What are the fees involved when I buy bitcoin and send it to someone?

1 answers

• Dec 29, 2021 · 3 years ago
  When you buy bitcoin and send it to someone, the fees involved can vary depending on the exchange and the network conditions. Firstly, you may encounter trading fees when purchasing bitcoin on an exchange. These fees are usually a percentage of the transaction amount. Secondly, when you send bitcoin, you will need to pay a transaction fee. This fee is paid to miners who process and validate your transaction on the blockchain. The transaction fee can vary depending on the network congestion and the priority you set for your transaction. Lastly, some exchanges may charge withdrawal fees when you transfer bitcoin to an external wallet. These fees can be fixed or a percentage of the withdrawal amount. It's important to consider these fees when buying and sending bitcoin to accurately calculate the total cost of your transaction.
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