Exchanges are starting to reduce their bitcoin withdrawal fees at last

[TheQuin]

I don't understand why the server costs should be taken into account when withdrawing?

Because it is part of the cost of providing the service. It is both logical and fair that those that use that service the most pay the most for it.

A business model is overall, and not aspect-wise. You can't charge people extra at bank of America for withdrawing funds from your own checking account through the teller because it costs them money to pay employees to do that and to update the servers and to pay the accountants?

Banks charge for some services based on how often people use them. Some of these fees are hidden, like every time you use a debit card the retailer pays the fee not the customer, but it has the same effect in making what you buy more expensive. When the bank provides a service like cash withdrawal for free it isn't really free as that means they have to recoup the cost by charging higher fees elsewhere.
What the exchanges are doing is actually a far more transparent model where you can see what you are paying before deciding to use the service and fairer because customers pay for the services in proportion to how they use them.

I don't know why you have sympathy for exchanges lol. They make millions of dollars every year. They make that off of the commissions from trades and maybe some coin listings and what not...

I mean it's so profitable you see new exchanges popping up everywhere... I have no sympathy for their costs whatsoever. Sorry.

It is not a question of me having sympathy it is a question of me understanding different business models and ways to pass on costs most fairly.

[antagonist]

Here is Kraken:

https://twitter.com/krakenfx/status/969341056008454144

Effective immediately, withdrawal fees on Bitcoin (XBT) are reduced to 0.0005, and withdrawal fees on Bitcoin Cash (BCH) are reduced to 0.0001.

And here is Binance:

https://twitter.com/binance_2017/status/969271254959222784

#Binance is happy to announce a 50% reduction in $BTC withdrawal fees. Effective immediately, BTC withdrawal fees are only 0.0005 BTC!

It's still pretty high given that you can send transactions for a few cents, but it is a step in the right direction.

it is very good thing that they do this , so long create extortion world for bitcoin trader and too many ppl begin to be like dog who chase only its own tail of its own . This one they should have done it very long time in past butnow that they do , i support this one and will not complain it

[Azjum]

The trading fees may be low (even very low) but they do gain on withdrawals.
Waves at a fixed fee of 0.001, it is interesting to see how much these transaction fees are charged on exchanges.

[filharvey]

One of the reason is segwit getting activated widely and due to which the congestion in network getting fully reduced.Another reason is professional new exchanges entering the market to break the monopoly of some exchanges like poloniex,bittrex,kracken which almost had a lion's share of bitcoin exchange market.The bigger exchanges are facing a severe competition from newer exchanges which are ready to provide a good customer service unlike poloniex and bittrex which were well known for their poor customer service.

[BrewMaster]

The trading fees may be low (even very low) but they do gain on withdrawals.
Waves at a fixed fee of 0.001, it is interesting to see how much these transaction fees are charged on exchanges.

it is pretty simple to know.
next time you made a withdrawal from an exchange or any kind of similar service, use the transaction ID they give you to check the transaction fee. you can simply do it by searching it on an online block explorer.
it usually is near the same amount they charge you because the transactions have more than one input and also they usually pay a little higher fee than normal.

[stompix]

A business model is overall, and not aspect-wise. You can't charge people extra at bank of America for withdrawing funds from your own checking account through the teller because it costs them money to pay employees to do that and to update the servers and to pay the accountants?

To be fair, I know at least two banks that were doing this.
One was a subsidiary of Erste bank the other was local.

If you had an account with them, with a debit card attached you had 0% fees for ATM withdraws. But if you went to the teller at one of their branches and asked for a manual withdraw they charged you 1 euro(if I remember correctly) plus 0.5% of the sum.

And a few years ago there was a whole scandal because they charged an extra euro if you wanted to pay bills (electric,gas,phone) in cash at the teller. To their defense I must add that they did provide an automatic method with 0 fees.

One of the reason is segwit getting activated widely and due to which the congestion in network getting fully reduced.Another reason is professional new exchanges entering the market to break the monopoly of some exchanges like poloniex,bittrex,kracken which almost had a lion's share of bitcoin exchange market.The bigger exchanges are facing a severe competition from newer exchanges which are ready to provide a good customer service unlike poloniex and bittrex which were well known for their poor customer service.

Monopoly of poloniex and bittrex, when did that happen?
I wound't touch or let my coins touch those exchanges even if the only other still around would be MtGox.

[Omega Weapon]

Thanks to Segwit, the bitcoin transaction fee has finally dropped!

The lightning network has passed the field test, so we certainly hope to launch out of the chain extension solution earlier than originally anticipated, thus bringing a lower fee prospect for all.

Lightning Network are still at its infancy, there is still a lot of testing and changes to be made, but it could be the solution for Bitcoin's scalability problem

On other note, Bitfinex also lowers its Withdrawal fees by 25%
All thanks to Batching, Segwit, and Mempool being empty
https://verifiedtopics.com/bitfinex-decrease-btc-withdrawal-fees/

What a time to be alive, eh

It is too soon but this could be the start of a new trend, the fees have been an issue for a very long time in bitcoin and it was about time something was done about it, we are finally seeing the first results of this and when the lightning network is finally put to work we may see the beginning of a new era where bitcoin can be used again as a currency to exchange for products and services.

[eaLiTy]

It is too soon but this could be the start of a new trend, the fees have been an issue for a very long time in bitcoin and it was about time something was done about it, we are finally seeing the first results of this and when the lightning network is finally put to work we may see the beginning of a new era where bitcoin can be used again as a currency to exchange for products and services.

The transaction charges have come down and we would see bitcoin being used as a currency once again and i expect majority of the retailers who stopped accepting bitcoin because of the high fees will start accepting it again,i was able to send a transaction with just $0.06 at 2.897 sat/B and the transaction was included in the blockchain within two minutes ,to be frank the exchanges are still charging more fees than the real charges and they need to give the option to the users at what fees they wanted to send the coins rather than a single fees for everyone.

[Shipitcinvova]

To invest in a crypto currency is quite profitable, but in order to get this profit you need to first understand the essence.

[joshy23]

It is too soon but this could be the start of a new trend, the fees have been an issue for a very long time in bitcoin and it was about time something was done about it, we are finally seeing the first results of this and when the lightning network is finally put to work we may see the beginning of a new era where bitcoin can be used again as a currency to exchange for products and services.

The transaction charges have come down and we would see bitcoin being used as a currency once again and i expect majority of the retailers who stopped accepting bitcoin because of the high fees will start accepting it again,i was able to send a transaction with just $0.06 at 2.897 sat/B and the transaction was included in the blockchain within two minutes ,to be frank the exchanges are still charging more fees than the real charges and they need to give the option to the users at what fees they wanted to send the coins rather than a single fees for everyone.

If they will start doing this business back,then for sure we will see more rise to follow, this actions coming from the exchange can be a great start for most businesses who cater bitcoin to accept the real use of bitcoin, exchange can influence the value they can be the basis of those establish business
on how to charge the fee when its being use from the payment transactions.