Transaction Fee
By CoinGecko | Updated on Mar 03, 2020
Time and resources are required in order for miners and validators to hash and sign a block on the blockchain, a transaction fee the the blockchain users is an incentive mechanism for the miners and validators to contine playing their role and securing the network with computational powers.
Transaction fees are usually nominal and free-market based, where users can set the amount of fee they are willing to pay and the miners able to set the preference for which transaction to mine and reward from until an equilibrium is met.
Related Terms
Block Explorer
Application or websites which display information such as status of transactions or data contained in a block of a given public blockchain network.
Non-Fungible Tokens (NFT)
They are collectible elements within the Ethereum blockchain under ERC-721, where each token refers to a single element with a certain value
MicroBitcoin (uBTC)
One millionth of a bitcoin or 0.000001 of a bitcoin. Microbitcoin is the abbreviation of uBTC and often misunderstood as the fork of Bitcoin.
Money Printer Go Brrr
A meme made to describe the US Fed printing excessive amount of money to support the traditional financial market to avert the stock market crash during the COVID-19 coronavirus pandemic.
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