How does the Coinbase wallet calculate miner fees?

3 answers

• Manoj RajputMay 01, 2021 · 4 years ago
  When you send a cryptocurrency transaction using the Coinbase wallet, the miner fee is determined by several factors. These factors include the current network congestion, the size of the transaction in bytes, and the priority level you set for the transaction. The Coinbase wallet uses a dynamic fee algorithm that takes these factors into account to calculate the appropriate miner fee. This ensures that your transaction is processed quickly and efficiently on the blockchain network.
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• Suman ChakrabortyJul 30, 2024 · a year ago
  The Coinbase wallet calculates miner fees based on the current market conditions and network congestion. It takes into consideration the size of the transaction and the priority level you choose. The fee is calculated using a formula that balances the need for timely confirmation with the cost of the transaction. This ensures that your transaction is processed in a reasonable amount of time without incurring excessive fees.
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• Max GohrenOct 26, 2024 · 10 months ago
  When it comes to calculating miner fees, Coinbase wallet uses a sophisticated algorithm that takes into account various factors. These factors include the current network congestion, the size of the transaction, and the priority level set by the user. By considering these factors, Coinbase wallet is able to calculate the optimal miner fee for each transaction. This ensures that transactions are processed efficiently and at a reasonable cost.
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