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Crypto and its many fees: What to know About the hidden costs of digital currency
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Cryptocurrencies are designed to trade across online networks, without the need for banks or government support. Many new investors are surprised, however, to learn there are costs to using digital cash, including unexpected fees. Below are some frequently asked questions.
What are crypto fees?
Crypto fees are essentially processing fees built into the networks that maintain bitcoin and other cryptocurrencies. In addition, third-party services like exchanges, trading apps and ATMs charge their own fees.
Why am I paying fees for what is supposed to be the equivalent of cash?
The network fees are incentives for the people operating the computers that keep the network alive. The services fees are the way those groups make money.
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