CoinJar Support

Bitcoin transaction ("mining") fees

Adrian (Melbourne) -

Transaction fees

When transferring funds from one bitcoin address to another, a bitcoin transaction (or "mining") fee is recommended. Aside from providing bitcoin miners incentive to continue processing all bitcoin transactions, this fee can directly influence the time it takes for your transaction to be confirmed on the blockchain. 

 

Covered by CoinJar

When you make a new bitcoin transfer with CoinJar, you don't need to attach a transaction fee. CoinJar covers all transaction fees, so there's no additional charge to your account.

With each transfer to the bitcoin blockchain we include at least 0.0001 bitcoin for all outgoing payments, which is higher than the recommended transaction fee amount. We also structure our transactions in such a way that our fee is at least twice the average fee level paid on a "per byte" basis. This ensures outgoing transactions are generally ranked between the 10th and 30th percentile of priority.

 

Internal transactions

When transferring funds from one CoinJar to another, a transaction fee isn't required at all. Because these payments are processed internally, your transaction won't appear on the blockchain and will instead be completed instantly. 

 

Updated: 18 Feb 2016 (AS)

Reviewed: 18 Feb 2016 (AS)


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