#CryptoFees101 Crypto fees, often called transaction or network fees, are costs associated with processing and confirming transactions on a blockchain. Here’s a concise breakdown:What Are Crypto Fees?: Fees are payments to miners or validators for processing transactions and securing the network. They vary by blockchain, network congestion, and transaction complexity.Types of Fees:Bitcoin: Fees are based on transaction size (in bytes), not amount sent. Paid in BTC, typically $0.50-$5 during low congestion (as of recent X posts).Ethereum: Gas fees cover computation. Paid in ETH, can range from $0.10 to $50+ during high demand. Layer 2 solutions (e.g., Arbitrum) reduce costs.Others: Blockchains like Solana or Cardano have lower fees (cents or less), but fees spike during network strain.Factors Affecting Fees:Network Congestion: More transactions = higher fees (e.g., Ethereum gas spikes during NFT mints).Transaction Priority: Higher fees can prioritize faster confirmation.Wallet Settings: Some wallets let you customize fees; too low may delay or fail transactions.How to Minimize Fees:Timing: Transact during low network activity (e.g., weekends or off-peak hours).Layer 2 Solutions: Use rollups (e.g., Optimism) for cheaper Ethereum transactions.Choose Low-Fee Chains: Opt for blockchains like Solana or Polygon for small transactions.Batch Transactions: Combine multiple actions to reduce total fees (e.g., on Ethereum).Watch for Hidden Costs:Exchange Fees: Trading or withdrawal fees (0.1%-1% typically) are separate from network fees.Smart Contract Costs: Interacting with DeFi protocols can incur high gas fees.Scams: Fake “low-fee” platforms may steal funds. Verify services via trusted sources.Checking Fees: Use tools like Etherscan Gas Tracker or Bitcoin Fee Estimator to gauge real-time costs. Recent X posts suggest checking mempool.space for Bitcoin fee trends.