Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: MrSpasybo on May 10, 2021, 12:31:46 AM
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There is one issue that concerns me during this time, as we are bingeing at party of Altcoins season, which is why the majority of exchanges keep their BTC withdrawal fees at 50k sts no matter what any time, regardless of the Bitcoin network's transaction fees low or high.
Exchanges such as Remitano, Yobit, KuCoin are all holding the fee of 50k sts. In early 2020 Binance reduced the BTC withdrawal fee to 40k sts to support its community, I think this will be the most popular withdrawal fee in the future.
Besides the race to reduce transaction fees, withdrawal fees becomes the new battleground for exchanges, do you think this will become common in the future when scaling solutions for Bitcoin & Ethereum are adopted?
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First of all I want to say 50k sts is not low exchange fees . Most of the exchanger fees high and it's highly rated fees impact on the market cap . Many people dippress with the gass fee problem .it is really big issue in cryptocurrency market cap that high withdrawal fees . If the reputed exchanger start competition to withdraw fees not make high and the race continue couple of years than we see the all market withdrawal fees are decline stage and middle class investor more invest in blockchain technology . What do you think about please share your thoughts .
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There is one issue that concerns me during this time, as we are bingeing at party of Altcoins season, which is why the majority of exchanges keep their BTC withdrawal fees at 50k sts no matter what any time, regardless of the Bitcoin network's transaction fees low or high.
Exchanges such as Remitano, Yobit, KuCoin are all holding the fee of 50k sts. In early 2020 Binance reduced the BTC withdrawal fee to 40k sts to support its community, I think this will be the most popular withdrawal fee in the future.
Besides the race to reduce transaction fees, withdrawal fees becomes the new battleground for exchanges, do you think this will become common in the future when scaling solutions for Bitcoin & Ethereum are adopted?
I agree most of the crypto exchange Bitcoin withdrawal fee was nailed on 50K sat, while in Binance exchange it is only 40K sat, it makes sense to me why Binance is so popular because they are listening to the community, by the way, while the altcoin season is continued to break previous Ath record, the fees are also were soaring high like Ethereum the transaction fees. for me its sucks.
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To be honest, I have never withdrawn BTC from exchanges, I usually convert it to USDT on TRON for cheaper transactions. 50k sats = 30 USD, a fee too high for small traders.
I believe that in the future, other exchanges will also reduce transaction fees to 40k sats, meaning users will wait longer for the transaction to be executed.
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There is one issue that concerns me during this time, as we are bingeing at party of Altcoins season, which is why the majority of exchanges keep their BTC withdrawal fees at 50k sts no matter what any time, regardless of the Bitcoin network's transaction fees low or high.
Exchanges such as Remitano, Yobit, KuCoin are all holding the fee of 50k sts. In early 2020 Binance reduced the BTC withdrawal fee to 40k sts to support its community, I think this will be the most popular withdrawal fee in the future.
Besides the race to reduce transaction fees, withdrawal fees becomes the new battleground for exchanges, do you think this will become common in the future when scaling solutions for Bitcoin & Ethereum are adopted?
Exchanges are there for the money. They dont give a hoot about any community. If there is any opportunity to hike the fees, they would do it. So leave that talk
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Most of exchanges withdraw fee for BTC is really too high for many traders. Because new people trying to enter crypto they trade for about 100--00$ for them it is too high and they are forced to keep their crypto on exchanges which is not good. But many traders trade for thousands of dollars they don't have any problem with it.
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Most of exchanges withdraw fee for BTC is really too high for many traders. Because new people trying to enter crypto they trade for about 100--00$ for them it is too high and they are forced to keep their crypto on exchanges which is not good. But many traders trade for thousands of dollars they don't have any problem with it.
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To be honest, I have never withdrawn BTC from exchanges, I usually convert it to USDT on TRON for cheaper transactions. 50k sats = 30 USD, a fee too high for small traders. I believe that in the future, other exchanges will also reduce transaction fees to 40k sats, meaning users will wait longer for the transaction to be executed.
I fully agree with this strategy. In any exchange, anybody can easily swap Bitcoin into another crypto like TRX or XRP and from them make the transfer. The transaction cost can be significantly reduced...of course this may not be possible if you are transferring Bitcoin and then you also want to receive BTC on your non-custodial wallet. In this case, it could be good to use the KLV Wallet as there is an option to swap anytime.
Talking about fees, we are all hoping that intense competition among many old and new exchanges will be pressuring them to offer lower charges. We should be saluting Binance for taking the lead and we are hoping others will be following the same.
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There is always headache to withdraw BTC and Eth .Initially, almost every exchange is charging 50k satoshi.I think this the reward of minors who facilitate these transaction. ETH fee is unbearable than Btc.To prevent all these fee we can withdraw trx or usdt trc20 .
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As the number of cryptocurrency exchanges grows, so will competition among them. This means that they will have to fight for the number of clients on their exchanges and will have to reduce the fees for withdrawing funds from their exchanges. True, it will also depend on many other reasons, such as the degree of regulation of their activities by states and the level of taxes established by them on their activities.
Of course, the current fee, which is roughly $ 30, is decent.
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there is no single source where all the current commissions for the withdrawal of cryptocurrencies are indicated. Specify their cost when forming a withdrawal request.
This is not very convenient and I apologize. The exchange is working on adding various kinds of information about the withdrawal
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Fees have always existed, but whoever has the lowest rate on the market wins.
The escalation of prices causes these fees to rise in prices. I like the fee that BNB maintains the most, the most attractive.
But also when prices rise it will be different...
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Some exchanges do that transaction so that withdrawals are always successful and the most reason why they charged such huge fees is that, the network get congested, instead of raising and lowering fee every time the network is busy may looks ridiculous that's why they used to make the fixed.
You should consider other options like usdt through tron chain.
Ethereum has gone nuts ;D ;D
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I don't understand the reason why people make withdrawals using bitcoin, the withdrawal fee is expensive and it's not suitable for withdrawing small amounts of funds. It would be better to swap bitcoins to other coins before making a withdrawals.
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I don't understand the reason why people make withdrawals using bitcoin, the withdrawal fee is expensive and it's not suitable for withdrawing small amounts of funds. It would be better to swap bitcoins to other coins before making a withdrawals.
That's right Mate, making withdrawals with Bitcoin is very expensive and I can say I never do it if you just want to withdraw your assets to your personal wallet. I definitely exchange it for coins that have low fees such as Doge, TRX or Ripple, these coins have a much cheaper cost than Bitcoin. The price of expensive Bitcoin withdrawal fees is reasonable for me, but we can do ways to avoid being exposed to these expensive fees. The trick is to exchange Bitcoin with other coins first to get a cheap fee.
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50k is less fees which was charged by good exchanges with high daily volumes but new exchanges take 100k satoshi atleast but for eth gas fees all knows it sucks for everyone to swap tokens and to transact tokens and to send eth too. It affect market cap also if people like me keep patiently waiting for gas fees to get under expected price. I followed from long and found Eth Gas fees gone crazy over the time.
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To save money on withdrawal, use the light network or if this does not suit you, withdraw it through the FTX exchange, some time ago there was no commission to withdraw funds through the bitcoin network.
Before withdrawing, it is better to check the information yourself again.
here is a link to their description of the commission
https://help.ftx.com/hc/en-us/articles/360034865571-Blockchain-Deposits-and-Withdrawals
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This was also I noticed to the majority of the exchange now, where for me it's too high actually. Though I do nothing about it
Because it is the platform exchange rules, so what I did in terms of converting it into fiat is that I used the other alternative coins to avoid high charges in the transaction withdrawal just like buying Xrp to become less fee of course going to fiat, just like that only.
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To me, it's quite high. There are so many factors inter-connected.
Readout this article: https://articles.whalesheaven.com/what-are-bitcoin-transaction-fees-how-are-they-calculated-and-who-takes-them/
Nicely explained why btc fees high.
That's why I always used other altcoins to withdraw like LTC, TRX etc
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Not only in Exchanges btc withdrawal fees are high in every Crypto transection from any wallet or exchange.As btc transections are Decentralized that's why miners getthe transection fees for processing btc transections in blockchain.Thats why almost Every exchanges have almost 50k sat withdrawal fees but you can convert btc to trx or other altcoin for lowest withdrawal fees.
You can know details about transection fees and how it works from this Article (https://articles.whalesheaven.com/what-are-bitcoin-transaction-fees-how-are-they-calculated-and-who-takes-them)