Why Is Bitcoin Withdrawal Fee High In Every Exchange Platform?

[Mohssine 1725]

Yes also i notice this ,and i also ask this question , i think this because is the mining of blockchain of bitcoin is real difficult and need more force and more power, so for that i think transactions fee in bitcoin is very high.

[Virgil dijk 1431]

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.

[Raven 7817]

15 hours ago, Ganhanmarin said:

It is because of many Pepe that want to do bitcoin transfer, the higher than people that want to transfer the higher the fee. 

As far as i know when the price of bitcoin are in the high state it means the withdrawal fee on it is also high because there is so much demand on bitcoin that's why the price is high. Correct me if i'm wrong. 

[tienda 8776]

I think this is a strategy to from website exchange to redirect their users to exchange them to others cryptocurrencies, for them is benefit when the users exchange Bitcoins to others coins to collects fees.

[aqua 773]

On 4/14/2020 at 12:38 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?

I don't have any idea about that, but we have so many altcoins which we can use to withdraw so we can pay a small fee of withdrawal. So far, I always use tron, xrp, or another cheap coin fee, so I don't have to pay a high fee for the withdrawal itself. That is what we need to do to get a low fee. Maybe that fee will be used to send the transaction to the network so the transaction can get a confirmation in less than 30 minutes because I read about if we use a high fee, the transaction will get confirmed in a short time.

[Jimmy26 987]

Bitcoin has the highest fee taken for the transaction and in my opinion this is going on because between is so popular and valuable people are getting more investment in it to keep the details and meeting traffic clear they're taking so much of fee maybe I am wrong so I will prepare myself to the other members views that will clear my doubts and also it will give us more clarity about our content because of the senior members have given their experience that will be more relatable to your topic.

[Syed Al Mamun 876]

I have not exact reason behind this. But i think personally that Bitcoin is father of Crypto currency so it always demand more for that reason Bitcoin always charge more fee from others Crypto currencies. Sorry for unexpected mistake.

[kizz 3370]

Bitcoin has a high fee because bitcoin has the highest value among all of the coins that's why it has to to in fees. There are also a high demand for bitcoin.

[Trader21 1199]

In my view it depends on price of coin. l mean BTC fee is so higher than others. That is why BTC is also more expensive than other coins. It is really the main reason. 

[bliznec 22268]

Because this is the withdrawal of the commission, in order to send bitcoins to another registration. Maybe because of this, many exchanges ask for a commission for the transfer of funds. 

[koussai999 1986]

On 4/14/2020 at 7:38 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?

Welcome my friend
I think it is because bitcoin has a very high value compared to other currencies in the market. I think this is the main reason for the high fees

[Kamila 291]

Because the bitcoin network processes only 7 transactions every second, and because of this, people have to pay large commissions to the miners so that they get rewarded for their work. 

[jamesvince 2389]

I said to you why we feel withdrawal fees of bitcoin on each exchange. In fact total value of bitcoin is very high that is why fee is high. It xrp with draw is 0.50 xrp it means if xrp price is 5$ then its with draw fee become 2.5$ but because xrp price is 0.20$ and we feel we pay only 0.10$ low. For ua on current scenario. 

[bentayebsalah 2280]

The reason for the high fees in the bitcoin currency because it has many transactions and great pressure and the fees are raised to reduce transactions and control the situation

[Dark_Sky 8489]

On 4/14/2020 at 10:37 PM, Maroua said:

I think the matter is very clear because the price of bitcoin is higher than this currency that I mentioned, the higher the price of the cryptocurrency, the higher the price of withdrawals, a very natural thing for this. You have to withdraw once a month and do not withdraw every day, so this loss becomes greater than profit.

That's right. 

For me the fee is more cheaper than other platforms. 

I know some platform where the exchange fee is almost 20%.

Just don't withdraw everyday for us to avoid big loss in withdrawal. 

[lharost 1526]

In short it's because bitcoin has over all higher transfer fees comparing to other coins so exchanges charge you more fees to make sure your transaction will be confirmed quickly even when the network is too busy.

[Shahud 1319]

it may be because of as it is the biggest coin in crypto so it require a high team and different level of transaction process so bitcoin transactions brcomes more costly in every exchange platform comapre to other cryptocurrency

[guatazoo 7150]

On 4/14/2020 at 5:37 PM, Maroua said:

I think the matter is very clear because the price of bitcoin is higher than this currency that I mentioned, the higher the price of the cryptocurrency, the higher the price of withdrawals, a very natural thing for this. You have to withdraw once a month and do not withdraw every day, so this loss becomes greater than profit.

Maybe when they are taking withdrawal fees, they don't calculate the fee amount in terms of the USD price, but maybe they are only looking at the certain range of the coins, as you can see in yobit, withdrawal fees are ranging at, 0.0012 btc, 0.002 ltc, and ethereum also is 0.002 I thought.

[BTC Future 3946]

There is an exchange that has no withdrawal fees. Exmarkets. They don't have many traders though, but I've been using them for more than a year and had no problems. I've withdrawn Bitcoin from them without any fees.

[Bohana 2143]

On 4/20/2020 at 11:36 PM, koussai999 said:

Welcome my friend
I think it is because bitcoin has a very high value compared to other currencies in the market. I think this is the main reason for the high fees

I know the value of Bitcoin is high, but that doesn't give trading platforms the right to increase Bitcoin withdrawal fees! 

We cannot do anything but exchange Bitcoin to another cryptocurrency. 

[Beast921 952]

Everyone knows about the price of the bitcoin.It's price is very high.Also the supply and demand of the bitcoin is very high.These are the few reasons that the withdrawals fees of the bitcoin are high as compared to another crypto currencies.

[Altcoinfan 448]

As far as I understand the process the fees are high because there too many transaction requests and miners have wide choice to choose from for transactions - they often choose the ones with higher priority hence with higher fee and this makes the transaction fees go higher as a whole. 

[iloveyobit 6599]

Simply because the cost of bitcoin mining is very high compared to other currencies, the fees for transferring it between the portfolios will be large and vice versa.

[P A Ashif 2409]

I was learning the history of Bitcoin. And I found that due to the high maintenance requirement of crypto currencies so many graphic card are used which make the exchange costlier. We have to find alternative of it.

[Jahida 67 960]

The withdraw fee of bitcoin is very high. Because i think this coin are very popular.so i suggest you exchange on litecoin.because.there you can use withdraw very low fee