You can find the average transaction fee online (many wallets will allow you to choose the average transaction fee by default). Transaction fees are measured in satoshis/byte, where a 'satoshi' is approximately 0.00000001 BTC.

A good transaction fee depends on the average transaction fee at the time of your purchase (and this fluctuates).

The fee is their 'bounty' for doing that work. Miners are just people with supercomputers that solve complex equations extremely fast to verify a transaction when it pops up. This is really all Bitcoin is-a record of transactions. Transaction fees are paid to the 'miners' who verify transactions on the blockchain.

Set your transaction fee as low as possible for everyday transactions. Review security features very carefully when choosing an online wallet, and refrain from storing large quantities of Bitcoin on the web. If an online wallet provider is hacked, you could lose your coins forever. Since they're always online, they're always vulnerable to hackers. Another downside of online wallets lies in their very nature.X Research source You're responsible for keeping your account safe. X Research source If you've ever heard the phrase 'not your keys, not your coins,' it's referring to this-if you don't have custody of your keys as you would with a downloadable or hardware wallet, your funds can be withheld by the wallet provider at any time.

One major drawback of online wallets is that instead of storing your private keys on your own device, online wallet providers generate and store your keys online.Because many online wallets also have mobile apps, you can access your Bitcoin anywhere. An online wallet is just like an online bank account and the interface is relatively easy to navigate. Online wallets are typically easiest for beginners.

Bitcoin wallet