Trading cryptocurrencies
since 2013
What is a transaction fee and how high it should be ?

What is a transaction fee and how high it should be ?

The transaction fee is a payment to the miner(s), who mine the block with your transaction thereby making it possible. The fee is paid by the party that sends the transaction and the fee amount determines the speed of its confirmation within the network. The fee amouunt depends on the size of the transaction and momentary traffic in the network. Usually, your wallet will help you set the optimal fee amount. You may also choose to set it by yourself. To calculate the fee, you may use, for example, this website: https://bitcoinfees.earn.com/