If Bob has 0.45 BTC on his balance, this amount is likely composed of numerous smaller BTC pieces. This works the same way on the blockchain. If you use 35 $10 bills instead, though, things will get a bit harder. It will be quite easy for the cashier to count the money. Since a $350 bill doesn't exist, you'll use three $100 bills and one $50 bill. What are inputs? Imagine you need to buy something that costs $350, and you need to pay with cash. How is the BTC, LTC, and DGB network fee calculated?Īpart from the network's load, the fee's size depends on the number of inputs your transaction will have. Otherwise, you'll need to either offer a better compensation or wait in the confirmation line. If you aren't in any rush with your transaction during such periods of high demand, simply wait until the network is less crowded. Therefore, the average network fee will go up. When the network is overloaded and lots of transactions are queued to get completed, some people will be willing to offer higher fees to make their transactions more appealing to miners and thus speed up the confirmation process. Since any miner is always looking to increase their revenue, they'll first choose the transactions that offer the highest potential pay. Think about it this way: when making a transaction, you're the miners' client. Miners look through the mempool and pick transactions they want to process. Once you click the "Send" button in your Atomic Wallet app, your transaction will first be added to the mempool, which is essentially a list of all transactions currently expecting confirmation. The more transactions are queued to get confirmed, the higher the fee will be. That's why you're paying the network fee: it goes to miners to process this transaction.įor the most part, the fee size depends on the network's current load. Whenever you stake your crypto, you're making a transaction that transfers some part of your funds to this dedicated staking address. It still belongs to you and can be accessed with your private keys. Xumm might complain if you are offline.When you decide to stake your crypto for the first time, a dedicated staking address is created for you-a separate one for each particular coin. If this is the first account then proceed to next step Select "Switch account" in the home screen (upper right corner) Now you are ready to import the secret into XUMM.
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