Cryptocurrency Q&A
How to calculate blockchain fees?
How to calculate blockchain fees?
Tommaso
Thu Oct 17 2024
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7 answers
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I'm trying to understand how blockchain fees are calculated. I want to know the factors that influence these fees and how I can estimate them when making transactions on a blockchain network.
7 answers
LightningStrike
Sat Oct 19 2024
The fee rate for transactions on the blockchain is determined by a unique calculation method.
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Giulia
Sat Oct 19 2024
It involves measuring the fee in satoshis, which is a fractional unit of Bitcoin, per unit of data consumed by your transaction.
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Dario
Sat Oct 19 2024
This measurement is abbreviated as sats/vByte, signifying the number of satoshis required for every virtual byte of data utilized.
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Caterina
Sat Oct 19 2024
The total fee you pay for your transaction is derived by multiplying this rate by the size of your transaction, taking into account the amount of data it consumes.
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MysticGalaxy
Fri Oct 18 2024
The size of a transaction can vary depending on factors such as the number of inputs and outputs, as well as the complexity of the script used.
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