Understand transaction fees
Crypto transaction fees vary by cryptocurrency and are essential for processing transactions on the blockchain.
Types of fees: Transaction fees are paid to miners, stakers, or validators for maintaining the blockchain. Different cryptocurrencies have different terminologies; for example, Bitcoin refers to them as network fees, while Ethereum calls them gas fees.
Factors influencing fees: Fees can fluctuate based on network congestion, transaction size, and the specific cryptocurrency being used.
Reducing costs: Users can minimize transaction fees by choosing the right time to transact, using less congested networks, or opting for lower-fee cryptocurrencies.
Set transaction priority
When initiating a transaction , you can set the transaction priority to influence how quickly it gets processed. The transaction fee is influenced by the priority. A higher priority usually results in higher transaction fees.
There are four priority options, low, medium, high, and custom. The default is medium.
If you select custom, you can set the individual components of the fee.
