You have to pay for transfers in the Blockchain network. This fee is called a commission and it goes to the miners — the people who form the blocks. Bitcoin transfer fees are variable. It decreases and grows depending on the network load. If at the beginning of its existence, commissions for Bitcoin transfers could not be paid at all, then for several years the fee has continued to grow.
In principle, you can change the standard fee by setting more or less. But then it’s not a fact that your transaction will not replenish the already existing number of unconfirmed transactions. To prevent this from happening, the Bitcoin transfer fee must be adequate.
Content
1 Bitcoin Transaction
2 Bitcoin transaction fee calculation rules
3 What factors determine the Bitcoin commission
4 What can be the commission
5 Minimum transaction fee
6 Bitcoin fee calculator
7 Fee for withdrawing Bitcoins to rubles
8 How to save on bitcoin transfer fees
9 Conclusion + related video
BITCOIN TRANSACTION
For full-fledged work in the Bitcoin network, you need to pay a commission. But first, let’s look at how deductions will be made: 1 Bitcoin = 1000 mBTC = 100 million Satoshi. That is, 1 Satoshi is 0.00000001 Bitcoin. It is Satoshi that deductions are made to pay for transfers.
Transactions have their own characteristics. Let’s say you have one Bitcoin. To send 0.5 BTC, you will receive 0.5 BTC change. Each translation is a program code. It is generated based on where the coins came from and where they go.
You don’t even need to think much about specifying the amount of the fee for a transaction. A modern Bitcoin wallet is configured in such a way that when a user makes a transfer, the fee window already displays the amount that the system recommends paying in order for the transaction to be competitive.
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