What are blockchain transactions fee?
The transactions in blockchain technology are carried out in certain manner where miners or validators plays vital role. These miners uses their machine to validate the transactions, so that they can earn some rewards. This reward given to miners or validators is paid from the Blockchain transaction fees which is collected during the trading on crypto exchanges. Let’s know more about this Blockchain transaction fees.
The blockchain fee is a cryptocurrency transaction fee that is charged to users when performing crypto transactions. The fee is collected in order to process the transaction on the network. The Blockchain fee ensures your cryptocurrency transfers arrive in a timely manner.
The blockchain fee is one of the main tools used to speed up crypto transactions, which are often slow due to high congestion on the blockchain network. The lower the blockchain fee, the lower your transaction's priority in the blockchain network.
Blockchain transaction requires computational energy provided by miners, powerful computers that make up a portion of the network and confirm its transactions. The computing done by miners is to validate and confirm transactions on the crypto network gives the network many of its special, decentralized properties. Miners get rewarded for the amount of power and energy they expend supporting the network. With every block added to the blockchain comes a bounty called a block reward, all fees sent with the transactions that were confirmed and included in the block.
Thus, Blockchain fees are a part of the incentives given to users that keep the network running, Fees that offers a layer of protection against malicious behaviour and spam.