While sending bitcoins it is important to bear in mind transaction fees and possible currency rate differences.
Let’s imagine you need to send 0.05 BTC to another wallet.
- In case if you send this amount to a Paxful wallet, it means you make an internal Paxful transaction. There is NO transaction fee for the first 5 transactions per month. Starting from the 6th transaction - 1 USD fee applies. So the amount deducted from your wallet will be exactly 0.05 BTC (0.05 BTC + 1 USD starting from 6th transaction per month). Currency rate difference will also stay the same. So if while sending 0.05 BTC it is equal to 100 USD, the recipient will see the same rate after receiving the transaction. This is due to the fact that transactions within Paxful are instant. In this way, the currency rate will not have time to change.
- Sending funds to an external wallet will have fixed Paxful transaction fee of 0.0005 BTC. So in addition to 0.05 BTC, there will be a fee deducted from your wallet making it 0.0505 BTC in total. Currency rate will also be different from the one the recipient will see in his wallet. Why?
- Paxful may use different rates from those used by the recipient's wallet service. So while 0.05 BTC in Paxful wallet may be equal to 100 USD, in any other wallet service it may appear as 101 USD or 99 USD, as an example.
- External transactions may take some time. During this timeframe, Bitcoin currency rate may change. This is out of control of any cryptocurrency service. So if in your Paxful wallet 0.0505 BTC appears as 105 USD, eventually, in the recipient's wallet it may result as a lower amount, for example, 100 USD or, due to the increase of the rate, it may become, for instance, 115 USD. Remember that you are sending bitcoins and not fiat amount.
- Some other wallet services may have a deposit fee. In other words, from your 0.0505 BTC deducted from your Paxful wallet 0.05 BTC will be sent to the recipient. However, only 0.0495 BTC will be credited to the recipient's account due to a deposit fee of 0.0005 BTC. Paxful does not charge any deposit fee.