Post
Topic
Board Bitcoin Discussion
Re: Exchanges are starting to reduce their bitcoin withdrawal fees at last
by
Lovecove
on 02/03/2018, 13:15:37 UTC
It's still pretty high given that you can send transactions for a few cents, but it is a step in the right direction.

You do have to take into account that the fee doesn't just cover the miner's fee on the transaction but also the cost of administrating the withdrawal system. They need to run servers, put security systems in place for the hot wallet, have a cold wallet, sweep deposits and answer support requests as well.

Even so, they were all quick to put withdrawal fees up so it is good to some reducing them. It would be better if they used dynamic fees like for example Bitfinex (currently 0.0004BTC).


I don't understand why the server costs should be taken into account when withdrawing?

A business model is overall, and not aspect-wise. You can't charge people extra at bank of America for withdrawing funds from your own checking account through the teller because it costs them money to pay employees to do that and to update the servers and to pay the accountants?

I don't know why you have sympathy for exchanges lol. They make millions of dollars every year. They make that off of the commissions from trades and maybe some coin listings and what not...

I mean it's so profitable you see new exchanges popping up everywhere... I have no sympathy for their costs whatsoever. Sorry.