Bitcoin's Price Changed While My Transfer Was Confirming: Which Rate Do I Get?

Here's a message that turns up in support chats more often than you'd think:

"I sent 0.01 BTC when it was worth ₦1.1 million. When it arrived, it was worth less. Who took my money?"

Nobody did. The market moved while the Bitcoin was in transit. It's frustrating when it goes against you, and quite pleasant when it goes your way. Either way, it helps to understand exactly when your rate is set.

The short answer

On KWIQ, the rate that applies is the one shown when you confirm the sale. That happens after your deposit has been credited to your KWIQ wallet. The price at the moment you pressed send doesn't count, because at that moment you hadn't sold anything. You'd only started moving your Bitcoin from one wallet to another.

Once your Bitcoin is credited, the app shows the rate and the exact naira amount before you confirm. Swapping to naira is free, so that figure is what you get.

Why there's a gap between sending and selling

Bitcoin transfers aren't instant. When you press send:

1. Your exchange or wallet broadcasts the transfer to the Bitcoin network. (Some exchanges hold withdrawals for checks first, which adds time before this step.)
2. Miners include it in a block. How quickly depends on how busy the network is and the fee paid.
3. More blocks are added on top. Each one is a confirmation. Apps credit deposits after a set number of them, to be sure the transfer can't be reversed.

Our explainer on blockchain confirmations goes into the detail. The point here is simple: all of this takes time, often less than an hour, sometimes more, and Bitcoin's price keeps moving the whole while.

An example (made-up numbers)

Say you send 0.01 BTC when one Bitcoin is ₦110,000,000. That's ₦1,100,000 of Bitcoin.

• If the price is ₦108,000,000 when your deposit is credited and you sell immediately, you get about ₦1,080,000.
• If it's ₦112,000,000, you get about ₦1,120,000.

A 2% move in either direction during an hour's wait isn't unusual for Bitcoin. You can see where it stands now on the Bitcoin to naira rate page.

What you can do about it

Sell once it lands, if you need the money now. The fewer minutes between credit and sale, the less the price can drift.

Hold if the move went against you and you can wait. The Bitcoin is yours in your KWIQ wallet. You don't have to sell at a price you dislike. Prices can also fall further, of course, so only wait if you can afford to.

Sell in parts. If you're unsure, sell half now and half later. It smooths out the luck.

Use a stablecoin for payments that must arrive at a fixed value. If a client is paying you a set dollar amount, ask them to send USDT instead of Bitcoin. It's designed to stay at about one dollar, so the naira value barely moves while it confirms. We compare the two in Bitcoin or USDT: which should you hold?.

Don't send with a rock-bottom fee when time matters. A very low network fee can leave your transfer waiting for hours, which means more time for the price to move. If that's already happened, see what to do about an unconfirmed Bitcoin transaction.

Track your transfer instead of guessing

Ask the sending app for the transaction ID and paste it into a Bitcoin explorer such as mempool.space. You'll see whether it's waiting, how many confirmations it has and roughly when the next block might include it. Our guide to using a blockchain explorer walks through it.

The rate you see is the rate you get

The part that matters most: you never sell blind on KWIQ. Your deposit is credited, you choose how much to sell, you see the rate and the naira amount, and only then do you confirm. If the number isn't right for you, you can wait.

For a calmer approach to price swings generally, read how to protect your money when crypto prices swing. When you're ready, download the KWIQ app to sell your Bitcoin for naira, or create an account on the web.