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If I buy bitcoin from a exchange and later want to transfer to my wallet for storing purpose (e.g. Jaxx or other), how the transaction fee will be calculated? I thought I can buy some amount of BTC and transfer the equal amount of BTC to wallet. How this works?
Thanks
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Whenever ownership of bitcoins is transferred by means of a transaction on the blockchain, this transaction takes up space in a block and therefore incurs a transaction fee. Essentially, each sender that requests confirmation of their transaction attaches a bid for blockchain space to their transaction which a miner can collect when they include the transaction in their block.
Since the Bitcoin exchange controls the funds when you withdraw to your own wallet, the Bitcoin exchange is the sender of the transaction and decides what fee to attach to the transaction. Additionally, a withdrawal from an exchange may incur a withdrawal fee depending on the specific exchange's policy. Please check the corresponding exchange's FAQ or user guidance for more information on their fee policies.
So, if a miner want to withdraw crypto to his/her wallet then it will incur transaction fee, depending on the checks in the blocks and other factors. – Tanzil Khan – 2017-08-15T16:42:03.890
I don't understand why you're suddenly asking about a "miner". Miners that generate new bitcoins don't incur a transaction fee. The newly created coins are part of the coinbase transaction which is mandatory in a block. Miners that receive coins from other sources are no different than other users. – Murch – 2017-08-15T16:53:32.110
Recently I transferred some btc to Jax wallet... when I was trying to send the btc to somewhere I saw some minig fee. Here is the screenshot - http://imgur.com/rjNIGrY . I don't understand, I am not mining anything but there is mining fee for transferring btc!!
Mining fee is here to be understood as "transaction fee". – Murch – 2017-08-23T16:29:39.503
This depends solely on the exchange. They can forward the network transaction fees to the user or not, and they may have their own withdrawal fees or not. To learn more, see the exchange's policies or contact them. – Pieter Wuille – 2017-08-12T21:12:59.200
So, the open source wallets only deduct mining fees. There is no fee for transferring them to wallet and storing them. Am I right? – Tanzil Khan – 2017-08-13T04:19:13.807
That sounds like an independent question. – Pieter Wuille – 2017-08-13T04:59:59.180
Sorry, I am new to cryptocurrency world. Trying to understand. Thanks – Tanzil Khan – 2017-08-13T05:42:11.813