Bitcoin Forum

First of all, many thanks to the founder of this forum. I got ideas about bitcoin and bitcointalk forum by watching YouTube videos, I registered account in this forum to know bitcoin better and by studying daily regularly I was able to get better idea about bitcoin today. I had a hard time with one thing at first, because I live in a country where Bitcoin is still illegal, I didn't get any idea about Bitcoin from anyone. I am currently 30 years old, if someone had given me an idea about Bitcoin before 2010 or 2020, I would have made a lot of money investing in Bitcoin today. Luckily I came to know about Bitcoin 2 months ago by watching a youtube video. If I hadn't seen this YouTube video, I still wouldn't have got the idea about bitcoin. When I got the idea about bitcoin, the price of bitcoin was 25k to 26k. If I had invested in Bitcoin when it was 26k, I would have made a lot of profit today. I did not invest at that time as I did not have a good understanding of Bitcoin. Inflation in our country is increasing day by day. I didn't put all the savings I had in the bank, I bought land a few days ago for $10000. I still have $5000 in savings I bought bitcoin yesterday for $1000. I have another $4000, I will buy $100 worth of bitcoin every 15 days.

The only reason I am posting this today is that I bought bitcoins from kucoin exchanger. I learned bitcoins are not secure in bitcoin exchangers. I chose a hardware wallet. Now my problem is that when I try to transfer bitcoins to hardware wallet, I see a fee of 0.0005 bitcoins, what is the reason for the high fee? A few days ago, it seems that it was 1-2 dollars. Fee will not be reduced? If the fee is not reduced then I will withdraw with this fee.

It's fixed withdrawal fee set by Kucoin. It's a centralized exchange, you don't control wallet on Kucoin and you pay for their service. Services like exchanges, casinos and other companies have set their fee for withdrawing. If you want to transfer them in your hardware wallet, you have to pay those withdrawal fees but once you get them in your hardware wallet, you'll have a better control of your funds and you'll set fees on your own.
I suggest you to use mempool.space (https://mempool.space/) when setting fees manually. From your post I think that you still have to learn a lot. You are more than welcome to post in beginners help section and hardware wallet section if you have any further questions about how to use hardware wallet.
Btw which hardware wallet do you use? Ledger, Trezor or more advanced ones like Passport?

Because its a standard fee for withdrawal on exchanges. Im not sure if theres an exchange lower than that but basically fees are incurred in trading and withdrawal on onchain crypto exchange. For that fee I think its fine already, cause theres no way you could lessen that unless the network is not congested and can process with a bare minimal fees.

Welcome to Bitcoin. First of all, it is admirable that you are investing such a high amount. I hope you are aware of the risks of Bitcoin before investing. It will be much better if you hold long-term bitcoins. Because Bitcoin is a very potential coin and its future is very good. But of course you should since you have bought large amount of bitcoins and decide to buy regularly so buy a hardware wallet and keep them safe there.

The increase in Bitcoin transaction fees is due to the sudden increase in the price of Bitcoin and more transaction requests than before. But it will come down soon today it has come down a lot already because 2 days ago it was $10-12 per transaction but today it is less than $3

Your choice of going self custody of your bitcoin is actually a great idea. For the past 1-2 weeks now we have been experiencing a high increase of transaction fee, in fact it is coming down right now because it had gone pass the 100 sats/vbyte mark before. The reasons is because of some ordinals and inscriptions that are feeling up the block size and are paying high transaction fees to get their transactions into the next block. With the block size relatively limited you need to pay high fee too to get your transaction confirmed.

At the moment the fee is around 65 sats/vbyte which means that the fee set by KuCoin is extremely high and you can’t customize that because it is the standard charge they set, if the bitcoin is actually in other wallets I would have advised you to wait till the the mempool gets less congested and the fee is lower but since it is an exchange I wouldn’t want you to risk it and leave your funds there so I will say you should take the loss and just move your funds, $1000 isn’t a small amount at your place now and will be risky to lose it totally to exchange collapse or anything


Note: you have to look at the address you’re withdrawing from KuCoin because I just saw that they have suspended the withdrawal of bitcoin to native segwit address type (address that starts with bc1q) and only have just the nested segwit address type withdrawal available (address that starts with 3).

I think you mix two things here.

You will not be charged as low as $1-$2 when you withdraw your Bitcoin from Kucoin even mempool is empty. Kucoin is a CEX and they will ask a fixed fee except the mempool is really full and the current fee in Bitcoin on chain overtake their fixed fee, they will increase their fee (again it's fixed).

Bitcoin fee is high because of ordinals spam.

Bitcoin is a decentralized digital currency, it make use of the p2p network, try as much as possible not to use a centralized exchange which may cause you to be tracked down through the KYC information given on such exchange, you can use a decentralized exchange like bisq.


Know that YouTube is never enough to learn about bitcoin, this is the most versatile platform and a bitcoin community where you could stay and acquire every bits of informations required for you to know about bitcoin.


You can see the opportunity that lies within the shortest period, who knows this could have come this fast from $26,000 now to $37,000 you can see how profitable bitcoin Investment could be.


It's never too late to start another future opportunity now, because we will soon enters to the bull market fully after halving by next year.


Remember it's illegal in your country, try as possible not to leave your bitcoin on centralized exchanges, alternatively you can use a decentralized exchange, but your money is more secured when you're using a cold storage.


Bitcoin ordinals, you can make use of the forum search to learn more about this.


There are ways you could make ise of a lower transaction fee even at this trying times of high transaction fee due to the mempool congestion resulting from ordinals inscriptions, weekend transactions are mostly cheap, check the mempool before making transaction to know the rates, use a wallet that supports RBF like electrum wallet, use a mining pool to boost your transactions.

It is a temporary matter due to the high withdrawal fees, and if these platforms care about customers paying cheap fees, their fees should be less than the average amount you pay for individual transactions, which is approximately 61 sat/vB If we assume that these platforms want to confirm the transaction in the next block.
Look for any platform that offers cheaper fees and count from kucoin using altcoin that has cheaper fees or wait for several days and the fees will decrease.

Before deciding to use a centralized service, make sure to always check the withdrawal fee rate and other details, like the minimum amount required for withdrawal.  as well as any potential restrictions or conditions that may apply.

KuCoin Withdrawal Fee Rate: https://www.kucoin.com/vip/level

You can also compare fees among various exchanges on sites such as https://withdrawalfees.com/, for example.

The fee that you are being charged is by KuCoin, the exchange that you are using to buy your Funds. You cannot lower it and If you think it's a high fee, try searching for any other exchange to convert your funds to Bitcoin. There are websites that allow you to check the trade fee on exchanges, I generally prefer Binance's Convert function as it's free of fee. $100 USDT to $100 Worth of Bitcoin without paying any fee only happens there for me atleast.

Some exchanges have fixed fee which might be high. In future, choose exchanges with less fees. You can find list of such exchanges online.

A few months ago, exchanges were competing in terms of Bitcoin withdrawal fees, around 0.00005 the cheapest I remember withdrawing to a native Segwit address.
But nowadays, given the serious network congestion, cheap offers will strangle themselves if they don't end it.

This is just a temporary problem and will be resolved soon, you don't need to worry too much, all you need to do is just wait and I believe the fee will soon decrease in the coming days. I'm in your situation too, I'm also waiting for transaction fees to drop so I can transfer some bitcoin to my main wallet.  Bitcoin transaction fees sometimes fluctuate just like bitcoin prices, so you should check before trading, if the fee is too high, you can also wait for it to decrease.  this is normal for the bitcoin network, you will no longer be surprised or confused when you participate in this market long enough.

Exchanges like this usually prioritize speed of transaction confirmation and take the highest standard fees. A few days ago the Bitcoin network was congested and transaction fees were also high. If you have objections to transaction fees, we can first check Bitcoin transaction fees before confirming the transaction, or alternatively use another network. In my opinion, $1-$2 to move $1000-$10000 of profit is not a problem.

Not sure why bitcoin withdrawal fees are a bit higher but fees are not always higher. Bitcoin withdrawal fees were between 20 cents and 30 cents even a week ago but Bitcoin withdrawal fees for Network Congested have gone up a lot and are now between $3 and $5 at various times today. But this is temporary and very soon the problem will be resolved and the fee will drop below twenty cents as before.

Welcome to the forum and it is good to hear that you are here to learn about Bitcoin. You don't need to regret that you were not aware of Bitcoin a long time ago because is still in it's infant stage. Since bitcoin is illegal in your country it will be great to learn how to keep your bitcoin private to avoid persecution from the government. Using a decentralized wallet and avoiding centralised exchanges will help protect you from government invasion of privacy.
 
When you are buying Bitcoin your focus should be to hold it for the long term. Bitcoin price will definitely go up especially if the spot ETF is approved but buying now for short investment is risky. It could be profitable in the long run but projecting to make a profit in the short term might not be advisable. Buying Bitcoin using DCA is okay but the current price is high to target short-term profit..

Transaction fees will reduce with time. You can also consider suspending the transaction until the mempool is less congested which will help you in avoiding this high fees. Keeping your funds in a hardware wallet or a good decentralized wallet like Electrum is also okay. But never keep your funds in centralized exchanges because many of them have people to lose money.

Op you are welcome and calm down to learn and Op I must say the truth, the amount you said you used to buy the land is too high. You mean, you used $10,000 to buy land. Is it that your country Currency is dramatically devalued? That is too much. In my country that is 10 million so I was imagining how many plot of land s did you buy with that amount of money.

Buying of bitcoin has nothing to do with inflation. Bitcoin is not part of the inflation issue. So if you she the money you buy and if you don't have the money then you wait till you get money. Bitcoin can be bought with $5 and above. And you can use non custodial wallet to secure you funds. If you don't know how to use hardware wallet then Electrum wallet is very good for you to use and keep your coins. Yes the fee of bitcoin is like bitcoin itself. They are all volatile in nature and the price will go back to the bear level for everyone to enjoy again.

First of all, welcome to this forum. I hope this is not another made-up story. Recently, Poker Player created a thread asking for a board for made-up stories only. Anyways, Kucoin has had this fixed withdrawal for a long time. I don't know for how long, but usually CEX withdrawal fees are fixed no matter how much you withdraw from there. So this 0.0005 BTC is fixed. There is no way to decrease it. But once you transfer it to your wallet, you will be able to control your Bitcoin. You can control how much you want to pay as fees. I use Electrum as a daily wallet and for storing Bitcoin too.

OP can use https://www.cryptowisser.com/exchanges/ to get Trading fees (Taker fee, Maker fee) and Withdrawal fee of many exchanges for comparison. It has some more information as Deposit method (Wire, Credit), US allowed or not, Active since.

Usually, the exchange withdrawal fee of 0.0005 Btc is equivalent to $18, which is standard for exchanges but because the congestion is now increasingly suffocating, it requires high fees.

Usually the Binance exchange charges a normal withdrawal fee of about $2 when the mempool is friendly, but when the fees are rising then some exchanges increase the withdrawal fee from the usual, if I'm not mistaken a few days ago withdrawing from Binance with a withdrawal fee of $6-$7, but it will be normal again if the network is not congested.

You came to know about this forum and Bitcoin from youtube and also invested a good amount here, it is not very common because many people are afraid to invest but you invested an amount like $5k without any fear and continue to invest every week. going  So I don't think this small transaction fee should be a problem for you. Transaction fees fluctuate constantly, so even if it's a bit high for a while, it will come down again

Exchange withdrawal fees are always higher than a personal non-custodial wallet, and now that personal wallet fees are as low as $10, it's normal for exchange withdrawal fees to be slightly higher more then that. you can wait for some days it will reduce again

I would like for you OP, to understand the strategy you have so far employed in investing in Bitcoin. The name would help you speak better and know better on the kind of strategy you used.
It is called DCA strategy of investment, and its one strategy that would require you to constantly be faced with the ever changing charges/fees due to the rise or fall of Bitcoin's price and the frequency your withdrawal.

The market trends of bull run and bear runs do as much to affect the fees, and as you can guess, we are in one these two seasons, with the current BTC price will be nearing $40k before the end of this year as speculated.
 That means you should be getting ready for even higher fees in coming days, unless you can manipulate the memepool and set a limit of the minimum charge you can afford. The exchange you use to buy BTC assets and trade with, matters too, if it is to be considered as one of the reasons for such high fees of 0.00005.