirmations.
Setting Custom Fees
Accessing Fee Settings: When you initiate a transaction, such as sending BTC or minting FAssets, you will see a "Confirm Transaction" screen. Tap on the 'Network Fee' option which is typically set to 'Normal' by default.
Selecting Custom Fee: On the Network Fee screen, select the 'Custom' option. You will then be able to manually enter the fee rate in satoshis per byte. Some dapps will recommend a fee rate for you.
Confirming the Fee: After entering your desired fee rate, tap 'Confirm Fee' to proceed with the transaction at the specified rate.
Speeding Up Transactions
If your transaction is time-sensitive and you need it to be confirmed faster:
Check Transaction Status: First, ensure that the transaction is still unconfirmed and not included in a block. You can check the status in the transaction history list or on a blockchain explorer. Tap the transaction you want to speed up.
Broadcast a Replace Transaction: To speed up a transaction, you need to broadcast a new transaction with a higher fee using the same inputs. This is automatically prepared using the blue 'Speed Up' button.
Canceling a Transaction
To cancel a transaction that is not getting confirmations due to low fees or network congestion:
Check Transaction Status: First, ensure that the transaction is still unconfirmed and not included in a block. You can check the status in the transaction history list or on a blockchain explorer. Tap the transaction you want to cancel.
Broadcast a Replace Transaction: To cancel a transaction, you need to broadcast a new transaction with a higher fee using the same inputs and change recipient to your own address. This is automatically prepared using the red 'Cancel' button.