Why Is Bitcoin Withdrawal Fee High In Every Exchange Platform?

[Veronica Stones 141]

I I have been having this question in my mind for quite a while now maybe it's because it's a very popular coin and so many people make use of it that is why the withdrawal fee is very high compared to other cryptocurrencies.

[Nayeem1312 743]

Bitcoin price is very high. I think for this reason the withdrawal fee also high. Bitcoin withdrawal for rich people who has sufficient bitcoin for withdraw. But normal transaction will be vary for it.

[Edwinvicky 819]

Yes, it is high now because the price of BTC has gone higher, so many exchange has not adjusted the value of the withdrawal fee. e.g. Yobit btc withdrawal fee last year or early this year was around 5-11 USD for that same value (i.e 0.00120000) when BTC price was trading at below 10k. But now that the price of BTC has drastically increased and trading at 18k +, you can't expect the price of 0.00120000 fee to remain 11USD, now the amount of USD of 0.0012 at the present btc rate of 18k+ is now around 22USD. Ok now lets assume BTC trading at 5k, then the value of 0.0012 would be 5 USD. In this case when withdrawing you must have at least 23UD just for fee. I believe they might adjust the value and try reduce the amount.

[Mark wood 2970]

On 4/14/2020 at 7:42 PM, Ch Ayyan said:

I think  withdrawal  fee of these coins is high  because  these are top coins and mostly  pee invest in these coins  and profit is also high from  these coins to us.

I think yes this is the matter or maybe it has other reason also but from my point of view the BTC is a famous and a good coins that nowadays it is so high and if we want withdraw more then we will face more fee because it depends on what we withdraw that is my mind about high fee..

[abd1992 960]

On 4/14/2020 at 2:38 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 think the reason is the increased difficulty of mining on Bitcoin, as mining was more difficult and low. You need to increase the fees in order for the miners to deal with your transaction, or it will wait days for you to transfer

[Emiway 842]

I think withdrawal expense of these coins is high on the grounds that these are top coins and generally pee put resources into these coins and benefit is additionally high from these coins to us.

[Shehraz bhatti 1703]

Yes the btc price is so high in any forum because btc price is rising everyday and it will be increase more  in the future and  this is the reason that the btc fees is so high because we will withdraw high amount and compulsory to withdraw by exchange btc that is the reason that the fees od brc is high than other  we can convert it into low fees. We have to convert our btc in litecoin and litecoin have the lowest fees for withdraw so use litecoin to withdraw your btc.

[Shraf2020 301]

It depends on the price movement of each currency separately
This is what I think, for example, the fee for withdrawal is higher than any other currency, unlike some currencies. This on the one hand, and on the other hand, it depends on the wallet that you withdraw and deposit in. The commission also varies from one wallet to another.
So look for any wallet that takes little withdrawal fees and use it

[Syman 520]

There is good reason to charge a higher Bitcoin withdrawal fee, as Bitcoin is the most valuable coin and the price is much higher for all coins.  Bitcoin is getting more and more expensive as the days go by and the exchange sites are also taking advantage of the higher withdrawal fees.  The other cryptocurrencies do not have much of an impact, so the price is much lower than that of Bitcoin, so the withdrawal fee for altcoin is lower and for bitcoin is higher.

[Imtasal Sandhu 440]

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?

I think soo the withdrwal fees is according to the rate of that of that cryptocurrency . As the BTC is at shy high rates so their withdrawl fees is also higher than others . Like withdrawl fees of litecoin is lesser than BTC but higher than other cryptocurrencies .

[Mridul Rahman 1058]

There is still no perfect explaination about that. But i think it is because the price of bitcoin is very much high. Ltc has low fee but eth has more than ltc. So usually it depends on the price. Well sometimes the low valued coins also take high fees because of their network transaction.  I will be really helpful if anyone know the correct reason about this.

[Iman33 0]

In my opinion, Bitcoin always has an increasing price, and it is the best currency for this fee. It is also high. There are high workers' bonuses that can be exchanged for any other currency in which the costs of withdrawing them are lower.

[Umair976 10]

The transaction fees of BTC is very high because i think first it's value is very high which is effected to other currency pairs. 

Second is that it's transaction is done by many miners so may be they take many charges.  

[Dianaana 184]

The problem is that the exchange rate is only part of the equation, and sometimes a very small part of it. When trying to figure out how much it will cost you to get your Bitcoin from a specific trading platform or broker, you have to take into account the total money you spend in comparison to the total Bitcoins you’ve received.

[Lazarock 264]

Although am just a newbie, but I can tell that btc withdraw fee is high because of it volume and the wide range of use of btc across the globe.

[godislovefll 1880]

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

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 happens because the btc has a high value, which also invites a high volume of users and this implies a high cost of charging commissions for the confirmations of the miners and not only happens with btc also currently happens with ETH and while more famous be the cryptocurrency perhaps more congested the network.

[Fresh67594187 335]

It is very costly and difficult to mine bitcoin so to reward miners they charge high transaction and withdrawal fees. Just exchange your bitcoin

[Anoni 65]

The price of bitcoin is so much high at this time that's why it contains high withdrawal fees. Litecoin isn’t as high priced as bitcoin That's why it need less fees.

[Tannah 1228]

We know at present bitcoin is the most popular coin among all of the coins and  the price of bitcoin is almost $17k+. None other coin aren’t in this price. So for Being so much worthy coin it takes high transaction fee for It's costing of development of transaction. And it takes mor withdrawal fee for It's high price too         

[FA1891MA006 367]

As i think that is bitcoin blocks its too hard to be mined while miners are confirming transactions, so that they took high fees in bitcoin, maybe it paid or devided to many miners. Thanks 

[Jonathan200321 880]

It seems to me that it is because as the currency rises more, the price of the withdrawal commissions will also rise and they will continue to rise if the currency rises and it is the same if the oneda and the prices of the withdrawal commission fall.

[Arslanbhai123 628]

In my opinion it's because of the price of btc are high and liability of these coins are high. A member ahould collect the coins and then withdraw after somedays then the collective fees will not that matter but daily withdraw looks high. You can convert btc to ltc then withdraw there will be low fees for that. 

[CryptoLegendry 505]

Because Bitcoin is the greatest cryptocurrency that has ever existed, and no cryptocurrency has the same greatness as Bitcoin! Also, Bitcoin is the first cryptocurrency to be launched in history, and I consider Bitcoin to be the mother of the other cryptocurrencies!
The commission amount is large because verifying Bitcoin is difficult and takes time! Therefore, many people prefer to withdraw via other currencies such as Waves, DOGE

[Hasanbydn 59]

I think there are several reasons:
First: You are talking about the first, most popular, and most valuable currency, so the most risky currency for the exchange platform.
Second: the complex verification procedures associated with Bitcoin, which increases the cost of the transfer, in time and materially.
Third: The large value of this currency makes the exchange platforms assume that those who carry out the transfer process are often old owners of the currency, and therefore their profits are very large, and the increase in the transfer commission will be small compared to the transaction value.

[Garion hirao 550]

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