Network fees, also known as gas fees, are charges paid to the blockchain network to process a transaction. BIX does not collect these fees. The amount depends on the blockchain network, current network activity, and the size of your transaction.
What are network fees?
Network fees, also known as gas fees, are charges paid to the blockchain network to process a transaction.
When you send cryptocurrency, network validators verify and record the transaction. The fee is the incentive they receive for performing this work.
What affects the fee amount?
The amount of the network fee can vary depending on several factors, including:
The blockchain network being used.
Current network activity or congestion.
The size or complexity of the transaction.
When the network is busier, fees are generally higher.
Who receives the fee?
BIX does not collect network fees.
These fees are paid directly to the blockchain network and its validators for processing and confirming your transaction.