About on-chain fees ⛓️
When sending an on-chain transaction, you have to pay a mining fee (not to Bottlepay) to get your transaction included on the blockchain. This fee depends on two things:
How congested the network is at the time. More congested = higher fees.
The speed you wish to send the transaction. Selecting a faster payment = higher fees.
ℹ️ For more information about network fees, tap here.
The mining fee is usually subtracted from the amount you send.
For example, if you were to send 100,000 sats (0.00100000 BTC) and the mining fee was 350 sats, the recipient of the on-chain transaction would receive 99,650 sats. We call this a subtractive fee.
This might mean you pay someone less than expected once the fees have been subtracted. 😬
You can now decide how to handle the fee
You can now choose to 'add' the mining fees on top of the transaction so that the recipient receives exactly the amount of money that you choose to send.
Using the example above, you would send 100,000 sats and pay the 350 sats mining fee on top. The recipient would then receive the full 100,000 sats.
Amount sent + fee = Total cost
100,000 + 350 = 100,350 sats
How do I switch between additive and subtractive fees? 🤔
When you are sending an on-chain transaction, you have the option to change the fee you are paying. You can choose from 'Slower' 'Normal' or 'Faster'.
You can also use the 'Include fees in amount' toggle to decide how the fee should be handled - how much the recipient will receive is shown below the toggle.
The amount the recipient will receive is 99,650 sats, which is 100,000 minus the fee. 👇
If you swipe the toggle to not include fees in the amount, the mining fee will be added on top.
The recipient will receive 100,000 sats, and the 350 sat mining fee will be added on top, bringing the total to 100,350 sats.
This will now make paying specific values easy, especially for merchants. 😎