#CryptoFees101 CryptoFees101: The Essentials About Fees in Cryptocurrencies

When you use cryptocurrencies, you should know that each transaction has a cost called a fee. This fee is what you pay for your operation to be processed and confirmed on the blockchain.

Why do fees exist?

Fees serve to incentivize miners or validators who keep the network secure and record your movements. Without these fees, transactions would not be processed quickly or securely.

Why do fees vary?

Congestion: If the network is very busy, fees increase.

Speed: Paying more can make your transaction confirm faster.

Cryptocurrency: Not all charge the same. For example, Bitcoin tends to be more expensive than Litecoin.