Ethereum Blockchain Transaction Fees In Crypterium Wallet

Apr 30, 2021
11:04
2 min reading

Choise.com team

All crypto-to-crypto transactions are absolutely fee-free in the Crypterium Wallet. If you receive, send, or exchange cryptocurrencies using the wallet, the only applicable charge is the Ethereum blockchain fee. Crypterium doesn’t take any commission on those transactions.

The Ethereum blockchain fee is a transaction fee that is charged to users when performing cryptocurrency transactions. It requires gas, “a fee” to successfully complete transactions on the network, just like a car needs gasoline to move.

Crypterium users need to pay the Ethereum blockchain fee to ensure their cryptocurrency transfers arrive in a timely manner. The lower the blockchain fee, the lower transaction’s priority in the blockchain network.

Ethereum blockchain transaction fees come when you send cryptocurrency to other wallets, or exchanges and are the primary tool used to speed up crypto transactions, which are often slow due to high congestion on the blockchain network.

Blockchain fees; an integral part of every cryptoeconomics

Crypterium does not charge any fees when you send cryptocurrency using our wallet, but as with all crypto transactions, you must pay the Ethereum blockchain network fees collected by the miners who confirm transactions, not Crypterium.

Blockchain transaction fees are part of the incentives given to miners that keep the network running. Fees also offer a layer of protection against malicious behavior and spam.

Ethereum blockchain fees depend on several factors:

Network congestion
Transaction confirmation times, affected by liquidity providers;
Transaction size as measured in kilobytes, affected when converting crypto from multiple inputs such as faucet earnings or other micro-transactions.

Plenty of well-known cryptocurrencies with ERC-20 standard in the Crypterium Wallet: CRPT, ETH, USDC, USDT, LINK, MKR, QASH, BAT, ZRX, REP, OMG, DAI. If you are making transactions with these cryptocurrencies, which are issued as ERC-20 tokens (wallet address: 0x…), you must pay blockchain fees on the Ethereum network.

How are the blockchain fees calculated?

Blockchain fees are required to send a transaction on the Ethereum network. All of the fees are paid to miners regardless of whether the transaction gets confirmed or canceled. Fees are not refundable.

As an example, we are going to send 0,02 ETH (ERC-20 token) from Crypterium Wallet to another ERC-20 wallet address.

Put the “Recipient wallet address” and “Amount”. Below you will see the operation time, depending on the automatically calculated total blockchain fee.

The fee is automatically set by the Crypterium Wallet based on the recommended gas price, in order to prioritize the transaction on the Ethereum blockchain network.

What are the fees in the Crypterium Wallet?

The Crypterium Wallet only charges fees for crypto-to-fiat transactions. In other words, the transactions that involve fiat money: cryptocurrency purchases, cash outs to bank cards or bank accounts, mobile phone top ups, and Crypterium Card top ups.

Each of those features involves different fees, depending on the size of the transaction.