Question about cashing out Bitcoin on Blockchain

[Pinda_cakar]

Hello everyone,

I'm a newbie when it comes to Bitcoin and cryptocurrencies, but just happened to hold onto some BTC (nothing much just a sum in the double digits).
My holdings are in a Blockchain wallet, and now when I go to the sell and I select "sell max" it lets me sell around $20 less than I originally have. (e.g. I have $100 and it let's me sell $80)
I thought fees are lower for Bitcoin, am I missing something here?
Sorry for the stupid question but as I said I'm a newbie and I don't know much about BTC.

Thanks in advance.

[Porfirii]

I don't know the average price right now, but take into account that the mempool is quite full due to the high number of transactions in the last days. You can wait until the mempool empties, or try to access advanced settings and set up a smaller fee (taking into account that it may take much longer to confirm).

Binance's price to withdraw BTC is around $15, so I guess that your $20 are nothing extraordinary. You'll have to make the decision: wait until the mempool empties so you just pay a few cents for the transaction, or spend some bucks and have it confirmed in a few minutes/hours.

[Pinda_cakar]

That's what I was looking for, thanks for the help have a great one!

[DooMAD]

Is it their regular wallet or their trading wallet?  If it's the trading wallet, there may be an additional fee to withdraw.

I thought fees are lower for Bitcoin, am I missing something here?

There's a distinction between service fees and Bitcoin fees.  If you sign up for a company's service, like Blockchain's trading wallet, those companies can charge whatever fees they like.  You don't get a say in the matter.  But that's not the same as the fees you pay when you send Bitcoin transactions using your own wallet (one where you control the keys).  When you use your own wallet, you can generally choose what fee you wish to include.


From https://exchange-support.blockchain.com/hc/en-us/articles/360030874812-Deposit-Withdrawal-Fees-Crypto-:

*Please note that for all crypto withdrawals from the Exchange there is a small withdrawal fee charged by Blockchain.com which is taken from your total amount.

[Pinda_cakar]

Think I got it. Thanks!

[nakamura12]

Think I got it. Thanks!

If their solution works then you should lock this thread. Some exchange have service fee like DooMad mentioned and some exchange doesn't have service fee and you only need to pay transaction fee for you to withdraw or send it to other wallet but as of now, do what porfirii's solution about waiting the mempool to empty.