Bitcoin Fees Explained Simply

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jesus.amadoz
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If you send out 1 million Bitcoin or 0.01 BTC, the fee can be the same. When it comes to cryptocurrency, the transaction fees are never related to the amount of crypto you are sending.

The Bitcoin Network uses a Proof of Work algorithm to verify transactions and secure the network.

Proof of Work requires powerful computers to build the next block in the blockchain. Simply said, to put together the next database entry that gets synchronized with the whole network. But only a number of transactions can get into the next database entry, so these transactions need to be prioritized. And the priority it's decided based on a financial incentive. The more you are willing to pay, the faster your transaction will be processed.

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