Bitcoin wallet provider Xapo has told its customers that they will soon have to pay the network fees for outbound transactions from their accounts.
When a user broadcasts a bitcoin transaction (or one for any other digital currency), they attach a fee that acts as an incentive for miners to include that transaction in their next block.
The higher the fee, the more likely a miner will want to include it, as they’ll collect any associated fees should their block be accepted by the wider network.
According to an email sent to users by Xapo, they’ll now be responsible for this fee, though the startup clarified that any transfers between Xapo accounts won’t incur this charge. It cited growing network activity as the major factor behind the policy shift.
The startup explained:
"Due to the increase in transaction volume of the bitcoin network, we'd like to give our users some control over their transactions. That being said, Xapo will give you the ability to select which type of fee you'd like to pay – a standard or high priority fee – thus allowing you to choose how quickly you'd like for your transaction to be processed!"
While Xapo didn’t offer a firm date on when the policy change would come into effect, the email indicated that it would occur "in the next couple of days".
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