Post
Topic
Board Bitcoin Discussion
Re: Exchanges are starting to reduce their bitcoin withdrawal fees at last
by
TheQuin
on 02/03/2018, 13:29:24 UTC
I don't understand why the server costs should be taken into account when withdrawing?

Because it is part of the cost of providing the service. It is both logical and fair that those that use that service the most pay the most for it.

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?

Banks charge for some services based on how often people use them. Some of these fees are hidden, like every time you use a debit card the retailer pays the fee not the customer, but it has the same effect in making what you buy more expensive. When the bank provides a service like cash withdrawal for free it isn't really free as that means they have to recoup the cost by charging higher fees elsewhere.
What the exchanges are doing is actually a far more transparent model where you can see what you are paying before deciding to use the service and fairer because customers pay for the services in proportion to how they use them.

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.

It is not a question of me having sympathy it is a question of me understanding different business models and ways to pass on costs most fairly.