What is the Deposit fee?

What determines the actual fee for receiving or sending Ethereum? When you do an on-chain transaction with Ethereum your transaction fee will be determined on the amount of transactions that are currently on the blockchain. The fee on Ethereum is measured in gas which is the unit that measures the amount of computational effort required to execute specific operations (transactions) on the Ethereum network. When the Ethereum network has a lot of traffic the gas-fees are higher, due to more computational effort required.

What will the deposit fee be for receiving ethereum from an external wallet?

When you are sending from an external wallet and receiving in your Quickbit wallet, you will have to pay an additional network fee. Quickbit does not earn any money on this fee. The reason for this is due to the technical structure of Ethereum. Your Ethereum can only be received or transacted from one address to another, unlike other cryptocurrencies where you can transact from one address to several different addresses at the same time. In order to be able to allocate the correct amount of Ethereum to the correct address, we must create an individual Ethereum address for each user. However, Quickbit has to have a main Ethereum address where all the Ethereum transactions must go through in order for Quickbit to be able to control that everything is working correctly. Hence the two network fees, first to your individual address and then to Quickbit’s main address. The upside for you as a user is that there will be a fixed fee which is lower when buying and exchanging Ethereum in the Quickbit app.

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