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What is the blockchain fee?

The blockchain fee, also called 'miners' fee is a bitcoin transaction fee that is charged to users when performing bitcoin transactions. The fee is collected to reward miners for maintaining the Bitcoin network.

You need to pay the blockchain fee to ensure your bitcoin transfers arrive in a timely manner. The blockchain fee is one of the main tools used to speed up bitcoin transactions, which is often slow due to high congestion in the Bitcoin network. Generally speaking, the bigger the fee, the faster your transactions get validated.

You can find more information about blockchain fee in the Bitcoin Wiki article.

Note: The blockchain fee is not a Wirex fee. It is a standard fee that is applied to all on-chain bitcoin transactions.

Related article: My blockchain fee is too high. Why? What should I do?

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