What are miner fees?
To ensure that transactions are processed on cryptocurrency networks, outgoing transactions to external cryptocurrency addresses incur a "mining" or "network" fee. This fee is paid to cryptocurrency miners, which are the systems that process the transactions and secure the respective network. LATOKEN incurs and pays these fees directly. Accordingly, LATOKEN will charge a fee. This is based on our estimate on the network transaction fees that we anticipate paying for each transaction. In certain circumstances, the fee that LATOKEN pays may differ from that estimate. All fees we charge will be disclosed at the time of your transaction. LATOKEN does not charge network fees for cryptocurrency transfers from one LATOKEN wallet to another.
As crypto begins to gain broader adoption in applications like DeFi, payments, and other projects, networks are now busier which leads to longer waiting time and higher fees as users compete to get their transactions confirmed faster.