Summary
Transactions on BNB Smart Chain incur fees that are paid to the network in BNB. This means that you must have a balance of BNB in your wallet in order to execute any type of transaction on the BNB Smart Chain network. You can use the Bitcoin.com Wallet app to customize the fees you pay for your BNB Smart Chain transactions.
Here’s how to customize the transaction fee for Ethereum and Ethereum Virtual Machine (EVM) chains including BNB Smart Chain, Avalanche, and Polygon:
Table of contents
Customizing fees when using the BNB Smart Chain network in the Bitcoin.com Wallet
Manually customizing fees when using the BNB Smart Chain network in the Bitcoin.com Wallet
How do fees work on the BNB Smart Chain network?
When you create a transaction on the BNB Smart Chain network using the Bitcoin.com Wallet, you can customize the fee you pay to the BNB Smart Chain network. Here's how:
On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left
Choose from one of the three following options:
'Eco' means you'll pay a lower fee, but your transaction will take longer*
'Fast' strikes the optimal balance between cost and speed
'Fastest' optimizes for speed over cost
The Bitcoin.com Wallet constantly monitors the market rate for gas, as well as the current base fee cost, to arrive at the optimal price for each preset mode. However, you also have the option to manually customize your gas price for each transaction (see below for an explanation of how 'gas' relates to fees in BNB Smart Chain). You can check gas rates using a tool like https://bscscan.com/gastracker and set customized fees based on the market rate for gas. Here's how to set customized fees in your wallet:
On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left:
Under "Custom fee options"you can enter the precise gas price in gwei for your transaction:
The majority of transaction fees generated on BNB Smart Chain are paid to BNB Smart Chain validators. BNB Smart Chain runs on a Proof of Staked Authority consensus mechanism where validators take turns compiling and proposing transactions for new blocks. BNB Smart Chain doesn't have inflation (no new BNB is being minted), so validators don't receive a block reward; only the transaction fees. A small portion of transactions fees go to the BNB Smart Chain protocol and are used for actions such as facilitating cross-chain transactions between the BNB ecosystem of blockchains.
The cost for transactions on BNB Smart Chain is influenced by two factors:
The current market rate for gas.
The complexity of the transaction.
The market rate for gas is determined by congestion, so if BNB Smart Chain is very busy, the price of gas will go up. Under normal conditions, the BNB Smart Chain gas price is set at 3 gwei.
Transaction complexity is measured by computational effort, which is delineated in units of "gas." For example, sending BNB from one wallet to another (one of the simplest transactions you can make), may consume up to 21,000 units of gas. One unit of gas is equal to 0.000000001 BNB (10-9 BNB). Note that this denomination of BNB is also known as a giga-wei, or gwei.
Total fees are calculated as follows:
Gas units consumed x Current Gas Price
Let’s look at an example where Alice sends Bob 1 BNB. Imagine the cost of gas is 3 gwei and the gas consumed is 21,000 units. Using the above formula, we can calculate this as 21,000 x 3 = 63,000 gwei or 0.000063 BNB.
When Alice sends the BNB, 1.000063 BNB will be deducted from Alice's wallet. Bob will be credited 1.0000 BNB. Most of the 0.0000063 BNB transaction fee will go to the validator, however a portion will go to the BNB Smart Chain protocol.
