Does Atomic Wallet charge any extra transaction fees?
The Ethereum blockchain is experiencing an overload right now, which may be resulting in sky-high network fees. Take note of the fee before sending/exchanging your ETH or ERC-20 tokens.
Almost all the transactions on the blockchain require a network fee. This fee is paid to miners to include transactions on the blockchain.
Atomic Wallet doesn’t take any fees for sending/receiving operations. All the network fees within the wallet are set in such a way to ensure fast and safe confirmation on the blockchain.
What are Network fees?
Every transaction on a blockchain requires a network fee. This fee is paid to miners, who are constantly spending resources such as computing power and electricity to process transactions and include them to the next block on the blockchain. The network fee is a reward for the performed job. Logically, the more you wish to pay as a transaction fee, the faster your transaction will be picked by the miner to be included in the block.
For different assets, the network fees are calculated differently. For Bitcoin and BTC-like assets such as LTC, BCH, DGB, etc. – the fee is influenced by:
- The current situation in the system. How loaded the network is. In the time of hype, when a lot of people put transaction orders at the same time, the fees can be really high.
- The number of inputs on your address. The inputs are your incoming deposits. The number of inputs indicates the volume of the information needed to be processed by the miner. The larger the volume (more Bytes) – the more resources miner needs to spend on processing your transaction. Consequently, the network fee for you will be higher. For example, 1 BTC can be 1485 bytes and 1 BTC can be 384 bytes, just because it can be composed out of 10 small inputs or two.
The network fees for BTC are measured in Satoshis per Byte. You can always see the network fee in Atomic Wallet. It is also possible to adjust the fee for BTC and LTC.
But network fees are not calculated exactly the same for all of the assets. For Ethereum the network fee is paid in Gas, which is an internal unit of the ETH blockchain. The amount of Gas paid for the operation is based on the type of transaction being sent. If you’re sending to a heavy smart contract, you will need to pay more Gas. It is cheaper to send ETH, that ETH ERC20 tokens.
In Atomic Wallet, the fee is calculated as:
Fee = Gas Limit * Propose Gas Price / 1,000,000,000 gwei
(21,000 * 25 / 1,000,000,000 = 0.000525 ETH)
Gas limit is set as 21 000.
If a transaction requires less than a default network fee, the remaining amount will just stay on your address.
Learn more about network fees and Atomic Wallet in our article here.