About On-chain fees
When sending an On-chain transaction you have to pay a mining fee to verify the transaction. This fee is 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.
(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.
This can be frustrating if you wish to send a specific amount to someone. You may end up paying them less than expected due to the fees being subtracted.
Our new feature lets you decide how to handle the fee
You can now choose to 'add' the mining fees on top of the transaction so that the recipient gets exactly the amount of money that you choose to send.
Using the example above, you would send 100,000 sats and pay the 3500 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 to do it
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 use the 'Include fees in amount' toggle to decide how the fee should be handled. Below the toggle it will show you how much the recipient will receive. So as it says below with fees included in the amount👇, they receive 99,650 sats which is the 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. So they will receive the 100,000 sats, and the 350 sat mining fee will bring the total to 100,350 sats.
This will now make paying specific values easy, especially at merchants.
Thank us later! 😎