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What is the network fee and who pays it?

The blockchain network is run by miners and represents a chain of blocks made up of validated transactions. The blockchain commission is the fee that the sender pays for making a cryptocurrency payment. The fee is mandatory and serves 3 important functions:

  1. Goes to support miners/validators who help with process capture and validation of transactions in the blockchain.
  2. It is an important factor in securing the network, protecting it from spam attacks.
  3. In addition, the commission regulates the sequence of cryptocurrency transactions - the higher the amount of the commission, the faster the transfer will be processed and confirmed.

You can calculate the fee yourself or specify a so-called recommended fee - some exchanges and wallets give recommendations on the amount of the fee at a particular moment, calculating it so that the transfer will be included in the nearest block.

It is impossible to determine the exact amount of the network's commission, as it depends on various factors, such as the workload of the blockchain network, the importance of the transaction for miners, etc.

In CryptoCloud the network commission for sending payments is paid by the buyer. The commission is added to the payment amount, so the service receives exactly the amount that was originally specified. If the customer doesn't take the network commission into account, the bill will be paid partially. What to do in such a case, you can learn by following the link.

When withdrawing funds from the system, the network commission is also deducted. It is paid by the seller (service user).

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