When we launched Abra + bitcoin back in March - giving our users the ability to hold, send, and receive bitcoin directly in the app - we started out with no fees.
Since then, we have seen network (mining) fees increase dramatically due to due to a rise in usage of the Bitcoin network. While the increased demand is very encouraging to Abra and the bitcoin community, it also means higher costs for processing bitcoin payments. Given that, we can no longer afford to provide quality service and a great experience to our users without charging any fees.
Starting on August 21st, Abra will implement a network fee for fiat or bitcoin transfers into external wallets. This fee is required to ensure your transaction is confirmed by the bitcoin mining network. Abra does not profit from it.
You will always be able to check the rate on the app before completing your transaction. The network fee you will pay on transactions to outside wallets is calculated dynamically at the time the transaction is created. This means the fee could be higher during peak volumes.
We have updated our fees page to reflect the upcoming changes. We will also send a reminder email to all users when this goes into effect.
Questions? Comments? Feedback?
We're all ears. Simply reply in the comments or via email to share your thoughts. We read each and every comment/email and we'd love to hear from you!
- The team at Abra