Bitcoin FAQs - Learn more about BTC

Everything you need to know about Bitcoin inside of Exodus.



Bitcoin Address Questions

How do I create a new Bitcoin Address?

By default for new Exodus wallets, when you open your Bitcoin wallet inside of Exodus and click Receive you will be shown only one SegWit address and one Legacy address inside of your Bitcoin wallet.

To turn on Multiple Address:

1
Open your Bitcoin wallet on your desktop or mobile device.
2
  • Desktop: click the three dots in the top right corner and click on Advanced Options.
  • Mobile: tap on the advanced options icon in the top right corner.
3
Locate where it says Multiple Bitcoin Addresses and toggle on.
Desktop

Mobile

Legacy Address vs. SegWit Address

What is the difference?

The most visible difference between Legacy and SegWit addresses are the address formats.

There are three address types:

  • Legacy (P2PKH): addresses start with a 1.
  • Nested SegWit (P2SH): addresses start with a 3.
  • Native SegWit (bech32): addresses start with bc1.

All three addresses can be used to send and receive bitcoin. So what's the difference? Well for starters, not all wallets support all three address types. Legacy addresses are the original BTC addresses. You can expect all wallets to support sending and receiving to Legacy addresses.

However, not every wallet or service has upgraded to support the new SegWit address format and therefore, some wallets can only send to Legacy addresses. Luckily, if someone wants to send you BTC from a SegWit address, your Legacy address will be able to receive it just fine.

Please note: receiving deposits to your SegWit address will help lower fees when sending.

What does Exodus and Trezor support?

Exodus Supports sending to all three types of Bitcoin addresses. You can receive funds to your Exodus Native SegWit address (begins with bc1) or your Legacy address (begins with 1).
Trezor in Exodus Supports sending to all three types of Bitcoin addresses. You can only receive funds to your Nested SegWit (P2SH) addresses (begins with 3) version.

How do I find my Legacy and SegWit address?

By default, when you open your Bitcoin wallet inside of Exodus on your desktop or mobile device and click/tap on Receive you will be shown your SegWit address.

After you have turned on multiple addresses, now all you have to do is:

1
Open your Bitcoin wallet on your desktop or mobile device.
2
  • Desktop: click Receive.
  • Mobile: tap on the receive icon.
3
Click/tap the arrows to the left and right of the QR code to see all of your receive addresses.
Desktop
Mobile

Bitcoin Sending/Receiving Questions

How does Exodus calculate Bitcoin transaction fees?

Exodus tracks changes in the Bitcoin Network (BTC) and adjusts the fees accordingly using dynamic pricing models. These network fees are 100% paid to the Bitcoin Network (Miners) to ensure Exodus transactions are fast and delivered promptly.

When popular blockchain networks become congested, determining the right fee can make a big difference for your transaction. If a transaction fee is set too low, miners will not have an incentive to prioritize your transaction on the network resulting in delays and slow confirmations.

Exodus will automatically optimize transaction fees to make sure the wallet is paying the lowest fee that will get the transaction confirmed on the next block. This means that Bitcoin transactions should confirm in around 10 minutes.

Bitcoin custom fees

This section goes into everything you need to know to set your own Bitcoin fees!

How to enable custom fees?

Please note: Enabling custom fees will automatically turn on RBF.

1
Open your Bitcoin wallet on your desktop or mobile device.
2
  • Desktop: click the three dots in the top right corner and click on Advanced Options.
  • Mobile: tap on the advanced options icon in the top right corner.
3
Locate where it says Enable Custom Fees and toggle on.
Desktop

Mobile

How do I set my fees?

Once you have enabled Bitcoin custom fees, to set your fee all you need to do is:

1
Open your Bitcoin wallet on your desktop or mobile device.
2
  • Desktop: click Send.
  • Mobile: tap on the send icon.
3
  • Desktop: click the gear icon in the top left corner to open the advanced sending options.
  • Mobile: tap on where it says Advanced Options above where you input the address.
4
Now you will see a slider show up:
  • Moving it to the left will have lower fees, but may take some time to confirm.
  • Moving it to the right will have higher fees, making it much more likely to confirm faster.

You can also click manually input your custom fee by clicking the pencil icon.

Desktop

Mobile

That’s it, now you have set your own fee to send your Bitcoin, all you have to do is choose how much Bitcoin you want to send, make sure you send it to the right address, and send it!

What should I do if my transaction is stuck?

There is a chance that if you set your fee rate too low that your transaction gets stuck and might take a long time for it to confirm.

Do not worry! Exodus has built-in a feature for you to ensure you can speed up your slow transaction.

All you need to do is open your Bitcoin wallet on your desktop or mobile device, find the transaction that has been stuck Pending for too long, then click/tap it to see more details and finally click/tap Accelerate.

Please note: You will need some Bitcoin available in your wallet to accelerate a transaction. If you send All your Bitcoin then you will not be able to accelerate your transaction.

Desktop
Mobile

This will resend your transaction with a higher fee to ensure it gets confirmed for you.

What is a Replace By Fee transaction?

Replace By Fee means that you are replacing one version of an unconfirmed transaction with a new version that pays a higher fee. You are basically saying "This transaction is so important to me that I'm willing to pay a bit extra for it." As a result of increasing the fee, your transaction will now become more attractive to the miners and has a higher chance to be confirmed faster.

While we can never guarantee that your transaction will be included in the very next block, RBF inside of Exodus wallet allows you to make these chances higher.

Another thing to keep in mind is that RBF allows your transactions to be batched together when sending. What this means is that if you send two or more Bitcoin transactions in a row, instead of having separate transactions, the transactions will be automatically combined into the same transaction. Allowing you to save on fees!

What is a Child Pays for Parent transaction?

Child Pays for Parent means that you are making your stuck transaction (the “Parent”) more rewarding by sending a second new transaction to be mined with a higher fee (the “Child”). The Child transaction can only be mined after the Parent transaction has been, therefore miners will see and calculate the overall fee for both the Parent and Child transactions and take a less profitable transaction (the stuck Parent) in order to mine the more profitable transaction (the Child). Confirming the stuck transaction faster.

While we can never guarantee that your transaction will be included in the very next block, CPFP inside of Exodus wallet allows you to make these chances higher.

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