Why Is Bitcoin Withdrawal Fee High In Every Exchange Platform?

[minoooo5 76]

I think  withdrawal  fee of these coins is high  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 And also because of the fees is also high

 

[FlyfeCro 80]

There are many reasons for this, but I think the main reason here is that bitcoin is 10 times more expensive than many coins in the cryptocurrency world today, including the price of mining, and for this reason alone, the transaction fee should be higher than other coins, but it will be good if the exchangers comply and reduce the transaction fee.

[Just_Lucky 55]

Because bitcoin price itself is huge compare to others that why fee is so huge. If you want transfer coins first exchange bitcoin to something with lesser price like LTC for example.

[mertcanozluk 19]

its depends on bitcoin blockss

[heshamatya 0]

Because the price of Bitcoin varies widely across platforms, it cannot be confusing

[Diego Alfredo Moral 28]

On 4/14/2020 at 9:38 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?

Good morning friends. It is sure because the cost is higher, since with that amount of BTC, the miners are paid, who create the Bitcoins in the nodes of their property. It also depends on the price of BItcoin, which is much higher than that of LTC.

[encore94 85]

It seems to me that the fee for the commission is not high, but fixed ... The price of bitcoin is just growing, therefore it is high ... Now the price of the commission is high in the ETH network. Moreover, no one bothers you to transfer funds in tokens with a small commission and then sell them on the exchange already in BTC

[DennisChannels 238]

On 4/15/2020 at 12:31 AM, Dmasked said:

One reason is due to its high price the fees is also high and the other reason is to reward the miners. It is very costly and difficult to mine bitcoin so to reward miners they charge high transaction and withdrawal fees. Just exchange your bitcoin to usd or other crypto to withdraw at lower costs.

Same here. High network traffic require higher fees, priority in transactions and faster block confirmations.

 

So, as you can imagine BTC tends to be expensive because these reasons, tho it depends on the exchange... for instance, the typical fee is 40.000 satoshis (0.004 BTC) in most exchanges, but in Coinbase the fee is variable depending the volume, and it's around 2-2.5€

[rajabsalama 8]

Bitcoin is pretty cheap to send right now – cheaper than ethereum in some instances. It’s currently around 10 satoshis per byte to send BTC, which works out at approximately 30 cents for a typical transaction. Many bitcoin users only send cryptocurrency when withdrawing it from an exchange, however, to a wallet they control or to another exchange. And with cryptocurrency exchanges setting their own fees, the recent cost savings haven’t filtered through to users. Up until last week, it still cost around $10 to withdraw BTC from an exchange such as Kucoin or Binance. While the former has yet to lower its fees, Binance has.

[Javier Alvarez 111]

In most Bitcoin exchanges it has been the cryptocurrency that when making a sending transaction to an external wallet, the sending fees are the highest because the Bitcoin network is the most frequented and there are many shipments in queue, in addition to the cost of miners

[Jeofrey 162]

I think this is because of the increasing people mining bitcoin rather than litecoin. With the increasing bitcoin miners mean a higher value for the transaction fee. It's basically a concept on supply and demand. Even though they raise it higher people still make transactions.

[Longs 12]

 

The transaction fee depends on the amount that is shipped. at YoBit a fixed transaction fee is charged. I personally switch to ETH or LTC for the transactions.

[basel23 1722]

Withdrawal fees vary from one currency to another depending on the price of that currency and the blockchain on which the currency is built.
Also, the time to complete the conversion process varies from one currency to another

 

[Josephine Benson 29]

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?

To my personal analysis, Bitcoin is more expensive than all the other coins. So it will definitely incur higher charges than the others. The more coins you are withdrawing the more you pay. Litecoin price comes nowhere close to bitcoin price and its charges is directly proportional. 

[Ramy Hesham 67]

Bitcoin payments are currently either made with no or very little fees. Users can include transfer fees with their payment to gain priority execution, resulting in faster confirmation of the transaction by the network. Additionally, merchants have units to help process transactions, convert Bitcoin into fiat currencies, and deposit funds directly into their bank accounts on a daily basis. And because these services are based on Bitcoin, they can offer their services for much less than PayPal or credit card networks 

[sukoe 106]

I personally think that the reason why the price of Bitcoin withdrawal is higher than that of altcoins on evey exchange platform is because the price of Bitcoin is higher than that of other coins I therefore recommend withdrawing once a month when one has accumulated a lot of Bitcoin in order to lower the transactional commissions as opposed to daily withdrawals.

[Cryptonix 135]

The bitcoin transaction fee is really high. there are many options for getting or selling bitcoins. And many of them require additional fees. Consider what is more profitable for you: an exchange, an exchanger, a payment system where the minimum Commission is bitcoin, and then proceed based on their terms and commissions. Be sure to take into account changes in the exchange rate, it can fall sharply in just a couple of hours.

[Martin2525 97]

It should be taken into account that the algorithmic system that bitcoin has to generate a block is slower and consumes a lot of energy, the production of each block takes 10 minutes. On the other hand, Litecoin that was created for micro transactions implemented an improved system where the production of the block takes 2.5 minutes, that is, transactions in Litecoin are made 4 times faster than in the Bitcoin network.

I guess this also has to do with the price in the rates.

[Vencedor 37]

I think that the high fees when withdrawing BTC is due to the complexity of the block chain, for that reason it is better to change the crypto for a much lower value when withdrawing them

[Kami505030 1617]

You are talking about bitcoin withdrawal but do you have any knowledge about Ethereum fee. It is too high nowadays. It takes too high fees when you are taking any withdrawls in Ethereum. 

[Miguelpc19 55]

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?

In each transaction a series of data is stored about the sender, the recipient, the amount and the fee for the transaction. It should be noted that this fee does not have a fixed amount and depends on the amount that the sender is willing to pay to make the process faster.

If the size of Bitcoins of a transaction is large, then the fee for that transaction will be higher. The size of a transaction depends on the number of entries that the funds support. The more tickets we have, the more it will cost to make a transaction.

[DrkMot 44]

Обменяйте биткоин на другую криптографическую валюту и выведите ее, и комиссия будет меньше :)).

[ramonn22 731]

I think it is because of the miners since it is very difficult to mine with the difficulty of the blocks so I think the commissions are very high I personally like to work with other cryptocurrencies with low rates, for example, low rates have litecoin and another that has low rates is stellar no (XLM)
a big greeting

[TuRi3369 137]

The price of Bitcoin is the highest of each cryptocurrency. This is why Bitcoin is more valuable when withdrawing money from other withdrawals

[Merkur98 97]

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?

Hi my friend, my opinion is that this site requires a lot of knowledge and experience from us, and it is for small money, not for small people. This will continue until we stay here and become a regular user. This requires a lot of experience and money. That is their goal.