Bitcoin FAQs - Learn more about BTC (2024)

Everything you need to know about Bitcoin (BTC) in Exodus.

Are you looking for a self-custody wallet for your Bitcoin? You can download Exodus here!

In this article:

• Bitcoin addresses
• How do I create a new Bitcoin address?
• Desktop
• Mobile
• What is the difference between different types of Bitcoin addresses?
• What Bitcoin addresses does Exodus support?
• How do I enable and find my Legacy address?
• Desktop
• Mobile
• How do I enable and find my Taproot address?
• Desktop
• Mobile
• Bitcoin fees
• How does Exodus calculate Bitcoin transaction fees?
• How do I enable and set custom Bitcoin fees?
• Web3 Wallet
• Desktop
• Mobile
• What is a batched Bitcoin transaction?
• How do I batch consecutive Bitcoin transactions?
• Web3 Wallet
• Desktop
• Mobile
• What if I get a warning about paying extra fees?
• What should I do if my Bitcoin transaction is stuck?

How do I create a new Bitcoin address?

You can create new Bitcoin addresses on Desktop and Mobile.

By default, your Bitcoin wallet in Exodus will display one SegWit (bc1q) address. If you enable your Legacy address, it will display one Legacy address. Likewise, if you enable your Taproot address, it will display one Taproot address.

You can also enable a feature to generate multiple SegWit, Taproot, and Legacy addresses for your Bitcoin wallet. Once enabled, your wallet will create a new address every time it receives Bitcoin (BTC).

Follow these steps to turn on multiple addresses in your wallet:

Desktop

1

In your Bitcoin wallet, a) click the More menu in the top right corner and b) click on Advanced Options.

2

Toggle on Multiple Addresses.

Mobile

1

Open your Bitcoin wallet and tap on the Settings icon in the top right corner.

2

Toggle on Multiple Addresses.

What is the difference between different types of Bitcoin addresses?

To send and receive Bitcoin on Legacy, SegWit, and Taproot addresses, you can download Exodus Mobile or Exodus Desktop.

There are four Bitcoin address types. All four addresses can be used to send and receive Bitcoin. So what's the difference?

Legacy (P2PKH)

Legacy addresses start with 1. Legacy addresses are the original BTC addresses. You can expect all wallets to support sending and receiving to Legacy addresses. Sending Bitcoin from a Legacy address will have the highest fee when compared to other address formats.

Nested SegWit (P2SH)

Nested SegWit addresses start with 3. Nested SegWit addresses introduced multi-sig functions to Bitcoin. Sending Bitcoin from Nested SegWit has lower fees than sending from Legacy addresses.

Note that Trezor's desktop and browser app Trezor Suite refers to 'Nested Segwit' as 'Legacy Segwit' although they are the same P2SH (starts with 3) type of address.

Native SegWit (Bech32)

Native SegWit addresses start with bc1q. It is cheaper to send Bitcoin from a Native SegWit address than sending Bitcoin from a Legacy or Nested SegWit address.

Taproot (P2TR)

Taproot addresses start with bc1p. Taproot addresses are a new SegWit address type that offers more advanced security, privacy, flexibility, and scaling to Bitcoin. However, Taproot addresses are not automatically supported by wallets that support existing SegWit addresses.

What Bitcoin addresses does Exodus support?

How do I enable and find my Legacy address?

You can enable your Legacy address on Desktop and Mobile.

By default, when you open your Bitcoin wallet in Exodus and click on Receive, you will be shown your SegWit address.

To see your Legacy address, follow these steps to enable it in your wallet:

Desktop

1

In your Bitcoin wallet, a) click the More menu in the top right corner and b) click on Advanced Options.

2

Toggle on Legacy Address and return to your Bitcoin wallet.

3

Click Receive.

4

Finally, click the arrows to the left and right of the QR code to see your SegWit, Taproot, and Legacy receive addresses.

Mobile

1

Open your Bitcoin wallet and tap on the Settings icon in the top right corner.

2

Toggle on Legacy Address and return to your Bitcoin wallet.

3

Tap on the Receive icon.

4

Finally, tap the arrows to the left and right of the QR code to see your SegWit, Taproot, and Legacy receive addresses.

How do I enable and find my Taproot address?

You can enable your Taproot on Exodus Desktop and Mobile.

By default, when you open your Bitcoin wallet in Exodus and click on Receive, you will be shown your SegWit address.

To see your Taproot address, follow the steps below to enable it in your wallet:

Desktop

1

In your Bitcoin wallet, a) click the More icon in the top right corner and b) click Advanced Options.

2

Toggle on Taproot Address.

3

Click Receive.

4

Finally, click the arrows to the left and right of the QR code to see your SegWit, Taproot, and Legacy (if enabled) receive addresses.

Mobile

1

Open your Bitcoin wallet and tap on the Settings icon in the top right corner.

2

Toggle on Taproot Address.

3

Tap on the Receive icon.

4

Finally, tap the arrows to the left and right of the QR code to see your SegWit, Taproot, and Legacy receive addresses.

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 the 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 which will get the transaction confirmed on the next block. This means that Bitcoin transactions should confirm in around 10 minutes.

How do I enable and set custom Bitcoin fees?

Download Exodus Desktop, Exodus Mobile, or Exodus Web3 Wallet to set your own custom Bitcoin transaction fees.

Enabling and setting custom fees will automatically turn on RBF and allow for batched transactions.

Web3 Wallet

1

Open your Bitcoin wallet and click on the Send icon.

2

Click where it shows the Network Feein BTC.

3

Now you will see a slider:

• a) Slide it to the left to pay a lower fee (will confirm slower)
• b) Slide it to the right to pay a higher fee (will confirm faster)
• c) Once you have set a fee you are happy with, click Done.

That’s it! You have set a custom transaction fee to send your Bitcoin.

Desktop

1

In your Bitcoin wallet, click Send.

2

Click Show Advancedto enable the advanced sending options.

3

Now you will see a slider:

• a) Slide it to the left to pay a lower fee (will confirm slower)
• b) Slide it to the right to pay a higher fee (will confirm faster)
• c) You can also manually input your custom fee by clicking the Pencil icon.

That’s it! You have set a custom transaction fee to send your Bitcoin.

Mobile

1

Open your Bitcoin wallet and tap on the Settings icon in the top right corner.

2

Locate where it says Custom Fees and toggle on.

3

Tap on the Send icon.

4

a) Enter the amount you wish to send, and b) tap Enter.

5

Tap on Advanced.

6

Now you will see a slider:

• a) Slide it to the left to pay a lower fee (will confirm slower)
• b) Slide it to the right to pay a higher fee (will confirm faster)
• c) You can also manually input your custom fee by clicking the Pencil icon.

That’s it! You have set a custom transaction fee to send your Bitcoin.

What is a batched Bitcoin transaction?

Bitcoin transactions are batched when multiple Bitcoin transactions are sent together on the Bitcoin network.

Batching can be beneficial because it reduces fees and improves confirmation times.

When you batch transactions, you resend previously unconfirmed transactions with a higher fee. Combining unconfirmed transactions with a new transaction will incur a lower fee than paying for separate transactions.

How do I batch consecutive Bitcoin transactions?

To batch transactions in Exodus, you first need to enable custom fees. Turning on custom fees enables RBF, which provides more flexibility to adjust fees on future and unconfirmed transactions.

To enable custom fees, visit: How do I enable and set custom Bitcoin fees?

You can then send multiple transactions, and the wallet will automatically group your unconfirmed transactions together.

If you do not want your transactions batched, you can disable custom fees.

Only unconfirmed transactions that are sent with RBF enabled can be batched in Exodus.

Web3 Wallet

1

In Web3 Wallet, send a Bitcoin transaction while setting a custom fee.

2

After sending and a) before this transaction confirms on the Bitcoin network, b) send another transaction.

3

You will see 2 BTC send transactions. Your two transactions have been batched into one by replacing the first. You can confirm by a) clicking the first transaction and then b) the transaction ID.

4

It will show as replaced on a block explorer.

Desktop

1

In Desktop, make sure custom fees are enabled. If they are not yet enabled, start here.

2

Send a Bitcoin transaction. For instructions, you can visit: How do I send Bitcoin and other crypto out of Exodus?

3

a) Before the previous transaction is confirmed on the Bitcoin network, b) send another transaction.

4

Your two transactions will be batched into one. Both transactions will have the same transaction ID.

Mobile

1

In Mobile, make sure custom fees are enabled. If they are not yet enabled, start here.

2

Send a Bitcoin transaction. For instructions, you can visit: How do I send Bitcoin and other crypto out of Exodus?

3

a) Before the previous transaction is confirmed on the Bitcoin network, b) send another transaction.

4

You will see 2 BTC send transactions. Tap on each to see the transaction ID.

5

Your two transactions have been batched into one. Both transactions will have the same transaction ID.

What if I get a warning about paying extra fees?

If you try to send out your Bitcoin from a transaction that is not yet confirmed on the blockchain, Exodus will warn you that you are paying higher fees for spending an unconfirmed transaction. This will create a CPFP transaction.

You'll also receive this warning if you are sending out lots of UTXOs or a very large sized transaction that will incur higher-than-usual fees.

CPFP transaction fees are higher to incentivize miners to include the transaction in the next block mined. Make sure you’re willing to pay the extra fee before proceeding.

If you don't want to pay the extra fees, you can wait for all of your incoming transactions to be confirmed on the blockchain before sending a transaction out.

What should I do if my transaction is stuck?

There is a chance that if you set your fee too low your transaction will get stuck and might take a long time to confirm.

Do not worry! Exodus has a built-in 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.

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

Desktop

Mobile