Fees, what are they and who’s charging for what?

2018-01-16

The sign says “Fee” in swedish. A common sight in Swedish parking lots and garages.

Hello all! At https://bt.cx/, we have received thousands of new customers only since new years. We were going to kick off 2018 by taking on a common question; What is the fee?

The BTCX support handles many questions and issues that deal with fees of different kinds. We therefore thought to have a look at fees and why they exist.

BTCX own fee:
Does not exist. Not really.
When you look in the upper left corner of our website, or fill in an amount in Swedish Crowns to see how much bitcoin or ether you get, then that’s the price right now. BTCX sells and purchases bitcoin at that price. There are no fees.
Of course, we have purchased bitcoin at a lower price (anything other than that would be wierd) but that’s how we make money, not by adding fees.

When is the price set?
The final price is set when we send the bitcoin to you. That’s because everyone should get exactly what they pay for. It may feel wrong if you place an order on a Friday and pay via BankGiro which arrives with us on Monday and so the rate has changed over the weekend….
But, that is always preferable compared to the customer recieving less currency than he or she paid for

Network fee:
When you send a bitcoin transaction, you pay a fee. Not for the transaction itself, but for the confirmations. VERY simplified, one can say that the bitcoin network is packed full of a lot of inspectors who are racing around and checking so that everything has been done the right way with a transaction. It will then be confirmed, and for this the inspectors will charge a fee. The fee varies with how heavy traffic is in the network.
BTCX receives nothing from that fee.

Pay fee or not?
When you do business with BTCX, you can decide if you want to pay the network fee yourself or if you want BTCX to pay the fee.
The difference for you is really about time, and in what kind of hurry you are. When you choose not to pay, we’ll let it take a little longer before the transaction is confirmed, so that we can afford it. Otherwise, there might be a risk that you would not get what you paid for and we do not want that.

All possible follow-up questions on this can of course be directed to our brilliant support team.

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