What is the transaction fee?
Transaction fees are the difference between the amount of cryptocurrency sent and the amount received. In case of cryptocurrency transactions, fees define the speed with which a transaction will be validated on the blockchain. Participants of transaction processing in the blockchain are financially rewarded for the validation of the block. So, the higher the fee, the faster the transaction is verified.
How are transaction fees determined?
Transaction fees are based on the size of a transaction and on how busy the network is. If you are sending a transaction with the help of a crypto-wallet, the wallet will usually give you the option to select your commission rate. The total fee paid by your transaction will then be this rate multiplied by the size of your transaction.
When you send a cryptocurrency to blockchain.com, Blockchain doesn’t charge any fees for the transaction. However, as with all crypto transactions, you need to pay a commission to the mining network.
This commission may turn out to be higher than you expected. We recommend you follow the current commission chart for the cryptocurrency you need. If the commission size doesn't suit you at some point, you can wait for the fees to decrease.
The chart shows the average fees per transaction for the selected period (30 days, 60 days, 180 days, 1 year, 3 years, or statistic for all time) in USD equivalent.
What could be causing the increase in the size of the fees?
The increase in commission on the network may be associated with an increase in user activity itself. As customers start withdrawing and depositing more often, the load on the blockchain will inevitably increase. This can form a queue of unconfirmed transactions and cause an increase in the number of users who are ready to pay higher fees so that their transaction is processed as soon as possible.