Cryptocurrency Q&A
Who pays the transaction fee on Bitcoin?
Who pays the transaction fee on Bitcoin?
RubyGlider
Sat Aug 31 2024
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6 answers
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I'm curious to understand the mechanics behind Bitcoin transactions. Specifically, I'm wondering, who exactly pays the transaction fee when a Bitcoin transfer takes place? Is it the sender, the recipient, or is there some other entity involved in the process? I'd appreciate if you could provide a clear explanation of how the transaction fee works in Bitcoin and who ultimately bears the cost.
6 answers
CryptoLegend
Sun Sep 01 2024
Users of the Bitcoin network willingly pay these fees to miners, recognizing their crucial role in upholding the security and reliability of transactions.
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amelia_harrison_architect
Sun Sep 01 2024
The process of securing the Bitcoin network relies heavily on miners, specialized computers that engage in a competitive endeavor.
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Giulia
Sun Sep 01 2024
By validating and confirming transactions, miners ensure that the Bitcoin network remains trustworthy and free from tampering.
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Starlight
Sun Sep 01 2024
These miners are tasked with solving intricate puzzles, a necessary step in maintaining the integrity of the network.
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CryptoMagician
Sun Sep 01 2024
Each successful solution by a miner not only contributes to the security of the network but also earns them a fee.
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