Some noob questions.
- If I send someone coins, will it incur fees?
- If it incur fees then is it true for all other coins too?
- If it incur fees then can I set fee for the transaction?
- If I can set fee for transaction then what will be its impact if the fees is low or high? What if I set no fee at all?
- Yes it will since you need to give money to miners in order for them to keep up the work of securing the network.
- What do you mean by “all other coins”?
- You can set the fee for your transaction yourself, but if it’s too low it might not be picked up by miners. Remember they’re looking to include transactions with highest fees first, since they’ll be getting the fees themselves.
- If the fee is too low, the miners might not include your transaction in the next block. This might mean that it could take a long time for your transaction to be confirmed. Sometimes it happens that it doesn’t get confirmed at all, even after waiting a long time, and you have to send the transaction again with a higher fee. If the fee is too high, well, the transaction will most likely get picked up immediately and get confirmed as soon as possible.