What is a cryptocurrency transaction fee

SimpleSwap Blockchain fee

How is the cryptocurrency transaction fee calculated?

Why has the cryptocurrency transaction fee increased?

How to avoid paying extra blockchain transaction fees?

  • The amount of blockchain transaction fee is not fixed. There may be different commission rates at different times of the day. The resources which check commissions don’t always keep an eye on this variability and show non-actual “recommended” fees sometimes.
  • Do not make transactions during the blockchain overload. During this period, users inflate blockchain commissions to speed up the cryptocurrency transfer process. You can make a transaction later, during a period of low network load and pay a lower commission.
  • Use SegWit (Separated Witness) wallets. SegWit is an update to the Bitcoin protocol to streamline transaction data and reduce file size. Segwit was activated on the Bitcoin network on August 24, 2017. It appeared as a software fork compatible with previous Bitcoin transactions. Here are the wallets that support SegWit: Ledger X, Trezor Model T, Electrum, GreenAddress Wallet, and many others.
  • Group inputs. The amount of the blockchain commission depends on the size of the input data. You can combine small transactions and send them during a period of low network load, so that the commission is lower. In this case, for the next payment, you will have only one record, and the cryptocurrency transaction will be cheaper.

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SimpleSwap.io

SimpleSwap.io

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SimpleSwap is an instant easy-to-use crypto exchange free from sign-up with over 600 cryptocurrencies to swap, buy and sell.