Bitcoin Network Fees

Bitcoin Network Fees are transaction fees charged for processing a Bitcoin transfer. It is typically paid for by the sender and received by Bitcoin miners. Miners are individuals who solve complex cryptographic problems – such as Bitcoin transactions – and ensure they are confirmed by the Bitcoin network. The fees act as an incentive for miners to include a transaction in a Bitcoin block and process them as quickly as possible.

Although network fees aren’t fixed, they are competitive. This is because the space available for transactions in a block is limited to 1 MB; meaning that to get your transaction processed quickly, you will have to outbid other users. Bitkoin Africa uses an estimated fee to ensure transactions are processed quickly for as little as possible.


How are Bitcoin Network Fees Estimated?


Our estimated Bitcoin Network Fees are set by taking all transactions in the last 30 blocks and calculating the lowest possible fee (per KB) that has more than a 75% chance of getting into the first block. 
 

When do I get charged a Bitcoin Network Fee?

Bitcoin Network fees are only applicable when Bitcoin is leaving a Bitkoin Africa Wallet to an external Wallet address. Therefore, a Bitcoin Network Fee will be applied when you:
  • Send Bitcoin from your Bitkoin Africa Wallet to an external Wallet address.
  • Purchase Bitcoin via QuickBuy. This is because we have to transfer the Bitcoin from the seller's Bitkoin Africa Wallet to your externally managed Bitcoin Wallet address.
No Network fees are applied when Bitcoin is bought or sold during trades between registered users on Bitkoin Africa.

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