Cryptocurrency Q&A
Is Bitcoin free to send?
Is Bitcoin free to send?
BonsaiVitality
Wed Mar 27 2024
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7 answers
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I've heard a lot about Bitcoin and how it's revolutionizing the finance world, but I'm still a bit confused about how it works. For instance, is Bitcoin really free to send? I mean, when I send money through a bank or an online payment platform, there's usually a transaction fee involved. But with Bitcoin, I've heard people saying that there are no fees. Is that true? And if it is, how does the system sustain itself without those fees? I'm just trying to wrap my head around this new concept and understand it better. Could you please clarify this for me?
7 answers
Gianluca
Fri Mar 29 2024
Cryptocurrency transactions involve the use of public blockchains, which are distributed ledgers maintained by miners or validators.
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ChloeHarris
Fri Mar 29 2024
These miners/validators perform crucial tasks such as verifying transactions and adding blocks to the blockchain.
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WhisperInfinity
Fri Mar 29 2024
To compensate them for their efforts, network fees are incurred when transactions occur on the blockchain.
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GeishaMelody
Fri Mar 29 2024
These fees go directly to the miners/validators, incentivizing them to continue contributing to the network's security and integrity.
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Leonardo
Thu Mar 28 2024
The amount of network fees varies depending on the blockchain platform and the complexity of the transaction.
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