What are transaction fees?

Crypto transaction fees are paid when you do an action on a blockchain. Actions can range from simple things such as sending a cryptocurrency or digital asset to someone, to using a DApp to execute a complicated program like taking out a loan. In almost all cases, transaction fees are paid in a blockchain’s native cryptoasset. Bitcoin transaction fees are paid in bitcoin and Ethereum transaction fees are paid in Ethereum. As you’d expect, simpler actions have smaller fees while complicated actions cost more. Additionally, different blockchains have lower or higher transaction fees for similar actions.