Analysis for beginners
Transaction fees are an important part of most blockchain systems.
They serve two main functions: they reduce the amount of spam on the network by making spam attacks costly, and they serve as an incentive for users to verify and confirm transactions.
💰BTC has set the fee standard used by many cryptocurrencies.
Miners receive fees for confirming transactions.
The pool of unconfirmed transactions is called a "meme pool".
Priority is given to transactions with high commissions, which protects the network from spam.
Transaction fees do not depend on the amount, but on the size of the transaction in bytes.
When traffic is high, fees can increase, making it difficult to use BTC for small purchases.
The block size is limited to 1 MB, which affects the number of transactions that can be included in it.
🔷 ETH transaction fees depend on computing power called gas.
The price of gas varies depending on network traffic.
A higher gas price speeds up transaction processing.
The final cost of gas includes the price for its use and the incentive to process the transaction. The gas limit determines the maximum transaction price.
The relationship between the cost and the price of gas determines the total commission.
When withdrawing funds from an exchange, fees may vary depending on the cryptocurrency and network.
Withdrawal fees depend on the work of miners or validators and vary depending on network conditions.
Transaction fees are an important part of the cryptoeconomics of blockchain networks. They encourage users to maintain the network and protect it from spam attacks.
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