Post
Topic
Board Bitcoin Technical Support
Merits 3 from 2 users
Re: Why Bitcoin Transaction Fee increases Over Bitcoin Price Increase?
by
Pmalek
on 27/09/2021, 11:52:19 UTC
⭐ Merited by pooya87 (2) ,Lucius (1)
I ask if it is moral to charge someone 250 times more than the regular online fee
This is how I look at it. Morality has nothing to do with it. It's business and it's about generating as much profit as possible. The fees are high, but people still use them. A lot. From their point of view, there is no reason to make any changes. If they noticed that they lost 30% of their customers to too high fees, believe me they would change. They would even introduce airdrops, moneyback offers, and other promotions to get back what they lost.

The fee was actually higher at the start of 2017
https://www.binance.com/en/support/announcement/115000722011

Quote
After optimizing our processes, Binance has adjusted BTC withdraw fee from 0.002 to 0.0005 BTC. For details, please check Fee Structure on Binance.
Binance thinks only in USD terms. That announcement dates back to 20 July 2017. A source I found says Bitcoin was at $2.282 on that day. If math didn't fail me, those 0.002 BTC are equivalent to $4.50. Those 0.0005 BTC are today worth almost $22. So, they are pocketing much more now than what they did in the past.