💰💰 KNOW HOW BITCOIN'S TRANSACTION FEE WORK 💰💰

---

Do you know how bitcoin transaction fees work? Much is said about bitcoins, which demands that their concept be better known to the investing public.

Although it is a decentralized and autonomous currency, it must be known that it is not completely free of charges.

To understand how this works, keep reading the text!

WHAT ARE THE FEES ON THE CURRENCY?

The only fee that is levied on transactions with bitcoins is the so-called network fee.

This fee is nothing more than a value paid to the "miners" of the currency by the sending of bitcoins from one wallet to another. As a rule, the fee amount directly interferes with the speed at which the operation will be completed.

HOW MUCH TIME TAKES TO BE COMPLETED?

Some people consider that the time to complete a bitcoin transaction is time consuming, since it requires auditing the miners to rely on the transaction.

So to understand why it takes longer for the transaction to be complete, you need to know how bitcoins are processed.

Each block of bitcoins is made up by miners. This means that these miners, for a certain period of time, group all those transactions made with digital currency that have not yet been included in a block.

Subsequently, a certain value (that is, the hash) will be calculated for that block. Since the hash of the same data must always generate the same end result, the only variable in each block is the "nonce".

Because the hash value is invariant, the bitcoins stipulate a maximum value that can be reached by a given block. Thus, when the variable "nonce" is found for that value, that block becomes part of the chain of transactions.

The average time taken to figure out the nonce of each block is about 10 minutes. Therefore, there is the interval at the completion of transactions and the payment of the "reward" rate to the miner.

HOW IS THE VALUE OF TRANSACTION FEES CALCULATED?

Anyone who has heard about bitcoins' autonomy power might even be a bit scared to learn that the system also charges users fees.

However, the good news is that these figures don't even come close to those charged by the use of traditional currencies.

In this way, the cost of each operation remains extremely low, if we compare it to the traditional and international market.

As a rule, the rate value is calculated from the space that transaction will occupy in each block. The greater it is, the greater will be such a sum.

Although it also charges some transaction fees, bitcoin remains a great alternative for those who want to have financial autonomy.