Blockchain transaction costs
For fastest bitcoin transfers and exchanges, each transaction requires a blockchain fee. The fee is usually low, however sometimes higher fees are needed to complete your transfer or exchange. This article will explain why this happens and how you can avoid high blockchain transaction costs fees.
Blockchain fees depend on several factors including network congestion, transaction confirmation times affected by liquidity providersand blockchain size as measured in kilobytes; affected when converting bitcoin from multiple inputs such as faucet earnings or other micro-transactions. There might be other reasons that cause higher blockchain fees, but we listed the most common ones.
We are working to increase the number of liquidity providers so that we can process small exchange amounts 'off-chain' outside of the blockchain network.
This solution will not incur any blockchain fee at all for smaller exchange amounts. This update to move blockchain transaction costs exchange amounts off-chain will take some time due to third-party integration requirements throughout our global liquidity network.
Users will be notified via app updates and other announcements. Wirex Ltd Fees and Limits Fees. My blockchain fee is too high. What should I do? Why is the blockchain blockchain transaction costs so high? In other words, you may need to pay higher blockchain fees if: Usually, the blockchain transaction costs increases during sudden bitcoin rate fluctuations and major world events; your bitcoin wallet has a history of microdeposits like referral bonuses.
If your wallet has large amounts of small deposits, the size of your transaction will be bigger as it will consist of many inputs. The bigger the transaction size, the higher the blockchain fee. A more detailed explanation about transaction size, inputs and outputs can be found in Bitcoin Wiki blockchain transaction costs.
Is there anything Wirex can do about that? What can I do to reduce the blockchain fee in the meantime? The general advice to reduce blockchain transaction costs blockchain fee would be: Consolidate your microdeposits in another third-party wallet, then send a larger amount to Wirex as one single transaction. That will help you reduce the blockchain fee for future exchanges and transfers. If you are used to exchanging small amounts regularly, it might help to make larger amounts.
Monitor the average blockchain fee in the network. If your transfer is not time-sensitive, you can wait until the average fee blockchain transaction costs drops. You can check this from major bitcoin exchanges, block explorers or websites such as BitcoinFees.
Related blockchain transaction costs What is the blockchain fee? Wirex fees Currencies exchange rate Wirex virtual card limits How to transfer bitcoins from my Wirex bitcoin account to another bitcoin wallet? Was this article helpful?
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