#CryptoFees101

💸 Crypto Fees – What are they?

Crypto fees are the costs associated with using blockchain networks. Here are the main types:

⸻

🔹 1. Gas Fees

• Networks: Ethereum, Polygon, BNB Chain, etc.

• What it is: It is the cost to execute operations (e.g., sending tokens, interacting with smart contracts).

• Varies: based on network congestion and the complexity of the operation.

• Unit: Gwei (for Ethereum).

⸻

🔹 2. Transaction Fees

• Applied on all blockchains (Bitcoin, Ethereum, Solana, etc.).

• Compensate miners or validators for including the transaction in a block.

⸻

🔹 3. Exchange Fees

• If you use an exchange (like Binance, Coinbase, or Uniswap), you might pay:

• Trading fees (for exchanging tokens).

• Withdrawal fees (for withdrawing funds on the blockchain).

⸻

🔹 4. Bridging Fees

• If you move assets between different blockchains (e.g., from Ethereum to Arbitrum), you pay fees for:

• Validation

• Bridge provider

• Gas on both networks