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Author Topic: -50℅ from withdrawal fees on binance  (Read 108 times)
setifien19
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March 03, 2018, 11:26:27 PM
 #1

Hi btlkers , as mentioned in the title ; Binance has lowered the withdrawal fees for around -50℅ ie it was 100k sat but now it's just 50k sat .
I think it is a nice path from'em toward the trading community .

What are your thoughts guys ?
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Potato Chips
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March 04, 2018, 01:11:35 AM
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I bet It will not be permanent though, since as soon as the mempool gets congested again, they will have no choice but to increase their withdrawal fee again unless they want their users to bombard them with delayed withdrawal complaints.

And honestly, they should have done this sooner as its been so long since the mempool go into a state where it's nearly empty so fees should be obviously lower. Nevertheless, its still a good news.

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March 04, 2018, 06:11:32 AM
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The decrease in fees are definitely more than 50%. You can send an average bitcoin transaction right now for less than 0.0001 BTC and get a confirmation on it on the first block that gets mined. So their reduction is definitely not in line with the magnitude of the fee decrease.

As Potato Chips mentioned, I think that it won't be permanent.

It'll probably be until the next spike in fees come, and in which case they will increase their fees for withdrawals once again. It's much better to have a dynamic fee structure in my opinion like Bitmex is operating on, where you can choose your own transaction fees with a minimum value.

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March 04, 2018, 08:41:50 AM
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I bet It will not be permanent though, since as soon as the mempool gets congested again, they will have no choice but to increase their withdrawal fee again unless they want their users to bombard them with delayed withdrawal complaints.

And honestly, they should have done this sooner as its been so long since the mempool go into a state where it's nearly empty so fees should be obviously lower. Nevertheless, its still a good news.

The transaction fees are not in these service providers but they should update the fees immediately as per the market conditions.

If mempool get congested no one can anything and we need to again pay a higher fee to get confirmation faster.  Once bitcoin prices start moving up then more people want to invest then we will see delayed confirmation and for this, I'm already used to it.
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March 04, 2018, 12:05:14 PM
 #5

Hi btlkers , as mentioned in the title ; Binance has lowered the withdrawal fees for around -50℅ ie it was 100k sat but now it's just 50k sat .
I think it is a nice path from'em toward the trading community .
Still that 50k sat fee on bitcoin withdrawal is high because there is almost no any congestion on bitcoin network and tx with even 7k sat can get confirmed within next block. However this is positive update from binance.

https://bitcoinfees.earn.com/
Quote
The fastest and cheapest transaction fee is currently 30 satoshis/byte, shown in green at the top.
For the median transaction size of 225 bytes, this results in a fee of 6,750 satoshis.

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March 04, 2018, 07:42:51 PM
 #6

Hi btlkers , as mentioned in the title ; Binance has lowered the withdrawal fees for around -50℅ ie it was 100k sat but now it's just 50k sat .
I think it is a nice path from'em toward the trading community .

What are your thoughts guys ?

It's better than not reducing it which is what a lot of exchanges have done and capitalise on the almost 1000% profits that they are getting on each withdrawal if they were charging 0.001 BTC for withdrawals and paying normal fees for it.

Even though this reduction is not to-scale to the actual reduction in fees, I think that they're giving themselves some leeway so that if the fees go a bit higher they do not need to change their withdrawal policies/fees once again.

Positive change from Binance for sure and proves that they are one of the best exchanges to use at the moment, barring the suspicious maintenance event that occurred last month/Jan which caused a panic.

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