The rising interest in Bitcoin has made people eager to know each and every detail about the Bitcoin. Many people have invested as well in Bitcoin and many are planning to invest in Bitcoin. There has been a huge rise in the price of Bitcoin and recently the Bitcoin touched the $19k mark. If you know the basics of Bitcoin then you would probably be knowing how bitcoins are purchases, kept and sold. Bitcoins are purchased from exchanges and are transferred from one address to another address in a transaction.
The transfer takes place from one address to another, one exchange to another, one wallet to another, one exchange to wallet and vice versa. Here is a detailed explanation on all of them.
Wallet to Wallet Transaction Fees of Bitcoin
There is potentially no charge for transferring Bitcoin from one wallet to another wallet. It is quite easy to transfer Bitcoin from one wallet to another. The transfer from one wallet to another is done through a private key. If you know the credentials of private key then you can easily transfer your Bitcoin from one to another. There is no charge in this but issues may pop up while transferring from various wallets. Many wallets don’t allow transferring from one wallet to another. Private Key imports are also said to be unsafe and should be avoided in normal situation.
It would be advisable to use proper means to transfer Bitcoin as it is unsafe to import private keys in normal cases. The charge in general is minimal and depends on wallet to wallet which one can easily afford given the security promises.
Exchange to Wallet Transaction Fees of Bitcoin
It depends on the wallet to wallet. Some wallet charges money while some do not. The basic concept in this is there is literally no fees involved in transferring Bitcoin from exchange to the wallet. The fees come when you keep the Bitcoin in the wallet. These charges are minimal and will not cost you much. Many wallets charge fees based on their service. The most secured ones charge higher rate while the lesser ones charge less. Some of them are free as well.
Also, read Exchanges are Safe Places to Store Bitcoins?
When Bitcoin is transferred from wallet of one person to wallet of another then fee is charged by wallet based on the memory it consumes while storing the Bitcoin. This is similar with the exchanges where money is charged based on the space consumption. On a normal transaction in an average case, $7 is charged for transferring one Bitcoin from one address to another. This fee is mostly charged by the miners.
Wallet fees is charged by the wallet company which charges money to secure your Bitcoin and provides service. They also charge some fees. A Bitcoin wallet is similar to any other wallet and therefore charges on the same way. Whereas exchanges are similar to share markets that have different methods. In exchanges, Bitcoin is traded and is purchased and sold. There is no exchange cost but charge for a transaction of Bitcoin from one address to another.