1. The fees are calculated based on the transaction size (number of inputs and outputs) as well as how congested the network is.
2. The fees go to the miners.
3. No, two transactions cannot have the same TXID.
Topic: Need little help understanding about transactions. - page 2. (Read 349 times)
I recently read about transaction fees in an effort to learn more about bitcoin and i am understanding it gradually. I now know that transaction fees are amounts paid by users who conduct transactions in order for those transactions to be added in a block, and that the fees are estimated based on the number of transactions waiting to be confirmed. However, what i don't understand is how these fees are generated. Are they generated automatically or generated by the nodes? Also, where do these fees go?
Secondly, is it possible two transactions to have the same transaction ID? Like a new transaction having same transaction ID with an UTXO.
Please correct me if my questions are wrong.
Secondly, is it possible two transactions to have the same transaction ID? Like a new transaction having same transaction ID with an UTXO.
Please correct me if my questions are wrong.
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