Network Fees

By: WEEX|2024/10/26 09:42:45

Network fees, also known as gas fees, are payments made by users to compensate miners or validators for processing and verifying transactions on a blockchain network. These fees are required to incentivize the network participants to secure the blockchain and include transactions in new blocks. Network fees vary based on the complexity of the transaction, the level of network congestion, and the blockchain in question. On Ethereum, network fees are paid in Ether (ETH), while on Bitcoin, they are paid in Bitcoin (BTC). High network fees can be a barrier to entry for smaller transactions or users, especially during times of network congestion.

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