Once set up with a bitcoin or bitcoin cash wallet and some coins, using and sending them is pretty easy. Part of this process involves paying a transaction fee, which is a small amount of coin included in a transaction incentivizing miners to work the tx into a block. Both BTC and BCH transactions have fees, with BCH fees being much lower. This post will detail some ways to find and track the best possible fees, set tx fees in your wallet, and make the most of this aspect of using peer-to-peer electronic cash.
Also read: How To Start Using Bitcoin: Buying, Storing, and Spending Crypto
How Transaction Fees Work
A transaction (tx) fee is a small amount of bitcoin included in a transaction that rewards miners for validating a payment, which results in confirmation on the blockchain. Higher fees generally will result in a tx being processed more quickly. Depending on the nature of your transaction, you may not be in a hurry to have it confirmed, and can set a lower fee in your wallet which might result in the tx being confirmed in a…