The Tech Quiz - Season 20

Hello, good afternoon to all steem4bloggers community. Its a pleasure being here, and I'm using this opportunity to participate on a contest that captured my interest The Tech Quiz - Season 20 organized and published by @malikusman1 here in Steem4bloggers community.

Just like in normal business, such as telecom and banking. Banks and telecom companies charge transportation fees in order to cover the costs of moving money and data from one place to another. Now, considering banks, their fees are charged for services such as wire transfers, where money is moved from one bank account to another. These fees help to cover the costs of operating the banks network, and the time and labor required to process the transfer by the workers.

For telecommuting companies, transfer fees are charged for services like sending text messages or data over a cellular network. These fees cover the costs of operating and maintaining the network. Without these fees, banks and telecom companies would not be, same applicable to block chain or cryptocurrency transaction.
Before I continue I'll love to invite my friends @goodybest @preshy001 @manuelhooks to participate in this wonderful contest.

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What is gas fee in blockchain technology and its importance?

Freepik

Gas fees in blockchain technology are paid to miners or validators in order to process transactions on any blockchain platform. The amount of the gas fee is determined by the complexity of the transaction, the speed in which the user wants his or her transaction to be processed and the current demand for processing power on the network.

The more complicated and urgent the transaction is, the higher the gas fee is applied. Gas fees are important because they ensure that the blockchain platform remains decentralized and secure. Without this miners or validators would have no motivation to process transactions and the network would be exposed to attack.

Which blockchain has higher transaction fee?

Freepik

Generally, the two largest blockchains which happens to be Bitcoin and Ethereum, tend to have higher transaction fees than smaller blockchains. Reason is because they have more users and more transactions on a daily basis, which creates more demand for processing power. the cost of processing a coin transaction can be affected by the amount of data that needs to be processed and the level of network.

Which means that, transaction fees on both Bitcoin and Ethereum have fluctuated over time, and can be impacted by a variety of market factors. But it's suggested to be any the two cryptocurrency.

Which blockchain has less transaction fee as compared to other.

When talking about having lower transaction fees, many smaller blockchains stand out for having particularly low fees. Let see some example.
Stellar and Algorand have transaction fees of just a fraction of a cent. When Nano and IOTA have zero transaction fees.

In conclusion, gas fee is very important as it help the crypto miners and validators to transfer their coins in either a fast or slow mode. it's also important to keep in mind that just because a blockchain has low or high gas fees doesn't mean it's the best option for all users to invest. Other factors like transaction speed and decentralization should also be considered when choosing a crypto coin.

Thanks you all for your time spent to read my post, it is a nice one having you having you here. Love you all.

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Best Regards to: @steemdoctor1 @artist1111 @solaymann and @malikusman1 for your efforts to maintain this community.

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