Wallet

Miners Fee

4131 views January 2, 2018 June 18, 2018 ray 42

The current miner’s fee is 0.0005 bitcoin.

The miner’s fee is deducted at the moment transaction is sent out from Paxful. Paxful doesn’t have any deposit fees.

The miners fee is a bitcoin network transaction fee that goes to incentivize the miners for confirming transactions. This is not a fee Paxful charges you.

The bitcoin network is experiencing serious scaling issues and the bitcoin miners’ fees are rising. We’re doing everything we can to get to an agreement with BitGo to get this lowered for our users. As the bitcoin price has risen the miners’ fee is also higher. There isn’t anything we can do about that now as it is a core bitcoin network issue. You can read more about the current situation with miners’ fees here

The high miner’s fees are not just an issue at Paxful. The average miner’s fee on the network currently is 0.0019 BTC, compared to this our fee is relatively low. We have also already adopted SegWit which means that in the near future bitcoin transactions will be much faster and cheaper for our users. This is a gradual process and also depends on whether the addresses sent to have adopted SegWit.

We understand how the fee can be frustrating when sending out a small amount. There are issues with scalability with bitcoin currently but the above mentioned SegWit and later on with the lightning network slow and expensive transactions should be an issue of the past.

 

 

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