$BNB Discussion: What are cryptocurrency fees?

When using cryptocurrencies (such as sending, receiving, trading, or executing smart contracts), fees are often imposed. Here are the basic types:

1. Network Fees:

Paid to miners or validators on the network.

Example: In the Bitcoin or Ethereum network, used to confirm transactions.

Varies based on: network congestion + data size.

2. Trading Fees:

Imposed by trading platforms (like Binance, Coinbase).

Two main types:

Maker Fee: When placing an order that does not execute immediately (enhances liquidity).

Taker Fee: When executing an immediate order (takes from liquidity).