Posted by Coinify on 08 December 2017 03:19 PM
As we have previously informed you, from the 30th of November 2017 the transaction fee for all Bitcoin orders (card and bank) is not covered by Coinify anymore.
The transaction fee for Bitcoin transfers is now automatically calculated in your Blockchain wallet's interface and displayed in BTC. This information is also available in the confirmation email we send after you place a card or bank order.
Why is there a fee?
The exponential growth of interest in Bitcoin and other cryptocurrencies in the past months prompted companies like ours to onboard and serve more customers in a shorter timeframe. We want to continue serving our current customers and welcome new traders. For years we have completed trade orders without Bitcoin transaction fees, but the costs of this payment method have risen significantly and covering them on behalf of all customers would be unsustainable.
Introduction of the transaction fee for Bitcoin trades is therefore a decision based on our company’s scaling needs and market development in general.
Why are fees so high?
You might have noticed that lately, Bitcoin transactions fees have increased. This increase is highly influenced by the amount of unconfirmed transactions on the network. Because there is a limited amount of transactions that can be confirmed, the higher the number of transactions awaiting for confirmation, the higher the fee needed to get miners to confirm them.
You can keep track of the number of transactions waiting to be confirmed here: Mempool Transaction Count.
If you have any questions feel free to contact us at: https://help.coinify.com/conversation/new. We will happily answer your questions.