![]() One thing that the average user or crypto newcomer might not be aware of is that calculating an appropriate tx fee can be much more involved than just looking at averages and medians. Bitcoin Cash fees are typically fractions of a penny in USD, making the network attractive to users seeking fast and cheap validations. Median fees are just the middle range of all the fees to give users a better idea of the average amount being paid by everyone, discarding high and low fees.” Median fees for the BCH and BTC networks as displayed on bitcoinfees.cash. “Typically, most people using Bitcoin as a currency don’t want to wait many blocks for their transactions to be confirmed,” the site maintains,” so they pay next block fees to get their transaction confirmed within 10 minute block times. When a network is congested, users set higher and higher fees to outbid each other so their transaction will be processed first.Īnother site that displays fees in a readily digestible, comparative format is bitcoinfees.cash, which shows the median Bitcoin Cash and Bitcoin Core network fees. BCH fees are generally much cheaper thanks to a larger block size limit, meaning more transactions can fit into each block and the network is less subject to congestion. Tracking BCH and BTC Fees įor starters, the highly customizable chart above from, shows average BTC fees (blue) as compared to average BCH fees (red) over the past three months in USD. This post will look at both BTC and BCH tx fees, and how to make the most of them. In a more urgent situation, a higher fee will get your tx processed more quickly. Depending on the nature of your transaction, you may not be in a hurry to have it confirmed, and can set a lower fee in your wallet which might result in the tx being confirmed in a later block. Higher fees generally will result in a tx being processed more quickly. This post will detail some ways to find and track the best possible fees, set tx fees in your wallet, and make the most of this aspect of using peer-to-peer electronic cash.Īlso read: How To Start Using Bitcoin: Buying, Storing, and Spending Crypto How Transaction Fees WorkĪ transaction (tx) fee is a small amount of bitcoin included in a transaction that rewards miners for validating a payment, which results in confirmation on the blockchain. Both BTC and BCH transactions have fees, with BCH fees being much lower. Part of this process involves paying a transaction fee, which is a small amount of coin included in a transaction incentivizing miners to work the tx into a block. Once set up with a bitcoin or bitcoin cash wallet and some coins, using and sending them is pretty easy.
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