
What is blockchain transaction fee?
The blockchain transaction fee is an additional amount the user must pay for such a payment. Generally speaking, a commission like this applies only to cryptocurrency blockchains that use PoW technology. The network, which controls and checks all transactions, is constantly monitored by miners in order to maintain the cryptocurrency. As a reward for their efforts, they charge a transaction fee on the blockchain. Transaction fees in the blockchain decrease as the number of miners and their computing power increases. Moreover, commissions decrease as the number of transactions made by customers decreases, i.e. when customers make fewer transfers.
Dec 03, 2021 07:27