#CryptoFees101

Your Guide to Understanding Cryptocurrency Fees

✅ What are cryptocurrency fees?

These are fees charged when performing a transaction on a blockchain network (such as sending or receiving cryptocurrency, or executing a smart contract). These fees are used to incentivize miners or validators to process transactions and secure the network.

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⚙️ Types of fees by network:

1. Gas Fees – on the Ethereum network

Paid in ETH.

They vary depending on network congestion.

Example: Sending a token or purchasing an NFT.

2. Simple transaction fees – on Bitcoin

Calculated based on data size in bytes.

Paid in BTC.

They increase when the network is congested.

3. Very low fees or almost free

On networks like Solana, Polygon, or XRP.

Designed for speed and low cost.