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Blockchain transaction
Blockchain transaction




The fee for sending ether is static (you can view the fee for sending ether by clicking “Send” and selecting Ether as the currency), while the fees for sending bitcoin, bitcoin cash, and stellar are dynamic and are calculated by your wallet after you input the amount you want to send. Your Blockchain wallet will automatically calculate the appropriate fee for sending your chosen cryptocurrency. While every transaction depends on a number of factors, such as transaction size and network, in general, those sent with a higher fee will generally confirm more quickly than those with lower fees.

blockchain transaction

Miners have a financial incentive to prioritize the validation of transactions that include a higher fee.

blockchain transaction

With every block (a collection of transactions) added to the blockchain comes a bounty called a block reward, as well as all fees sent with the transactions that were confirmed and included in the block. Miners get financially rewarded for the vast amounts of computing power and energy they expend supporting the network. Simply put, it would not nor could not exist without them. The ongoing computing by miners to validate and confirm transactions on the Bitcoin network gives the network many of its special, decentralized properties. This vital work requires computational energy provided by miners, powerful computers that make up a portion of the network and confirm its transactions.

blockchain transaction

In order to be considered a successful and valid transfer, every cryptocurrency transaction must be added to the blockchain, the official public ledger of all completed transactions.






Blockchain transaction