Post
Topic
Board Development & Technical Discussion
Re: how does transaction fees work
by
nc50lc
on 30/06/2021, 03:19:12 UTC
-snip-
But how does it work with Ripple, because if I am not mistaken there are low transaction fees and the transactions take approx 15 minutes
XRP doesn't work like Bitcoin, so comparison between the two should be avoided.
AFAIK, it has no miners and the fees aren't claimed by anyone but forever removed from the total supply,
removing the competition for a reward and the hard work to claim it; thus, faster transaction speed.

For the speed, their network only relies on validators and transaction can be "approved" through consensus within seconds so it's fast.
I don't want to argue with the security though.