Why Is Bitcoin Withdrawal Fee High In Every Exchange Platform?

[Sofia noor 562]

Due to having highest rate and high top position in the digital currencies bitcoin have high amount of withdraw charges. This is the main reason of higher charges. On the other hand LTC and Waves have lower fee. I always prefer LTC because it has low transaction and withdraw fee. So buy LTC in place of bitcoin from yobit.

[Robert William 590]

For me I think the reason for bitcoin high withdrawal fees than others is because it's a top coin and also the price is higher than the rest with low withdrawal fee, so I guess the higher the price of a coin the higher the withdrawal fee.

[jappy 1129]

On 4/14/2020 at 8:38 AM, Bohana said:

Hello my friends. 

I was wondering about this. Why does Bitcoin have big withdrawal fees unlike every other coin?

For example, BTC withdrawal on Yobit platform is 0.0012 BTC, whereas Litecoin withdrawal fee is 0.002 LTC!

Any ideas why?

What happens is that to have more number of user and its value so high the commissions will be higher because its network is congested and is very used.

[Zeshan Khalid 2577]

Every coin have its own withdraw fee. Litecoins withdraw fee is less as it is created for transfers. While some coins that are only made for trading have comparatively higher fees.

[leakydonney 1402]

Normally Bitcoin transaction fees are so high due to network congestion on the blockchain when the number of transactions waiting to be confirmed exceeds meaning that the blockchain network is busy or loaded at the moment which competitively raises fees 

[Steffqing 77]

The major reason for the high withdrawal fees that comes with withdrawing your Bitcoin from an exchange is due to the miner fees that will be paid for the transaction to be added to the block and processed. But I have come to see that the fees charged by the exchanges are usually higher than the miner fees required, that means the exchange also earns from the fees you pay as withdrawal fees

12 minutes ago, leakydonney said:

Normally Bitcoin transaction fees are so high due to network congestion on the blockchain when the number of transactions waiting to be confirmed exceeds meaning that the blockchain network is busy or loaded at the moment which competitively raises fees 

Yes you are right, and the reason why the exchanges inflate the price being normally charged by the miners is because of network congestion. In case of a network congestion, they pay with the rest of the money charged from the wallet and if it's lesser, they pocket it for themselves

[yulitzacalvete 1366]

El 14/4/2020 a las 8:38, Bohana dijo:

Hola mis amigos. 

Me preguntaba acerca de esto. ¿Por qué Bitcoin tiene grandes tarifas de retiro a diferencia de cualquier otra moneda?

Por ejemplo, el retiro de BTC en la plataforma Yobit es 0.0012 BTC, mientras que la tarifa de retiro de Litecoin es 0.002 LTC.

¿Alguna idea de por qué?

This is due to its great value, and its high demand since this work is facilitated by miners which these miners must have a specific cost to be able to make the transaction and this also happens with the Ethereum Cryptocurrency.

[RB399 144]

BTC rates are so high it's might be the reason of high withdraw fees. I don't know this surly but I like to research on it.

[Ahmad ah 1212]

Cryptocurrencies differ among themselves by the amount of the withdrawal commission. The higher the currency price, the higher the withdrawal commission. The lower the currency price, the lower the withdrawal commission value. Therefore, we find that the commission for withdrawing Bitcoin is higher than the commission for withdrawing other currencies. In addition to the difficulty of mining Bitcoin.

[Ludmila Castro 1153]

In my opinion, I think it may be due to the price of the coins, if their value is high, the price of withdrawals will be higher. I advise you not to take your money out too often

[Michar1 1693]

It is also something that I have not understood very well, but I suppose it is because of the blockchain network, perhaps because of saturation.

[Jat Ala 377]

Out of all the Crypto currencies presents in this trading system, bitcoin is expensive in all, it's price is too much at this time that not any other coins can reach near it, so it's obvious that it's price is so much high, so trading and selling and even exchanging cost too much money, all because it's hard to mine and it's pricey and have greater value 

[Hifssa 215]

I think the issue is  clear on the grounds that the cost of bitcoin is higher, the higher the cost of the digital currency, the higher the cost of withdrawals, a characteristic thing for this. You need to pull out once per month and don't pull out each day, so this misfortune gets more prominent than benefit.

[Quickbee 26]

A price of a product is high because of its demand and the supply fails to keep up with the demand. So also the case with bitcoin. Everybody wants to encash bitcoins. So the withdrawal fees also increases.

[Anzaatta 379]

Withdrawal fee is very high of bitcoin in every exchange platform because its price is very high  as it is most used currency. But if you transfer it into other currencies then withdrawal fees will be charged lower.

[AL SHAIMON 1293]

Withdraw fees are completely depends on mining. Bitcoin mining is too much costly as a result it's withdraw fee is too much high. In every exchange btc withdraw fee is almost same. So I suggest you to withdraw your coins by other alt coins. It will reduce your withdraw fees.

[koynayak 1923]

he main reason for high bitcoin miner fees is supply and demand. The bitcoin block size is 1MB, which means that miners can only confirm 1MB worth of transactions for each block that's why it's higher than the other options. You're right if you want to withdraw your assets litceoin could be very useful or xrp. I hope i can be helpful for you.

[rodo2020 466]

That is because the price of btc has risen a lot and traders do not want to lose a lot of money in commissions and feeds, and I think that the more bitcoin continues to rise, the bigger those feeds will be

[Wanderdark 2178]

Hi there my friend. Since bitcoin uses a relatively older technology, it's block sizes, miner gas fees etc all causes it to suffer from speed and functionality. It's technology cannot be updated makes it a more serious matter. That's why it is always more profitable and cheap to use XRP, LTC, XLM etc while you make your transfers. Have a nice evening.

[HighkeyDonut 445]

On 4/14/2020 at 8:38 PM, Bohana said:

Hello my friends. 

I was wondering about this. Why does Bitcoin have big withdrawal fees unlike every other coin?

For example, BTC withdrawal on Yobit platform is 0.0012 BTC, whereas Litecoin withdrawal fee is 0.002 LTC!

Any ideas why?

It's because the exchange platform is giving you a service. Creators and employees of that site are paid by the fees. That's where they earn because they're giving you a favor whether you want to withdraw, deposit, transfer, or trade. On the other hand, exchange sites or platforms has different fees you just have to pick what's good and reliable platform. I hope this helps, thank you!

[Husnyjaf 1784]

On 4/14/2020 at 1:38 PM, Bohana said:

Hello my friends. 

I was wondering about this. Why does Bitcoin have big withdrawal fees unlike every other coin?

For example, BTC withdrawal on Yobit platform is 0.0012 BTC, whereas Litecoin withdrawal fee is 0.002 LTC!

Any ideas why?

The numbers of investors in bitcoin is very vast. And the demand for bitcoin is increasing  everyday. Unlike other cryptocurrencies that are competing each other. Bitcoin withdrawal fee most be higher than others. 

[Zafar123 906]

If you have traded crypto in crypto exchanges and want to withdraw them to your own wallet or transfer it to another exchange, you might be surprised by the high withdrawal fees. ... This fee is necessary to prevent people spamming the network. Unfortunately, this fee can fluctuate depending on different conditions.

[Noghran 0]

In my personal opinion, the high fees in the platforms on Bitcoin are due to its being a very popular currency and trading in it is more than other currencies
In addition to the high costs of transportation, circulation and mining it!

[adem1 294]

It happens when passing through bitcoin blocks. They charge a certain fee for miners to confirm the transaction. Somewhat high price comes out.

[mias15a 1102]

On 14.04.2020 at 15:38, Bohana said:

Hello my friends. 

I was wondering about this. Why does Bitcoin have big withdrawal fees unlike every other coin?

For example, BTC withdrawal on Yobit platform is 0.0012 BTC, whereas Litecoin withdrawal fee is 0.002 LTC!

Any ideas why?

I think, that is mostly made for unexperienced users of an exchange. These people probably suppose that the withdrawal fee is that high because btc itself is very expensive, and don't think properly while getting their money out of an exchange.