Does Atomic Wallet charge any extra transaction fees?
Note: The Ethereum blockchain is experiencing an overload right now, which may be resulting in high network fees. Take note of the fee before sending/exchanging your ETH or ERC-20 tokens.
- Why do I have to pay the network fee?
- How is the network fee calculated?
- How do I adjust the network fee?
- Does Atomic Wallet charge any extra fees?
- Which blockchains have the lowest average network fees?
To make a transaction or an exchange, you'll need to pay a network fee charged by the blockchain.
Why do I have to pay the network fee?
Before your transaction can reach its destination, someone needs to add it to the blockchain. This process is called "mining," and those who do the job are known as "miners." Miners invest their personal resources, such as computing power, into this job. Naturally, they want to earn money from it. That's why they charge you the network fee: you're paying the miner for processing your transaction.
Why do I have to pay the network fee to stake my crypto?
How is the network fee calculated?
For the most part, the fee size depends on the network's current load. The more transactions are queued to get confirmed, the higher the fee will be.
Once you click the "Send" button in your Atomic Wallet app, your transaction will first be added to the mempool, which is essentially a list of all transactions currently expecting confirmation. Miners look through the mempool and pick transactions they want to process.
Think about it this way: when making a transaction, you're the miners' client. Since any miner is always looking to increase their revenue, they'll first choose the transactions that offer the highest potential pay. When the network is overloaded and lots of transactions are queued to get completed, some people will be willing to offer higher fees to make their transactions more appealing to miners and thus speed up the confirmation process. Therefore, the average network fee will go up.
If you aren't in any rush with your transaction during such periods of high demand, simply wait until the network is less crowded. Otherwise, you'll need to either offer a better compensation or wait in the confirmation line.
How is the BTC, LTC, and DGB network fee calculated?
Apart from the network's load, the fee's size depends on the number of inputs your transaction will have.
What are inputs? Imagine you need to buy something that costs $350, and you need to pay with cash. Since a $350 bill doesn't exist, you'll use three $100 bills and one $50 bill. It will be quite easy for the cashier to count the money. If you use 35 $10 bills instead, though, things will get a bit harder.
This works the same way on the blockchain. If Bob has 0.45 BTC on his balance, this amount is likely composed of numerous smaller BTC pieces. Instead of saying he owns 0.45 BTC, it would be more accurate to say he owns 0.1 + 0.2 + 0.1 + 0.05 BTC. Therefore, if he wanted to transfer 0.15 BTC to Alice, he'd be sending her 0.1 + 0.05 BTC, as opposed to a single 0.15 BTC piece.
These 'pieces' are inputs. The more you're sending, the heavier the transaction will be.
How is the ETH network fee calculated?
The amount you're sending has no impact on the network fee size. It would be cheaper to transfer ETH than ERC-20 tokens, though.
Here is the formula:
You can either keep the default gas limit and price suggested by the wallet or adjust these to your preference.
How do I adjust the network fee for Ethereum or Bitcoin?
In the transaction sending screen, select Set fee and adjust it using the slider.
Note: Don't lower the fee too much, as it will likely result in hours or even days-long transaction confirmation.
Does Atomic Wallet charge any extra fees?
Atomic Wallet doesn't impose any extra fees on transactions.
However, we do charge additional fees on exchanges: 0.5% plus our exchange partners' commission. The exchange estimate you see before making your trade already accounts for network and any other additional fees.
Which blockchains have the lowest average network fees?
Some blockchains proud themselves on low network fees. These include:
- Ripple (XRP) with $0.0016,
- Tron (TRX) with zero fees for TRX transfers,
- Dash (DASH) with $0.0087,
- Bitcoin Cash (BCH) with $0.0086,
- and Litecoin (LTC) with $0.025.