What are the fees associated with using Litecoin?
The fees associated with using Litecoin depend on the size of the transaction and the network congestion.
Generally, Litecoin transactions cost less than Bitcoin transactions. When sending a Litecoin transaction, users must pay a fee to incentivize miners to include their transaction in the next block. The fee is paid in LTC and is based on the size of the transaction in bytes.
The higher the fee, the faster miners will add it to a block and confirm it. The average fee for a Litecoin transaction is currently around 0.001 LTC (around $0.
20 USD). This is significantly lower than Bitcoin’s average fee of around $2 USD per transaction. In addition to this, some exchanges and wallets may charge additional fees for sending or receiving Litecoin.
These fees vary depending on the platform and can range from 0% to 3%.
