What are blockchain fees?

Answer: A small amount that must be paid to process a blockchain transaction.

 

If you have created a LiteBit account, you can store cryptos for free in the LiteBit wallet. A blockchain fee must always be paid for sending crypto. The amount of this fee differs per blockchain and is received by the miners who process the transaction and maintain the network.

The busier a network, the higher these fees. The Ethereum network for example is at the moment very expensive. LiteBit tries to keep the costs fair and balanced, but a fee that is too low can result in a withdrawal that takes a very long time or never arrives. Often LiteBit uses a fixed fee independent of the transaction size. This means it's often cheaper to send crypto in bigger amounts. You can always check the fee amount before confirming a crypto withdrawal on both the app and the website.