Why are there fees for crypto payments?

[Scorpion Ghost]

Recently I wanted to pay something with crypto, using my coinpayments account, and the fees were ridiculously high.

Then I went to my bitpay wallet to try and make the payment, and again there were fees to the transaction.

I understand coinpayments having fees, being an exchanger, and they also wanna make money. But I thought that bitpay was like a personal wallet, so there's no middle-man there.

So what I'm wondering is, if there are fees associated with crypto transactions even if there's no middle-man involved, then who takes these fees? Where do they go?

 

[MowSam]

There is a transaction fee, but it also depends a lot on your provider, some have higher extra fees, look for another provider that does not charge you a very expensive fee.

 

[Scorpion Ghost]

There is a transaction fee, but it also depends a lot on your provider, some have higher extra fees, look for another provider that does not charge you a very expensive fee.

Yeah but, isn't a personal wallet (such as bitpay) a direct thing with no provider in the middle?

Am I speaking Chinese here?

 

[SpawneR]

Well, how do the miners earn crypto? From transaction fees.

 

[puterases]

yes there is fee and its fee goes to miners and high and low fee its depend on how traffic is going on.
if there is a lot transaction unconfirmed than fee is high too.

 

[Scorpion Ghost]

Well, how do the miners earn crypto? From transaction fees.

yes there is fee and its fee goes to miners and high and low fee its depend on how traffic is going on.
if there is a lot transaction unconfirmed than fee is high too.

I was never clear on how exactly the miners make the crypto. All I knew was something about computers solving mathematical equations, whatever the fuck that means.

Okay, okay, but then recently I watched a video and some crypto expert said... oh it was John McAfee... okay not a crypto expert, but I continue... he said that to mine the last Bitcoin ti will cost like 1 Billion Dollars, and so the price of Bitcoin has to skyrocket to make it worth it.

And as far as I know, there's a cap on how many Bitcoin will/can ever be created. Another argument for the high price = limited supply

So the miners don't just earn from the transaction fees, there's something more to it right?

 

[puterases]

So the miners don't just earn from the transaction fees, there's something more to it right?

yes, its from how many btc left to mine.
btc total 21m and about 18m exist in the world so 3m btc left to mine