What is an Included Fee?
In the context of web-based crypto wallets, an included fee refers to the charges that are automatically factored into a transaction when sending or receiving cryptocurrency. This fee is typically assessed to cover the costs associated with processing the transaction on the blockchain.
Understanding Fees in Crypto Transactions
Every time you perform a transaction using a web-based crypto wallet, a fee is often included. These fees can vary based on factors such as network congestion and transaction size. The primary purpose of these fees is to incentivize miners or validators to confirm and process transactions on the blockchain. When you select a higher included fee, your transaction is likely to be prioritized for quicker confirmation.
Components of Included Fees
Included fees can comprise several elements:
- Network Fee: The fee paid to miners for transaction processing.
- Wallet Service Fee: Some web-based wallets may impose an additional fee for their services.
Choosing Included Fees
When using a web-based crypto wallet, users often have the option to adjust the included fee based on their urgency. Higher fees generally lead to faster transaction times, while lower fees may result in delays, especially during peak network usage.