Bitcoin Forum

Unocoin, a popular India headquartered bitcoin exchange has informed users that due to the growing volume in off-chain transactions of Bitcoin, the company will be increasing the BTC network fee from 0.0005 BTC to 0.0009 BTC per transaction.

Sufficient fees are important to maintain prompt confirmation timings, the change is due to come into effect for users on Tuesday, November, 14th 2017.

To note, the Bitcoin transaction network fee is the incentive to miners supporting the bitcoin network that validates and record transactions on the blockchain and this fee does not go to Unocoin.

Transactions between Unocoin users off-chain are still free.

Well unocoin was among the wallets already charging a hefty transaction fees and here we face another sudden increase in fees. In INR that would mean hefty ₹400-450 per transaction even if the transaction is of ₹1000. Its really silly to use this wallet anymore.

Will this keep users away from the exchanges if they start charging such a hefty fees. Because if people who are involved in less that 5k transaction like many buy for 1k, 2k etc and if they started to pay such fees for transfer they would better stay away from either cypto currency or will keep away from such exchanges which might be concern for such exchanges.

Then which exchange should i use.... I invest very little amount like 1k..

Localbitcoins.com

I don't like local Bitcoin any other options please? And how should i transfer my unocoin balance to other wallet with less fees...

Localbitcoins is the best option because of other Indian exchange like zebpay also increase the transaction fee

And what about Zebpay transaction fee? thought it's less then unocoin?

Yes, its true anybody found better option???

India being a market where BTC is getting quite popular day by day. So a lot new users are joining crypto-market everyday. There are only a few(about 3-4) exchanges, in India that provide them a door to enter this market by exchanging fiat to BTC. Unocoin is the oldest and largest used exchanges in India. So all these few indian exchanges are enjoying monopoly position and therefore applying high transaction fees.

Bitcoin exchanged to be BTC so about Zebpay transaction fee thought it's less then unocoin

My friend if you and anyone is a little amount investor then I prefer not to invest in btc because btc price is growing and due to huge amounts of transactions the price of processing the transaction is growing....
If you invested 1000 and then transfer the money from 1 address to other address you need to a minimum of ₹200 for the transaction confirmation and I think you go in loss....
I prefer you to invest in other Cryptocurrencies like litecoin and Ethereum...
I personally invested my money in litecoin when the price is $55(15 day ago)  and now the price is $70(approx..)
This is my opinion do what you like to do

i've been asked to pay more than my transaction amount as transaction fee.
they charge us heavy fees despite being trading at huge margins than the global markets.
switching back to blockchain  >:(

It is really sad to hear this but the problem is that all the other exchanges also have high transaction fees leaving no other option for us.

Unocoin is the best Indian bitcoin exchanger because other exchanges also have high transaction fees but there is no high fee and easy transaction.

well, in such cases I prefer using aggregator exchangers like coinmonkey.io - you always can see exchange rate and choose best one.