Who pays miners fees?

0

I was under the impression that miners earned coin from the blockchain (creator/owner/pool) or "Created" the coin they are paid?? But I see now that fees are involved to buy/sell/transfer.

For example I had $21 dollars left in in my wallet and wanted to transfer it to GDAX, I was not able to because of insufficient funds to transfer.

Can someone explain how this works. (seems very expensive)

Craig

Posted 2018-01-11T21:48:30.813

Reputation: 1

Question was closed 2018-01-13T20:09:14.700

What do you mean, "how this works"? What exactly do you want to know? (Have you browsed the other [tag:transaction-fees] questions on this site?) If your question is simply "is it really this expensive", then the answer is yes, it really is. See also https://bitcoin.stackexchange.com/questions/54464/is-a-20-fee-normal-right-now/54465#54465, https://bitcoin.stackexchange.com/questions/60615/why-are-median-transaction-fees-so-much-higher-now-in-october-2017-than-a-year.

– Nate Eldredge – 2018-01-11T23:03:47.813

Answers

1

It is quite simple, you pay the miner a fee as part of your transaction to encourage the miners to include that transaction in a block. Block space is limited so larger transactions in size rather than value have to pay more fee.

MeshCollider

Posted 2018-01-11T21:48:30.813

Reputation: 8 735

Asked: 2018-01-11T21:48:30.813

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Active: 2018-01-11T22:51:40.727