Why Is Bitcoin Withdrawal Fee High In Every Exchange Platform?

[magd 5231]

The price of withdrawal fees is proportional to the price of the cryptocurrency and the higher the cryptocurrency is the higher the withdrawal fee is high and bitcoin is the main currency the highest price and therefore we find that the fees for withdrawing it on all platforms are high and for this reason we resort to replacing Bitcoin with Ethereum to reduce the withdrawal fees

[scorpiali 5626]

That's because all exchange have the market of bitcoin and dont want to the  users send the bitcoin out of the exchange ,they want more in to have a high volume because it's help to bring investor 

[Kawuak 142]

There are many reasons behind this but I think the major reason here is that bitcoin is 10x expensive than many coins in the Cryptocurrency world today including the mining price and for that reason alone the transaction fee has to be higher than that of other coins but it will be good if th exchangers will comply and reduce the transaction fees.

[Dark_Sky 8489]

On 4/15/2020 at 1:54 AM, Yunusalemu said:

yeah i also have noticed that very issue for so lon now, I this very reason had discouraged me from withdrawing my earnings from the yobit exchange site till i later found a way to reduce the transaction fee down to abou zero transactions fee cost, and i made my first withdrawal 

It really depends on your withdrawal site. There are some sites that offer less withdrawal fee tha yobit but we must prefer using yobit because it's proven and trusted. 

[Tine0313 3053]

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?

Maybe what bitcoin has a higher fee because most of bitcoin has the most huge amount of exchange and it is not easily mined so i think they consider so many factors why it is has a higher withdrawal fee.

[Bohana 2143]

6 hours ago, Tine0313 said:

Maybe what bitcoin has a higher fee because most of bitcoin has the most huge amount of exchange and it is not easily mined so i think they consider so many factors why it is has a higher withdrawal fee.

Yes I think the exchange platforms like Yobit really earn a lot from Bitcoin withdrawal fees. A part of that fee goes for miners too of course. 

[Tine0313 3053]

18 minutes ago, Bohana said:

Yes I think the exchange platforms like Yobit really earn a lot from Bitcoin withdrawal fees. A part of that fee goes for miners too of course. 

Yes mate miners also profit from the withdrawal fee of the bitcoin. Also one of the factors why bitcoin has a higher fee because they consider the price of bitcoin we all know how large amount is that much.

[Bohana 2143]

6 minutes ago, Tine0313 said:

Yes mate miners also profit from the withdrawal fee of the bitcoin. Also one of the factors why bitcoin has a higher fee because they consider the price of bitcoin we all know how large amount is that much.

Miners deserve to get good fees because they make our transactions processed and they dedicate a lot of money to get the mining going with all the fees.

[Bohana 2143]

3 hours ago, Mohammad19930000 said:

Hello my friend, I think that the reason for the high transactions of bitcoin withdrawals is because the price of bitcoin is very high than the rest of the currencies, and this is why all members changed their currency type while withdrawing their money. 

I agree with that. Bitcoin has the biggest value among all cryptocurrencies and that's why its fees are high. I don't mind the fees being high as long as there is a simple solution for it.

[Tine0313 3053]

13 hours ago, Bohana said:

Miners deserve to get good fees because they make our transactions processed and they dedicate a lot of money to get the mining going with all the fees.

Yes mate miners deserve it. But i usually did when im about to withdraw is exchanging my bitcoin to other kind of crypto coin just like xrp or eth because those crypto has a lower fees that bitcoin.

[Crypto123 0]

15 minutes ago, Crypto lover* said:

I think that these fees are high, especially in bitcoin, because the mining process costs a lot of money, and therefore the process of transferring it will be costly as well, especially since it is the strongest, months and oldest currency of all other currencies.

In fact, it is not always high, for example you can use the Electrum wallet to reduce fees to a minimum, but you must know that if the fees are low the transfer will take a very long time, but if the fees are high the transaction does not take long.

[BrolySSJ 7899]

I think that this could be because bitcoin is a much popular coin, hence the higher price, and as a result there is a lot of transactions that are taking place in any given point in time. As a result the withdrawal fees are high in order to account for the miner fees required to make the transaction. As you must have have noticed, when the network is busy the transaction fees increase as well. But it is best to stick to withdrawing through litecoin. This is what i do as well.

[Thekingcallme 1975]

Because bitcoin blocks are expensive and therefore the fees on platforms are high and you can avoid this and create transactions through other currencies like xrp

[Captain Karim 0]

Bitcoin withdrawal fees are due to network usage fees.
Where the network fees are distributed to the two metals as well as to the nodes that serve the network.

 

[Ayush Singh 1175]

According to me I think that because of high impositions of taxes while doing transactions with Bitcoin exchanges have increase the fee of Bitcoin as you know Bitcoin is the popular digital currency which is demanded all over the countries so due to taxation policies the fees may get effected.

[Sarahden111 1231]

With a small note, you can see the difference between Bitcoin fees and the rest of the currencies. One of the reasons for this difference is the price of the currency itself.
As the Bitcoin withdrawal fee is 120 thousand Satoshi and it is a very small value for 100 million Satoshi, including Bitcoin.

[guatazoo 7150]

I think they have doing this because bitcoin is the only coin which you can be able to exchange it with fiat currencies through so many platforms, so that's means bitcoin has high demands in withdrawing that's why they are using high fees. 

[Yomose 3704]

3 hours ago, guatazoo said:

I think they have doing this because bitcoin is the only coin which you can be able to exchange it with fiat currencies through so many platforms, so that's means bitcoin has high demands in withdrawing that's why they are using high fees. 

No, I have exchanged ether, ripple and litecoin before to fiats, the reason for the high bitcoin transactions fee is because of bitcoin blockchain network that is always congested than other cryptocurrencies blockchain. 

[Strygwyr 317]

Bitcoin's transaction fees are high because the miners have to be rewarded for every block they make. Most of the time, they choose those transactions that paid higher than the others. There are a lot of transactions that are waiting to be confirmed, the higher the fee that you pay for the transaction the faster it to be confirmed because these are transactions thar are prioritized by the miners. 

If you do not want to pay for such high fees, I suggest that just use other coins like xrp since it's fees are way lower than btc's.

[Izeal 4404]

I think bitcoin is very difficult to mine and they need to be confirmed by several network because all the transactions should be register on blockchain. Only it needs upto 3 network confirmations before available to trade.

[Suryasp 164]

Helo friends bitcoin is one of the popular and expansive online currency. So 1 bitcoin day by day value is always change to mining conceptual. So maximum high value online  currency to get high level tax to exchange option. 

[Yomose 3704]

On 7/15/2020 at 5:27 PM, Abuyaman said:

think the motive why Bitcoin withdrawal rate is excessive on many change side may depend the number of customers using the platform is growing in an afternoon I think this will make the sections to upward thrust the withdrawal price price, in point of my view

I want to get this right, did you mean an exchange with highest number of user will have the highest withdrawals feel? I do not think this is right because binance withdrawal fee is low and not much like many exchanges with low trading volum

[Mwangi 5611]

I have and think so , because most of the time , I have used bitcoin it has been very difficult to understand the price itself so its very important to really important to work with a better crypto and I think ripple works perfectly so that is my case

[BTC Future 3946]

47 minutes ago, Abuyaman said:

I hope for the reason for the high bitcoin transactions fee because of bitcoin blockchain network that is always congested than other cryptocurrencies blockchain. 

Ethereum fees are higher than Bitcoin for the last one month. I bet that exchanges have already raised the withdrawal fees for various ERC20 tokens which always demand far more gwei than simple ETH transactions, as they are triggering smart contracts.

[Tunuu 2235]

Maybe bitcoin withdraw are high because of security when confirm a transaction. But i think not all exchanges have large fee in withdrawing, some exchanges are costing only 0.0005 BTC when withdraw and localbitcoins a peer to peer exchange site costs only 0.00003 BTC to withdraw.