[Updated 10.2023]

Here is a simple analogy to help explain blockchain-related transaction fees:

Imagine a busy highway.

Cars need to pay tolls to use the highway, and the tolls are used to pay for the maintenance and upkeep of the highway. 

Similarly, blockchain transaction fees are paid to use the blockchain network, and the fees are used to pay for the security and operation of the network.

The amount of a blockchain transaction fee varies depending on the cryptocurrency, network congestion, and the size and complexity of the transaction. 

For example, Bitcoin transaction fees tend to be higher during times of high network congestion, such as when the price of Bitcoin is rising rapidly.

It is important to note that blockchain transaction fees are typically much lower than the fees charged by traditional financial institutions, such as banks and credit card companies. 

This is one of the reasons why blockchain technology is becoming so popular.

EDCOIN (EDC) is built on the ETHEREUM BLOCKCHAIN. 

Any on-chain transaction will incur a transaction fee.

For example, withdrawals from the MASTER EDCOIN WALLET @ ME WALLET are on-chain transactions and therefore transaction fees will apply.

Only off-chain transactions will NOT incur on-chain transaction fees.

For example, withdrawals from EDCOIN APP are off-chain transactions that require the EDCOIN FOUNDATION to manage the withdrawal. 

In fact, the EDCOIN FOUNDATION absorbs the on-chain fees when it processes off-chain withdrawals. It does this as a benefit to EDCOINERS.

If you would like to learn more about transaction fees, please feel welcome to view a recording of our EDCOIN ADVISOR sharing about this topic:

✨UNDERSTANDING TRANSACTION FEES✨

❓What are transaction fees? 

❓What is a GAS fee?

❓What do ETH, GAS, Fees, ERC20 and EDCOIN have to do with each other?

❓ Why do some EDCOIN withdrawals seem congested?

❓Who pays for transaction fees?

❓How are transaction fees calculated?

❓Where should I keep my EDC?

These are more are covered by the one and only ✨EDCOIN ADVISOR, Mr. TAN LIONEL.✨

Do watch the entire video. 

It is just under 25 minutes but by doing so, you will learn, understand and be empowered to make the most of your EDC.

You can also use the YouTube timestamps in the video's description to go straight to the topics that interest you.

▶️ https://youtu.be/XRrWNHUuEwI