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Author Topic: Why fee and other stuffs are deducted??  (Read 144 times)
Neerajkumar
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April 10, 2018, 10:30:43 AM
 #1

Why it's so that at the time of cash out these fees and stuffs are deducted.Is it necessary?
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April 10, 2018, 10:38:43 AM
 #2

Why it's so that at the time of cash out these fees and stuffs are deducted.Is it necessary?

Yes off course it is necessary. Your fees are break up of few things which are mostly mentioned in the FAQ section of each exchanger, wallets or from whatever you are cashing out.

For all the wallets and exchangers when you send the coins over the network then specific fee is taken on the behalf of miner, called as miner fees. This is not credited to the service provider but given to the miner itself.

When you do any kind of conversion within two currencies over the exchanger then the fees are taken for exchanger itself.

When you cash out from your wallet to the bank then specific fees are taken called as withdrawn fees. These are for the service provider itself as commission or any other way you call it.

Yes its necessary as they have run the business.  Tongue

   

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April 10, 2018, 10:47:09 AM
 #3

ofcourse its necessary or else how can we give incentive to those miners or stakers?. but whats good is its just small price compared to those banks fees
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April 10, 2018, 11:04:59 AM
 #4

Why it's so that at the time of cash out these fees and stuffs are deducted.Is it necessary?
In comparison to what wire transfers and PayPal fees, bitcoin and other cryptocurrency have way less fee. Another good thing about bitcoin is that the fees would be same if you send $10 or $1000(given the inputs and outputs are same). And as boyshx said the fees(mostly the trading fee) taken by exchanges is their main source of income.
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April 10, 2018, 11:13:16 AM
 #5

So if you owned a cryptocurrency exchange website, how would you make money out of it? Let's make it clear, you are not here to do some social service. The cost of servers, domain, employees is huge and there has to be a way to deal with such costs, right? That is what fee does for you. If the fee becomes zero then the company would run in huge losses and no company can thrive business like that. So these minor fees are necessary.

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April 10, 2018, 11:15:20 AM
 #6

Why it's so that at the time of cash out these fees and stuffs are deducted.Is it necessary?

Everything is not free you know. I think that fee is for the miners as well for their hard work of maintaining the system.

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April 10, 2018, 11:24:31 AM
 #7

Why it's so that at the time of cash out these fees and stuffs are deducted.Is it necessary?

Everything is not free you know. I think that fee is for the miners as well for their hard work of maintaining the system.
All things had its corresponding price and as you said theres nothing free on this world already. They do need money for the sake of profits or even just a little pay for their service that they do gave ex. miners, and if you are running a business then you would normally charge up small fee too because on this way you would able to make money.On my side this thing would really be necessary and no people would really make things for free or they wont make any benefit.


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April 10, 2018, 11:27:55 AM
 #8

The deduction of fee let's you enjoy all the services that you do, it's like asking why banks demands fee and all, if you use any service then you have to pay for it and this minimal fee that they demand helps support the wallet or the site you are using other than that many wallets also pay taxes alongside the fee..while you cash out .
Also operating this network is not something that's been done for free.. and it cannot be done for free.
The miners also have a role in it ..there are just too many things  that needs to be paid .
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April 10, 2018, 11:35:20 AM
 #9

Why it's so that at the time of cash out these fees and stuffs are deducted.Is it necessary?
What do you think? Crypto services are free? if you don't want to pay some fees then you shouldn't cash out or look for someone that are willing to transact to you without any fee.

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April 10, 2018, 12:01:47 PM
 #10

Why it's so that at the time of cash out these fees and stuffs are deducted.Is it necessary?
What do you think? Crypto services are free? if you don't want to pay some fees then you shouldn't cash out or look for someone that are willing to transact to you without any fee.

I think the fee must exist, because we use the services of others, so that way people will provide good service. however this is a business and there are calculations in any movement

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April 10, 2018, 12:15:34 PM
 #11

Why it's so that at the time of cash out these fees and stuffs are deducted.Is it necessary?
Of course yes if you use the platform they need put a fee mostly in exchanges if you really search about cryptocurrencies you need to know that if you use some exchanges there's a fee to deduct. It's normal if you use their service and this day nothing is free.

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April 10, 2018, 12:18:00 PM
 #12

Why it's so that at the time of cash out these fees and stuffs are deducted.Is it necessary?
Of course it is necessary, when we transact a cryptocurrency miners are the one who verify or confirm the transaction you have made and for miners to do that effectively, they need a lot of resources such as electricity and efficient hardware, you have to understand that cryptocurrencies are decentralized so there is no central entity that is responsible for processing all the transactions, and no one will do it for charity, of course people will mine what is a coin that will give them the most profit. It is like transferring money using banks but in a cheaper and fastest way so there is no need to protest for this.
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April 10, 2018, 12:42:56 PM
 #13

Why it's so that at the time of cash out these fees and stuffs are deducted.Is it necessary?
I will call that as a compensation for the miners who will mine the blocks for your transaction. If there is no any fee for the transaction, miners will not mine any more. The result, transactions in peer to peer network will not be made.

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April 10, 2018, 12:46:47 PM
 #14

Cannot believe someone is asking why fees are charged! If you have ever used money before, or any services with digital payments, you must surely have paid fees. Banks charge you fees. ATMs charge you fees. So must exchanges and sites that process your withdrawals. Even miners want their fees. Services. You want to use them, you must pay for it, yes?

The only way to keep this zero or even low is using atomic swap on the zero fee cryptos, the way I see it Smiley



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April 10, 2018, 01:01:36 PM
 #15

Why it's so that at the time of cash out these fees and stuffs are deducted.Is it necessary?
So you want someone to work with you for free.These are the charges collected for their service what they have given to use if is in exchange or we are deducted transaction fee for paying the miners.

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April 10, 2018, 01:07:42 PM
 #16

Why it's so that at the time of cash out these fees and stuffs are deducted.Is it necessary?
What do you think? Crypto services are free? if you don't want to pay some fees then you shouldn't cash out or look for someone that are willing to transact to you without any fee.

I think the fee must exist, because we use the services of others, so that way people will provide good service. however this is a business and there are calculations in any movement
That's what I'm saying. All services are free but there are promo's that fees were discounted and in terms of cryptocurrency. You want to cash out, convert your crypto > cash so what you are expecting? It's going to be for free? Are PayPal money are convertible and transferable to banks without any fees?

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April 10, 2018, 01:10:50 PM
 #17

Why it's so that at the time of cash out these fees and stuffs are deducted.Is it necessary?

Of course, its business, one way or another company needs something to support them. So it you are using a exchanges to trade and then withdraw them, you are deducted a certain fee to cover expenses like usage of their platform.

The fees are not that high though, compare to traditional banking system and it takes like a couple of minutes to a hour to see the funds going to your wallet. So to answer you yes, its necessary.

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DigitalFox
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April 10, 2018, 01:19:30 PM
 #18

What kind of question is that, is he expecting everything to be free? Miners spend fortunes on equipment so this guy can get a free ride?

Gotomoon
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April 10, 2018, 01:27:12 PM
 #19

What kind of question is that, is he expecting everything to be free? Miners spend fortunes on equipment so this guy can get a free ride?
Well, this guy has no knowledge yet about he expects a free of charge all throughout the transactions in the exchange. It should have fees were they can atleast earned money in this exchange even miners.

DigitalFox
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April 10, 2018, 01:30:38 PM
 #20

What kind of question is that, is he expecting everything to be free? Miners spend fortunes on equipment so this guy can get a free ride?
Well, this guy has no knowledge yet about he expects a free of charge all throughout the transactions in the exchange. It should have fees were they can atleast earned money in this exchange even miners.

I'm not even sure he's talking about exchanges, not transactions out of his wallet. I think I could understand if a total newbie asked why later ones are deducted, but exchanges, jeez... Why doesn't he ask the same question at his local bank when he sends a wire?

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