I am getting it more better now, I conflicted them both. I thought it was entirely different from what I asked earlier since the previous question was about after successfully mining a block while this does not has to do with that but only sending bitcoin to a new address.
This is mobile bitcoin wallet, transferring bitcoin to a new wallet.
What is it called? It doesn't make sense to charge you 0.0005 BTC or even make the fees optional unless it's a custodial wallet/exchange in which case, I wouldn't recommend using it to store your funds.
I am not using it to store funds. I only came across it when I was reading and was curious to know where the transaction fee goes to and it was written there as optional. What if one doesn’t include any transaction fee since it is optional, but thanks to @Hyphen(-), I know why it is written as optional now.
Can you help with this as well or anyone:
During transactions, the transaction fees is included to determine how fast your transaction will be added to the blockchain or processed very fast. The process of mining a block which already has a block header has to go through the SHA-256 hash function, the result has to be below the current target in order to successfully add it onto the blockchain.
After have added a transaction fee to my transaction to make it faster and my transaction wasn’t added to the blockchain because the result was lower than the current target, won’t that be sad. Or am I missing out on something on how it works.
Please I need clarity on how this works...Thanks.