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Transaction Fee

Mr. Fomo
Last updated: February 6, 2025 01:36
Mr. Fomo
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A transaction fee is a small charge that users pay to have their transactions processed and recorded on the blockchain. These fees compensate miners or validators for the computational resources required to secure and verify transactions.

The fee amount can vary based on network congestion, transaction size, and the urgency of the transaction.

Transaction fees are a key component in maintaining network efficiency and preventing spam transactions.

Related Articles:
  • Payout Methods in Bitcoin Mining Pools
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