Non-custodial wallets like Panaroma Decentralized Wallet provide estimates for the required transaction fee amount to ensure a Bitcoin transaction is included in the next block. The fee recommendation settings for Bitcoin offer various levels based on urgency:
Low: Transaction within 400 minutes
Recommended: Transaction within 120 minutes
High: Transaction within 30 minutes
Custom: User-set value
As a general guideline, choosing a higher fee (above the 'Recommended' setting) is advisable for urgent transactions or higher transaction amounts. Conversely, selecting a very low fee may result in the transaction being dropped shortly after being sent.
The 'Custom' setting allows users to set their own transaction fee rate, suitable for those familiar with Bitcoin's fee mechanism. It's essential to note that Panaroma Decentralized Wallet's fee recommendation service makes educated guesses based on network analysis, and there is no guarantee that the recommended setting will always work as expected. Additionally, the transaction fee amount is independent of the amount of Bitcoins being transacted.