How much does it cost to send and receive Bitcoin?

How much does it cost to send and receive Bitcoin?

Processing transactions

If your transaction is still pending, it may still be waiting to be included in the Bitcoin blockchain. Incoming Bitcoin transactions to your Xapo account require six confirmations in the blockchain from miners before they are credited. Similarly, outgoing transactions are subject to the number of confirmations the receiver requires for confirmation.

If you have confirmed that your transaction was successful, but is still not in the recipient’s account, you can confirm the number of confirmations needed by the recipient and check the status of the transaction in the blockchain by following a few simple steps in the Xapo app:

Step 1 - Tap on Bitcoin.

Step 2 - Select the transaction in question from your transaction history.

Step 3 - Tap on View on blockchain and look for the number of confirmations that have occurred so far.

In general, Bitcoin transactions usually take from one to one and a half hours to complete. Occasionally, a high volume of transactions on the blockchain could lead to transaction delays. You can check if this is the case by viewing thevolume of pending transactions.

You can check on your transaction in anyBitcoin blockchain explorer by searching the Bitcoin address where your funds were sent. By matching the address with the date, time, and value of your transaction, you can find the transaction hash ID. The transaction hash ID will inform you of its performance in the Blockchain mining process.

Some transactions may be delayed by going through additional manual processes to ensure the security of our members' funds. Such transactions are marked as "on hold" in the app and might need extra verification. You can check your registered email or reach out to membership support to conclude these transactions.

Failed or incorrect transactions

The Xapo Bank app will detect if the Bitcoin address you are attempting to send funds to is invalid. This places an extra security measure to protect the funds of our members.

If you require assistance, please reach out to us via in-app chat or send an email to[email protected]. We would be happy to help.