NEM Transaction Fees
Posted By : Harshit Verma | 28-Apr-2018
Transaction fees is an expense that must be deducted from every electronic transaction that we will processed.Hence the same rule is followed by the digital currencies. The all digital currency follows the same rule, as the transaction of this currencies need some transaction fee. But this transaction fee is different for every digital currency.
As am gonna explain the transaction fee deduction for the NEM coin.The coin known as XEM in the digital currencies market.According to the nem api's documentation ,users have to pay a fee for every transaction, that is going to be included in a block chain. Different transaction types have different fees. For example If you are going to add a message along with the transaction then some fees for appending the message is also included in fees, hence different transaction type have different transaction fees.
Fees for transferring XEM to another account: 0.05 XEM per 10,000 XEM transferred,but it capped at 1.25 XEM .
For example:- 0.20 XEM fee is taken for a 45,000 XEM transfer and 1.25 XEM fee is taken for a 500,000 XEM transfer and more.
I will explain the fees deduction process using a simple method that takes an input of amount and calculate the fees as per the amount's value.
Let us assume that, the input amountGet =1000000;