Why do I sometimes get charged a blockchain fee for sending cryptocurrencies?

Whether you will get charged a blockchain fee for sending cryptocurrencies is dependant on if you are sending to an external ‘on chain’ address or sending to an internal ‘off chain’ Coin Rivet address.


Sending to an external cryptocurrency address:


In order to process transactions on the cryptocurrency networks, outgoing transactions to external cryptocurrency addresses typically incur a blockchain fee, also referred to as a mining or network fee. The fee is paid to cryptocurrency miners who will in turn confirm your transaction, securely. Therefore, Coin Rivet will charge a fee based on our estimate of the blockchain transaction fee and occasionally our estimate may differ from the estimated fee. We will disclose the blockchain fee at the time of your transaction.


Sending to an internal Coin Rivet address:


Coin Rivet does not charge any blockchain fees for cryptocurrency transfers from one Coin Rivet address to another, as these are ‘off chain’ transactions.