Why Is Bitcoin Withdrawal Fee High In Every Exchange Platform?

[Projectcrypto 4382]

I don't know the exact reason behind the high transaction fee for bitcoin but fromy own point of view the fee is high because that is where blockchain remove the reward giving to miners for the work they are doing in accomplishing every transaction made by traders.

[sayems 1513]

I think sites that withdraw bitcoin charge extra withdrawal fees for their extra profit. But I don't know why the withdrawal fee is so high in every site. It may be that not all countries accept bitcoin, so all sites withdraw this withdrawal fee is so high. 

[Solex 2262]

Bitcoin is more expensive than any other coin and a lot of people make use of bitcoin to accomplish there transaction so the blockchain get the reward of miners who are take care and monitor every transaction we do for that reason bitcoin transaction fee tends to be higher than that of every coin in crypto world.

[Guru2050 8284]

I think the answer is simple and direct, BTC is the most expensive, volatile coin as such the fees charges for making transactions using BTC is higher compare to any other altcoins. Secondly it's considered as the most traded coin before the rest coins 

[Flying11Horse 45]

On 4/14/2020 at 5:38 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?

Ya @Bohana, i have also experienced the same issue.I think that as the bitcoin's price is very high and as the leading coin in cryptocurrency many transaction fees is charged.Every website want BITCOIN in abundance so they cut the desired amount through the transaction fee.

[cryptovlek 2597]

You made a good question, it is because bitcoin has high fees than other coins to transact and use, but this is not always the same and you can use lower fees if you use a wallet that allows it. But for a while now it is ethereum that has the highest fees and bitcoin is not even close, you may need 5 dollars to transfer ethereum.

[Sugibengi 390]

On 4/14/2020 at 7:38 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?

In my opinion, bitcoin withdrawal fees are calculated as a percentage of the bitcoin price, bitcoin prices are too high so the withdrawal fees are also high, in contrast to Litecoin which is much cheaper so the percentage of withdrawal fees can also be low. If you want to withdraw bitcoins from yobit but the fees are high, you can convert them to Litecoin first to make the withdrawal fees cheaper.

[Draven06 494]

It is just because bitcoin have high demand in the crypto market and also it has high value in price point. That's why it cost high in making transaction like deposit and withdrawal.

[Irungu 4299]

The most important thing for one to realize this is to make sure that you exchange this on yobit, make sure that you really work as hard, look at the exchange to other coins. I would suggest you exchange it to ripple and it works perfectly for you

[Sanjana321 6]

I am not familiar with that but as per mine opinion it may be because the bitcoin is so much expensive that will be the reason for the expensive for the trading.

[Jaafar Fahad Hassan 114]

The fee I high ,it obvious that it is because the price of Bitcoin is the highest,it is the highest coin in the world , so bigger and rich people invest in it, the price been high shouldn't be something to be surprised about

[BraveHeart01 1569]

I think this is because they want to keep some share of bitcoin to them as the earning from their hardworking but this is not too good as they are already getting fee from each trade.

[Mike1515 2977]

Generally bitcoin is expensive everywhere, we took a certain withdrawal from a certain exchange site P2P and in the end we were left with a debt of about 30 dollars for that exchange.
I have never understood why bitcoin is so expensive , we need to look at the reasons as to why and also start another post about the same

[bitcoin-shark 1928]

I don't know why the yobit exchange continues to keep the bitcoin withdraw fee so high 0.0012 btc of fee and really impractical perhaps to partially direct users to change before withdraw into other coins that have withdraw in fees in line with other exchanges, to make a single comparison, the fee for the withdraw of bitcoin of binance is only 0.0004 btc which is 3 times less

[Fixfin 2569]

The exchanges adjust the fees to the mining fees but most times they are high for bitcoin even if the miner fees are low. I haven't asked why this happens but I always thought that the excess of the fees is for the service the exchanges offer.

[bogdanoff 3173]

The bitcoin fees are high to withdraw from your wallet too and probably this is why the exchanges have same high rate and I seen that they make them higher if the blockchain fees go up a lot as binance did these days with ethereum.

[Switchback 22]

Most likely, there is a large fee for this, because it is more difficult for miners to get cryptocurrencies and the like. Thanks to everyone who wrote above, I read more about the bitcoin commission

[adidas21rus 37]

No matter how much money you send, to get it confirmed faster, you need to set a decent reward for miners. These funds are transferred to them for the fact that they provide capacity for the operation of the entire blockchain network. Plus, some of the money is still charged to protect against spam, so that the network is not overloaded with small transactions.

It is difficult to say exactly how the Commission is calculated in the blockchain network, but it is already known from practice that its size is affected by two main factors:frequency of identical transactions;amount of data with the transaction.
If you frequently send (receive) small amounts, the size of the fee increases. Therefore, active cryptocurrency users have increased deductions for confirming transactions.

No matter what type of wallet you use, they are all connected to the same blockchain, and the speed of processing operations depends on the same miners. But it is worth noting that some wallets have additional fees (this is the Commission of the service itself).It is pointless to pay 6-7 dollars for a transfer of$ 20, but it all depends on your goals. You may want to consider options for transferring money using other cryptocurrencies. The same bitcoincash Appeared as a result of an attempt to Refine the Bitcoin system. It has an increased block (8 MB) and a reduced Commission. The network is not so heavily loaded, so transactions are carried out faster.

There are many opinions about this on the Internet, most experienced users turn a blind eye to debits and advise not to make many small transactions. Check the amount of Commission for a bitcoin transaction at the moment and compare it with the commissions of other cryptocurrencies (just start making a transfer in your wallet, you will immediately be presented with the Commission percentage).

You need to keep track of how cryptocurrencies are changing today. Follow the news and monitor the market, this is important for both traders and investors.

It is difficult to say how much the Bitcoin Commission will be in a few more months, but it will definitely remain at a high level. Try to send the coins first with minimal Commission, all of a sudden you get lucky, they will receive a confirmation. If nothing happens and the funds are returned back to the account, increase the amount.

[hamzaalioua 23]

The first thing to know is the different fee structures that cryptocurrency trading platforms use and how they can be approached to your advantage.

You can ultimately save money by choosing a trading platform that suits your financial transactions.

[Nicolae01 73]

The higher the price of bitcoin will be, the higher the fee will be. This is why bitcoin can not replace real money, it doesn't scale, imagine you want to buy a coffe with bitcoins. that coffe costs 2$ but when you do the transactions the fees are 20$. It's not possible to manage it, this is why bitcoin will be replaced by another cryptocurrencie sooner or later.

[criistianinDP1 64]

I think that this happens for the different reasons that bitcoin is the number one currency to move much more volume and because of the high demand that raises the price a bit.

[RingOfSaturn 34]

What does the commission for the translation of Bitcoins depend on?
No matter how much you send, so that she receives confirmation faster, you need to give a decent reward to miners. It is to them that these funds are transferred for the fact that they provide power for the functioning of the entire blockchain network. Plus, part of the money is also charged to protect against spam so that the network is not overloaded with small transactions.
How exactly the commission in the blockchain network is calculated is difficult to say, but from practice it is already known that two main factors affect its size:
• Frequency of identical transactions
• The amount of data with the transaction.
If you often send (accept) small amounts, the amount of the fee increases. Therefore, active cryptocurrency users have increased deductions to confirm transactions.
No matter what type of wallet you use, they are all connected to the same blockchain, the speed of processing operations depends on the same miners. But it is worth considering that in some wallets there are additional fees (this is already the commission of the service itself).

[smsprocs 11]

I think the more popular the currency, the more expensive the transfer fee. 

[cansuguzel 44]

On 4/14/2020 at 3:38 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?

İt is always more logical to use low transaction fees such as Xrp, Xlm ,Trx instead of Bitcoin in money  windrawals. Bitcoin and Etherium windrawal fees are really high.

[Aldiyar1337 34]

It depends on what platform you use to exchange bitcoin for real money and withdraw it. I use bestchange and always have the least fee.