Bitcoin Forum

I just withdrew some Bitcoin from Bittrex and noticed they still have the same withdraw fee they had like months ago. Shouldn't they adjust their fee to the BTC price?
I mean paying more than 7$ for withdrawing your Bitcoin ist just ridiculous or am I the only one who thinks this is robbery.

I have to work almost a hour for 7$ not imagining people from india working 2 days for that amount. Maybe it's true bitcoin is only for the rich.

withdrawal fees now from most exchanges are kinda high
and from other btc wallet to exchanges btc wallet is much higher
poloniex is the cheapest 10k satoshi every withdrawal

Totally agree with you. If you imagine the situation when bitcoin will cost 10k-50k $ the commission will be just as absurd to grow (in $)?

While bitcoin price is increasing, the value of fees will increase too. BTC0.001 satoshis in the past doesn't have the same value today.

That's how exchanges works and we have no choice but to deal with that unless you can find a good exchange that will qualified to your standards in terms of fees. That's why it's recommended to avoid doing micro transaction to save fees.

It is 100k satoshis from Poloniex I think.
You cant dent the fact that the bitcoin is so ecpensive now so they are going with the trend that is why it looks like it is so high.
If you dont convert it to dollars then maybe you wont feel it much or it will be little for you.
I dont think there is a voting thread to make them lower their fees. They depend on the price of bitcoin.

It seems to me that this is wrong. By doing so, the miners support the use of Fiat. Users are forced to collect large sums and bring them to the Bank card. After that, all purchases are made in Fiat. This has a negative impact on the development of trade with bitcoin and as a consequence inhibits the proliferation of bitcoin.

you are implying you are not rich ! then you state that bitcoin is only for the rich !

whats your play then ? gonna sell all your bitcoin ?

It is same issue with my local Bitcoin exchange, I even contacted them and no response from them it seems that they need to tell it first ti their programmers to change it again to a much lower price. They are not stealing anything I think because that fee is straight to the miners that making the transactions go through and you can check it yourself.

I think it is much better for you to use Bitcoin hardware wallets because you can adjust the transaction fees at your own discretion comparing to the fix fees to some Bitcoin online wallets.

Poloniex withdrawal fees are still 0.0001 just as they have been for more than months, maybe since they are online. And 0.0001 is almost $0,75, i dont see it very expensive.
anyway, the fees are pretty high right now, not just for bitcoin, they are so expensive, i just sent a payment of about $50 to a guy and it costed me about $5,20 to make that transaction.
but i dont care, bitcoin is rising a lot so i dont have anything to complain about.

I don't have account with this exchange but I guess it's miners fee. Currently it's around $7 so it's not really profit for the exchange but miners. This is the reason why we need solution to bitcoin scalability asap

When I send BTC from my desktop wallet I always set the fee to 0.3-0.6$. I have to wait halve a day for my BTC to arrive but I'm okey with that if I don't need them instantly. But on exchanges it's not possible to adjust the fee.

Actually, it is quite possible to happen since it varies also the price of bitcoin now. Even though we complaint it for there high fees but we don't have a choice unless you have your own exchanger.
For me, I've never considered it as robbery because it is normally to happen in business. Is just a matter following the trend of bitcoin price in the market, as it price down simply the lower their fees also.

yes withdraw fees  from most  all exchanges and wallet are kinda high , do not change if bitcoin price go up
yes of course it's true bitcoin is only for the rich.

How about binance? do you have any idea how much is the real withdrawal fees in binance?

someone says that if you use binance coin in their exchange the fees will be extremely cheap?

is that true?

Well it is decentralize currency you have freedom to go out and find other ways.

Few ways to trade without the greedy exchanges.
-Start a chat group
-Trade BTC in this forums
-Go in person to trade

It doesn't always revolve around the exchanges.

Use Poloniex 0.0001BTC Fee
Bittrex Has A Big Fee 0.001BTC
Buy Stellar/Lumens At Bittrex
Transfer To Poloniex
Sell The Stellar You Buy
Withdraw Itu From Poloniex

It is wild capitalism, companies are transforming to wild tigers for higher profits, and it is opposite to born idea of BitCoin.

No, that makes no sense. They are charging you withdrawal fees because of network mining fees. These fees are baked into the protocol, denominated in BTC. There's no way to peg the fees to USD value in a decentralized protocol. That would require some sort of centralized arbiter.

We also wouldn't want to peg fees to USD because fees need to eventually replace the block subsidy, which is denominated in BTC. Miners are investors/speculators. You can't expect them to invest in mining hardware/infrastructure just to earn small fiat fees.

That $7 is not extreme. You even pay something around $2-5 for the bitcoin transfer fee. If an exhange is paying me in cash, they can charge the amount. But if you only mean moving your bitcoin from there to somewhere else, it's not acceptable.

To be fair the network transaction fees are high right now. If you want to send a timely payment of any significant amount, especially if it is made up of several smaller inputs, it will easily cost $7 right now even when transferring from your own wallet. Expecting an exchange to simply absorb this cost is rather unrealistic, and you would still be complaining if they chose to send your withdrawal via a low fee that took several days to complete.

when will binance introduce lower fees? we have 0.3 fees for OMG i.e.

That’s too high now when the price is up.

Withdrawal fees in exchanges are ridiculous. I have also started leaving some funds there now. I know it's not ideal. I buy crypto once or twice a month. So I kinda wait until its an amount I am not willing to lose then I transfer into my cold wallet. Last month I lost $150 just on fees. For me, that is a lot of money.

7$ withdrawal fee for ETH and 2 ADX ( 10$) ltc over 4$ is too much . high withdrawal fees for all currency ;( .
 Very disappointing.

 fees to Withdraw to high >>>NOW up to $25

ADX Withdrawal Fee: 2 (change to 3.7 ADX = $16 ...KRAZY,KRAZY,KRAZY)

SUB: Withdrawal Fee: 4 >> (change to 4.7 SUB = $16 )

Just Some Examples

Bitcoin itself is very expensive currency. therefore, the commissions seem unrealistically overstated

First of all people from India don't have to work for 2 days for mere 7$. And secondly, yes a lot of exchanges are still having pretty high withdrawal fees which was present from the days when bitcoin network was under heavy load of transactions and mem pool was also always full of transactions so at that time it was acceptable to pay that high amount for your transaction to get a confirmation but now as the bitcoin network isn't congested anymore the exchanges still have high fees and this should be stopped as paying 7$ for the same transaction that can get confirmed in $1 is pretty insane and no one likes this.

as of now all exchangers have high withdrawal fees when the market is speculating on prices fees raise up Binance have less fee and Poloniex and Bittrex have more fees

This is a reason because i alway withdraw with XLM or Verge
It's a low fee with both :D

This issue is deffinetly the most important problem in the crypto market. One and the most important feature of the bitcoin was less withdraw costs but when we get in the market we saw it is not true. many people does not believe crytpo because they claim coins don't meet their features such as low withdraw costs.

I don't withdraw with BTC or ETH
If you withdraw with XLM or Verge you can save a bit money

But if you want to store btc and hold you can't simply withdraw in another currency....

To be more fair exchanges should allow users to select fees amount, so everybody could choose his fee and transaction speed. A few exchanges already do this. If i remember correctly coinexchange do.

All exchange sites has their own rules for tansaction but one reason for high withdrawl fees in bitcoin transaction is duet to high price of bitcoin, and polo and bittrex are popular and reliable sites so they have high withdrawl fee than others.

Well it depends on the exchange you are using and at the same time the amount you intends to withdrew, most exchange that have good record like bitrex and the rest have high fee due to they reliability and popularity but the transactions fees at the present time is relatively low compared to when you started this post and am sure you will have different view all together now.

I guess $7 is reasonable since bittrex need to pay for the miner fees to send your BTC to you. If you think Bittrex fees is expensive, don’t ever trade in hitbtc, the fees for withdrawing altcoin is crazy.

it's true bitcoin for the rich only but I am also here trying to collect a small part of bitcoin until I can have it, and for the cost of withdrawal makes me feel pinched.

We do not directly judge that bitcoin is only for the rich. the value of bitcoin continues to increase is reasonable when the cost of sales will increase, but over time the cost of it will go down with a fixed value. And it's not a benchmark when bitcoin is only for the rich.

I have found a way out of this situation. I rarely withdraw bitcoins from the exchange. To save my funds on cashing out I buy litecoin or ripple, doge (the cheapest) and exchange them for fiat. But i agree that the exchanges could lower the commission. On other hand the funds come from the exchange very quickly.

I agree that's a lot ... even here in my country it's like 8 hours of hard work to get 7$ if not less  , they need to take a look at their fees and make new acceptable ones .

That's the promotion for most of the exchanges for their own coins I also heard that there is a discount in a specific percentage for trading, exchanges like bibox also have a promotion for the usage of their BIX token for about 50% discount for the fees it's pretty convenient to use their own coins/tokens for fees rather than to use bitcoin or other cryptocurrencies to the expenses, fees for regular crypto should be adjusted to the current pricing of the market as we know it is so volatile

Yes i agree with you bro, Bittrex has a big fee same as like Cryptopia ( 0.001 BTC for minimal transfer ). I ever see my friend transfer his BTC to other exchanger and the fee is 0.001 BTC for every transfer.

I think thats not big since we know they have very big responsibilities for saving our money in very big number.
Also their maintenance should take some money too

It is indeed ridiculous but this is only if you are using exchanges platforms. The day you get paid in Bitcoin by your company on your personal wallet and make a lighting trade with your friend, fees get ridiculously low and trades in your daily life get possible.

Not just Bittrex, but many exchanges also charge this rate. This is also a big problem that bothers the development of the bitcoin community. I hope there will be a better solution in the next few years. I think some of the altcoin may be widely used by more people. In terms of rates, they can preempt some of the shares that originally belonged to bitcoin.