Post
Topic
Board Bitcoin Discussion
Re: where does transaction fees go to
by
U2
on 14/11/2016, 18:18:52 UTC
i thought a big part of bitcoin is that theres no fees whatsoever, but I have realized theres a transaction fee section on my blockchain wallet. Also, I have heard people saying they can put more "gas fee" to make the transaction confirmed faster. How does that work?

thanks


First of all, there are fees. They go toward miners who mine a block and receive 12.5btc + all fees in the transactions within that they accept into that block. If your fee isn't high enough they may not include your transaction for a while (or never if it's very very low).

The higher the fee the faster it will confirm as a rule of thumb but you really don't need to go nuts with the fee. It's about 100-130 satoshi / byte right now.