Blockchain network fees, often referred to as transactional fees (TX), are part of the cryptocurrency landscape.
What are blockchain network fees?
At its core, a blockchain network fee is a small cost associated with performing actions on a blockchain.
This fee serves as compensation for cryptocurrency miners who play a pivotal role in upholding the integrity and functionality of a blockchain platform.
How do blockchain network fees work?
The secret behind network fees comes down to two main factors: transaction data size and the speed at which it’s processed.
Sending more crypto increases the transaction’s data size and results in higher network fees due to longer processing times.
Miners favor transactions with higher fees, processing them faster.
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