I downloaded an app on my phone that lets me exchange bitcoins for the local currency. Next, I downloaded the Electrum wallet on my computer and set up a bitcoin account on it too. Now, I bought some bitcoins (for fiat money) from the app. I transferred all the money from the bitcoin account on the app to the bitcoin account in Electrum.
Bitcoin account on app:
Bitcoin account on Electrum:
Now, when I view this transaction in the block explorer, it shows me that the bitcoins (0.040151 BTC) have been transferred from some other bitcoin account (and not from the
3BSRdfC account) to my Electrum account. Does this mean that the bitcoin I bought was actually in the app company's account and not in the account they created for me? Is this normal? Ethical?
Next, to send bitcoins to another bitcoin address, the app providers charge "Bitcoin network fees" which can be as high as 6%. Are these rates reasonable? I thought that, with bitcoin, we were supposed to have "lower transaction fees". 6% is exorbitantly high, I think.