Generally speaking, the congestion of the block network determines the withdrawal fee, and the withdrawal fee is proportional to the congestion of the block.
Therefore, even for the same currency, the miner charges different miner fees for packaging and confirming transactions, depending on the network congestion, and the withdrawal fee will fluctuate.
1. What is the miner fee?
In the digital currency system, every transfer information will be recorded in the "ledger", including the wallet address, amount, time, etc. of the transfer out/in.
This "ledger" is the blockchain record, which is 100% open, transparent and unique. The person who records each transaction in the "ledger" is the "miner". In order to attract miners to keep accounts and speed up transaction confirmation, you need to pay a certain amount of miner fees to the miner when transferring money.
2. Why is the block network congested?
Just like a traffic jam, there are two reasons for the congestion of the blockchain: one is that the block capacity is too small (the road is not wide enough), and the other is that the transaction volume has increased dramatically (too many cars).
The fundamental reason is related to the data structure of the blockchain. Since the capacity of a single block is limited and the time of block generation is relatively fixed, the number of transactions that can be accommodated is also limited. If there are too many transactions, you can only wait in line or increase the transaction fee to jump the queue.
Please check it yourself on the browser main network.
3. Why is the withdrawal fee sometimes high and sometimes low?
According to the congestion level of each currency blockchain network, Coinstore has calculated the optimal fee for you to ensure that your transfer transaction can be quickly confirmed at any time. (Please refer to: Withdrawal Fee)
Tips: If the target address of your withdrawal belongs to Coinstore, it is recommended to use the in-site transfer. At this time, the withdrawal will not be transferred through the blockchain online transaction, but through the real-time transfer within the platform, and the process does not require block confirmation or any withdrawal fee.