To understand Bitcoin transaction fees, it helps to first understand the method of processing transactions. How does it all work!?
Well, it starts with the blockchain and the blocks which store the transaction information (thus making them legitimate). Each block in the Bitcoin network has an artificial size limit of 1 MB and this averages 2020 transactions to fill one block. Also, a new block is mined every 10 minutes – which is 600 seconds. So to calculate an average transaction time the math is straightforward:
Number of Transactions Per Block / Block Time …
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Author: Maria Ohle