Post
Topic
Board Beginners & Help
Re: Why Bitcoin Transaction Fee increases Over Bitcoin Price Increase?
by
Lucius
on 28/09/2021, 09:22:42 UTC
Or they want to promote their own tokens and chains, in Binance's case as the fee for their so-called pegged token is 0.000004, 125 times cheaper.

I completely forgot about it, and now I remembered all those newbie questions about how they try to confuse them on the withdraw page to just choose a cheaper option - of course, they are interested in having as many people invest in their token as possible.



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.

I understand that this is cruel capitalism where everyone takes advantage of the other to the extreme, but I still think it is very unfair to have such a large withdrawal fee for BTC. However, users may start using other crypto exchanges now that Binance has KYC for all users - which was not the case until recently.