What Is A Transaction Fee In Bitcoin?
A fee paid to Bitcoin miners to prioritize and validate a transaction on the blockchain. Transaction fees incentivize miners to include transactions in the blocks they mine. These fees vary based on network congestion and transaction size. While the fee is generally small, it can increase during periods of high demand. Users can decide on the fee amount, but a higher fee often ensures faster transaction confirmation. Notably, these fees are separate from miners' block rewards for mining new blocks.