When transferring funds from your CoinJar to an external bitcoin address, a bitcoin transaction fee is required in order for your transfer to be completed promptly. Transaction fees provide bitcoin “miners” incentive to continue processing bitcoin transactions, and including an appropriate fee to your bitcoin transfer will directly influence the time it takes for that amount to be confirmed on the blockchain.
Internal CoinJar transfers
Because payments made from one CoinJar to another are not sent via the blockchain, a transaction fee isn’t required in order to process the transfer. Internal CoinJar transfers are completed instantly.
How CoinJar handles transaction fees
When you make a new outgoing bitcoin transfer with CoinJar, a 0.0005 bitcoin transaction fee will be attached to your transfer - or CoinJar Points if you prefer. This additional fee will be taken from the same account you’re sending funds from, and will be included in your quote as you make that payment.
Behind the scenes, CoinJar will then automatically attach an appropriate transaction fee depending on the amount you’re sending and the current blockchain congestion level. This transaction fee will be calculated dynamically to ensure your bitcoin transfer receives confirmations on the blockchain as promptly as possible.
Using CoinJar Points to cover transaction fees
When making a new outgoing bitcoin transfer, you can use CoinJar Points to cover the cost of the transaction fees. For reference, buying or selling 1 bitcoin through CoinJar will earn CoinJar Points - enough to cover 4 seperate outgoing bitcoin transfers.
Updated: 27 Jul 2017 (AS)
Reviewed: 27 Jul 2017 (AS)