Bitcoin Forum
August 18, 2019, 10:02:04 AM *
News: Latest Bitcoin Core release: 0.18.0 [Torrent] (New!)
 
   Home   Help Search Login Register More  
Warning: One or more bitcointalk.org users have reported that they strongly believe that the creator of this topic is a scammer. (Login to see the detailed trust ratings.) While the bitcointalk.org administration does not verify such claims, you should proceed with extreme caution.
Pages: [1]
  Print  
Author Topic: Why does the transaction cost of withdrawing ethereum cost more than bitcoin now  (Read 97 times)
LastJedi
Full Member
***
Offline Offline

Activity: 182
Merit: 122


View Profile
May 13, 2018, 03:20:16 PM
 #1

I did a favor for a member and used an exchange to do the transaction as would most people here would do if they do not hold the coins asked for.
So I proceeded in doing the trade for ethereum for the alt coin requested by the member.
After the trade was done and the alt coin sent there were ethereum left in the exchange wallet.
I took a look at the transaction fee they charge so to be able to withdraw the remaining amount.
To my surprise the fee was 0.01eth! Shocked
While the other transaction fees for the other alt coin I did was 0.0001 of the total value charged to remove it off the exchange site.
It came out to $0.10-0.15 which was alright.
But over $7 to transfer ethereum out of the wallet?
It was over 60% of what was remaining left to be withdrawn.

I think this exchange had their devs misplace the decimal point when they decided on their transaction fees for being able to move it off their site. It should be 0.001eth so it would be $0.70 and not 10x more.
That is just ridiculous to be charging this much from what all the other exchanges are charging so to withdraw ethereum from these other sites.

Even bitcoins withdrawal fee was less at 0.0005btc which came out to $4.24 at the time of doing the transaction.
Which is a reasonable amount for an exchange to be charging for a bitcoin being sent off site.

1566122524
Hero Member
*
Offline Offline

Posts: 1566122524

View Profile Personal Message (Offline)

Ignore
1566122524
Reply with quote  #2

1566122524
Report to moderator
1566122524
Hero Member
*
Offline Offline

Posts: 1566122524

View Profile Personal Message (Offline)

Ignore
1566122524
Reply with quote  #2

1566122524
Report to moderator
1566122524
Hero Member
*
Offline Offline

Posts: 1566122524

View Profile Personal Message (Offline)

Ignore
1566122524
Reply with quote  #2

1566122524
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1566122524
Hero Member
*
Offline Offline

Posts: 1566122524

View Profile Personal Message (Offline)

Ignore
1566122524
Reply with quote  #2

1566122524
Report to moderator
1566122524
Hero Member
*
Offline Offline

Posts: 1566122524

View Profile Personal Message (Offline)

Ignore
1566122524
Reply with quote  #2

1566122524
Report to moderator
Psynthax
Hero Member
*****
Offline Offline

Activity: 1092
Merit: 502

USDQ


View Profile
May 13, 2018, 03:32:16 PM
Merited by paxmao (1)
 #2

I did a favor for a member and used an exchange to do the transaction as would most people here would do if they do not hold the coins asked for.
So I proceeded in doing the trade for ethereum for the alt coin requested by the member.
After the trade was done and the alt coin sent there were ethereum left in the exchange wallet.
I took a look at the transaction fee they charge so to be able to withdraw the remaining amount.
To my surprise the fee was 0.01eth! Shocked
While the other transaction fees for the other alt coin I did was 0.0001 of the total value charged to remove it off the exchange site.
It came out to $0.10-0.15 which was alright.
But over $7 to transfer ethereum out of the wallet?
It was over 60% of what was remaining left to be withdrawn.

I think this exchange had their devs misplace the decimal point when they decided on their transaction fees for being able to move it off their site. It should be 0.001eth so it would be $0.70 and not 10x more.
That is just ridiculous to be charging this much from what all the other exchanges are charging so to withdraw ethereum from these other sites.

Even bitcoins withdrawal fee was less at 0.0005btc which came out to $4.24 at the time of doing the transaction.
Which is a reasonable amount for an exchange to be charging for a bitcoin being sent off site.
The majority of exchange sites are using old fees,
But you can try to see the comparison between ether mempoolpending tx https://etherscan.io/txsPending
And bitcoin pendingtx https://etherscan.io/txsPending
It's almost 10x from the bitcoin pending transaction. The problem is there was a lot of demand to the ethereum platform remember ERC20 tokens widely used by more than hundreds icos.

        ▄▄▀▀▀▀▀▀▀▀▀▄▄
     ▀▀ ▄▄▀▀▀▀▀▀▀▄▄ ▀▀▄
  ▄  ▄▀▀           ▀▀  ▀▄
 ▄▀ █      ▐█ █▌      █ ▀▄
▄█ █     ▄███████▄     █ █▄
█ ▄▀    ██▀▐█ █▌▀██     █ █
█ █     ██ ▐█ █▌ ██     █ █
█ ▀▄    ██▄▐█ █▌███    ▄▀ █
▀█ █     ▀████████▄    █ █▀
 ▀▄ ▀      ▐█ █▌ ▀█▌  █ ▄▀
  ▀▄  ▀▄           ▄▄▀  ▀
    ▀▄▄ ▀▀▄▄▄▄▄▄▄▀▀ ▄▄
       ▀▀▄▄▄▄▄▄▄▄▄▀▀
      █▀▀▀▀▀▀▀▀▀▀▀▀█
▄▄▄▀▀▀█   ▄▄▄▄▄▄   █
█     █ ▄▀      ▀▄ █
 █  ▄██ █        █ █
 █  █ █ █        ▀ █
  █ █ █ █ ▄█▄█▄  ▀ █
  █  ██ █  █▄▄█▄ █ █
   █ ██ ▄ ▄█▄▄▄█ █ █
   █  █ ▄  ▀ ▀   █ █
    █ █ █        █ █
    █ █ ▀▄      ▄▀ █
     ██   ▀▀▀▀▀▀   █
      █▄▄▄▄▄▄▄▄▄▄▄▄█
.PLATINUM  STABLECOINS
..USDQ KRWQ CNYQ JPYQ...

─────────────────────────
▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄
█▄▄▄▄▄▄▄▄▄▄▄▄▄▄█
█              █
█              █
█              █
█              █
█              █
█              █
█              █
█              █
█▀▀▀▀▀▀▀▀▀▀▀▀▀▀█
█     ████     █
▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀
██████
██
██







██
██
██████
██████
██
██







██
██
██████
▬▬▬▬▬▬▬▬   WHITEPAPER   ▬▬▬▬▬▬▬▬
...FACEBOOK... .....TWITTER..... ...TELEGRAM...
▬▬▬▬▬▬▬▬   ANN THREAD   ▬▬▬▬▬▬▬▬
LastJedi
Full Member
***
Offline Offline

Activity: 182
Merit: 122


View Profile
May 13, 2018, 07:51:03 PM
Merited by ThePunisher49X (1)
 #3

I did a favor for a member and used an exchange to do the transaction as would most people here would do if they do not hold the coins asked for.
So I proceeded in doing the trade for ethereum for the alt coin requested by the member.
After the trade was done and the alt coin sent there were ethereum left in the exchange wallet.
I took a look at the transaction fee they charge so to be able to withdraw the remaining amount.
To my surprise the fee was 0.01eth! Shocked
While the other transaction fees for the other alt coin I did was 0.0001 of the total value charged to remove it off the exchange site.
It came out to $0.10-0.15 which was alright.
But over $7 to transfer ethereum out of the wallet?
It was over 60% of what was remaining left to be withdrawn.

I think this exchange had their devs misplace the decimal point when they decided on their transaction fees for being able to move it off their site. It should be 0.001eth so it would be $0.70 and not 10x more.
That is just ridiculous to be charging this much from what all the other exchanges are charging so to withdraw ethereum from these other sites.

Even bitcoins withdrawal fee was less at 0.0005btc which came out to $4.24 at the time of doing the transaction.
Which is a reasonable amount for an exchange to be charging for a bitcoin being sent off site.
The majority of exchange sites are using old fees,
But you can try to see the comparison between ether mempoolpending tx https://etherscan.io/txsPending
And bitcoin pendingtx https://etherscan.io/txsPending
It's almost 10x from the bitcoin pending transaction. The problem is there was a lot of demand to the ethereum platform remember ERC20 tokens widely used by more than hundreds icos.
So the exchanges are really making a lot of profit when it comes to people trading their erc20 tokens on these sites.
No wonder coinbase is going start accepting erc20 transactions on their exchange soon. Roll Eyes
They were charging $40 per bitcoin transaction back when the all time high was reached back in February.
And people were paying it so they could withdraw their own coins from their exchange. Lips sealed

HALLASTERA
Member
**
Offline Offline

Activity: 252
Merit: 12


View Profile
May 13, 2018, 07:59:42 PM
 #4

That because exchanges earn money on withdrawals. Usually, if the exchange has a low fee to trade then have much more fee on withdrawals.
jakerfox
Newbie
*
Offline Offline

Activity: 294
Merit: 0


View Profile
May 15, 2018, 01:39:20 AM
 #5

There are some exchanges that earn more money while withdrawals. It is a drawback to this field. People will pay the cost as they have to withdraw the coinsShocked Shocked
tahsanabir
Newbie
*
Offline Offline

Activity: 68
Merit: 0


View Profile
May 15, 2018, 01:53:07 AM
 #6

I think the decimal point was misplace when these exchanges decided on their transaction fees for their devs to transfer off their site. It should be 0.001th.
pranazzs
Member
**
Offline Offline

Activity: 532
Merit: 11

quarkchain.io


View Profile WWW
May 15, 2018, 02:12:30 AM
 #7


As usual, if the price of ethereum rises, GAS and fee exchange are rising. so, if I want to withdraw from exchange, I make doge first.

kayakcrypto
Newbie
*
Offline Offline

Activity: 182
Merit: 0


View Profile
May 15, 2018, 02:26:50 AM
 #8

The reason behind thin is that they get money on exchanges for withdrawal. So, to encourage people more on exchanges they have lessen the prices for it so that more people get interested on exchanges. Shocked Shocked
tahmad
Member
**
Offline Offline

Activity: 252
Merit: 14


View Profile
May 15, 2018, 02:27:24 AM
 #9

It have 2 speculations. First is maybe the dev was misplace the decimal, so than the fee is so higher.
Second is the exchanger intentionally took a profit from a higher fees, and there are a lot of exchange like this.
cherryscarlett
Member
**
Offline Offline

Activity: 238
Merit: 10

Power the World for FREE


View Profile
May 15, 2018, 02:29:21 AM
 #10

But because ERC20 tokens are widely used.
So the problem of block congestion in ETH is very serious, so it is normal for ETH to have higher fees.

jonloner011
Newbie
*
Offline Offline

Activity: 224
Merit: 0


View Profile
May 15, 2018, 05:08:00 AM
 #11

I think the rate differs time to time. Even there is some more reasons behind this charge fee. Among these, mining cost and charge for miners are more remarkable causes.
angelfaria
Newbie
*
Offline Offline

Activity: 280
Merit: 0


View Profile
May 15, 2018, 10:35:53 AM
 #12

This is the advantage of bitcoin. Bitcoin has the safest network security and the transaction cost of this system is very low. Its withdrawal cost is very low compared to others. Bitcoin is a vast network having many investors and many are investing day by day. Having a low fee and secured network, why to think for others. There can be many reasons for the ethereum cost to be higher than bitcoin. One reason can be that the exchange sites are making more profit. Bitcoin is reasonable and the best.
cryptodreem
Newbie
*
Offline Offline

Activity: 252
Merit: 0


View Profile
May 16, 2018, 12:25:01 PM
 #13

Yes, bitcoin’s withdrawal transaction cost is lower than ethereum now. Its maybe happened because there a lot of demand in the ethereum platform.
harrypot
Newbie
*
Offline Offline

Activity: 294
Merit: 0


View Profile
May 16, 2018, 12:40:32 PM
 #14

From my perspective i think ethereum charge more transaction cost rather than bitcoin. That’s why ethereum withdrawing cost is higher.This is not favorable with the customer.
Arcoin1
Newbie
*
Offline Offline

Activity: 196
Merit: 0


View Profile
June 14, 2018, 08:24:54 AM
 #15

Crypto is the transaction fee that we complain the most in the money world. This transaction fee is normal in a market where we handle all our transactions easily without giving any documents or documents. The bitcoin value is the highest currency so the transaction fee is low. If the ETH is low the transaction fee is higher.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!