You can choose the amount of network fees to include when you create a transaction. The amount of fees affects the processing speed of the transaction.
The use of network fees
- The security of a blockchain network generally depends on the amount of work done by miners.
- The miner that proposes the next block of transactions to the network, has to provide proof of the amount of work done to create the block.
- If the transactions are valid and the proof of work is sufficient, the miner may collect the fees offered in the included transactions, as a reward for the work done.
Choose your network fees
When sending crypto assets, the network fees you offer determine your priority in the queue of pending transactions. Miners will prioritize transactions that offer high fees. Choose high fees if you require fast confirmation or lower fees if you can wait a while to save on fees.
For your convenience, Ledger Live dynamically estimates three levels of fees or allows custom fees for advanced users:
- High: the transaction will roughly be included in the next block (about 10 min for Bitcoin)
- Standard: the transaction will roughly be included within 3 blocks (about 30 min for Bitcoin)
- Low: the transaction will roughly be included within 6 blocks (about 60 min for Bitcoin)
Calculation of fees
The resulting amount of fees is dynamically calculated and depends on the file size of the transaction. Therefore, a transaction with a considerable number of inputs or outputs will be more expensive than one with fewer inputs and outputs.