Written by Amadi Justice Chinonso
Bitcoin transaction fees are crucial for incentivizing miners and maintaining the network's integrity. As the network grows, fees have become a significant concern. The Lightning Network is a second-layer payment protocol that allows for faster and cheaper transactions. This article explores Bitcoin and Lightning Network fees, their types, and calculations.
What are Bitcoin Fees?
Bitcoin fees are the costs associated with processing a transaction on the Bitcoin network. These fees are paid by the sender of the transaction and are collected by the miners who process the transactions. The fee amount varies based on the size of the transaction in bytes, the level of network congestion, and the priority of the transaction.
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