The blockchain transaction fee is a cryptocurrency transaction fee that is charged to users when performing crypto transactions. The fee is collected in order to process the transaction on the network.
You need to pay the blockchain transaction fee to ensure your cryptocurrency transfers arrive in a timely manner. The blockchain transaction fee is one of the main tools used to speed up crypto transactions, which are often slow due to high congestion on the blockchain network. The lower the blockchain transaction fee, the lower your transaction’s priority in the blockchain network.