👉#CryptoFees101 GETTING TO KNOW MORE:

✅Crypto fees, or transaction fees for cryptocurrencies, are payments made to utilize a blockchain network or an exchange platform.

✅They serve to incentivize miners or validators to process and validate transactions, and also to maintain the security and efficiency of the network.

📌*Why are they used?*

- To prevent spam and attacks on the network

- To reward miners for their work in validating and recording transactions

- To fund the maintenance and development of the network

📌*How much do they charge on average?*

Fees vary depending on the blockchain network and the platform used.

✅Here are some average fees:

◾- *Bitcoin*: 1-3 satoshis per byte (sat/vB) when the network is empty, and 30-80 sat/vB when it is congested. This translates to an average fee of $0.50 to $5 per transaction, depending on the size of the transaction and the congestion of the network.

◾- *Ethereum*: The gas fee varies depending on the congestion of the network and the complexity of the transactions. On average, the gas fee can range from 20-200 Gwei (a unit of measure for gas fees in Ethereum), which translates to an average fee of $5 to $50 per transaction.

◾- *Other networks*: Networks like Solana, Cardano, or Polygon usually have lower fees than Ethereum, but they can vary depending on congestion and the type of transaction.

It is important to note that fees can change rapidly depending on the congestion of the network and the type of transaction. Some platforms and wallets allow customization of fees to prioritize transaction speed.