{"id":432,"date":"2021-02-22T14:43:25","date_gmt":"2021-02-22T14:43:25","guid":{"rendered":"https:\/\/www.litebringer.com\/blog\/?p=432"},"modified":"2021-05-12T10:54:48","modified_gmt":"2021-05-12T10:54:48","slug":"all-you-need-to-know-about-transaction-fees","status":"publish","type":"post","link":"https:\/\/www.litebringer.com\/blog\/blockchain\/all-you-need-to-know-about-transaction-fees","title":{"rendered":"All you need to know about transaction fees"},"content":{"rendered":"\n
While you won’t really recognize the small transaction fee it is the very reason blockchains will live forever. Here is the reason why.<\/p>\n\n\n\n\n\n\n\n
Transactions of cryptocurrency based on a blockchain are basically based on decentralized trust, very much unlike traditional banking and payment systems. It is the network, that confirms a transaction as valid.<\/p>\n\n\n\n
In order to understand how this is achieved it is necessary to know what is included in a transaction. A transaction contains everything necessary to confirm the ownership of the funds, how much should be transferred and to whom.<\/p>\n\n\n\n
When this information has been processed by the network, the new owner can use the coins. This is the so-called chain of ownership. It must be possible to validate the chain of ownership independently by anyone in the network. This means it needs to be part of the public ledger of the blockchain. The mining fee is the reward for a miner<\/a> for adding a transaction to the blockchain.<\/p>\n\n\n\nWhy fees are important<\/strong><\/h2>\n\n\n\n