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Author Topic: My Bitcoin Investment and Why Are Bitcoin Withdrawal Fees So High?  (Read 171 times)
Z_MBFM
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November 13, 2023, 03:12:01 PM
 #21

First of all, many thanks to the founder of this forum. I got ideas about bitcoin and bitcointalk forum by watching YouTube videos, I registered account in this forum to know bitcoin better and by studying daily regularly I was able to get better idea about bitcoin today. I had a hard time with one thing at first, because I live in a country where Bitcoin is still illegal, I didn't get any idea about Bitcoin from anyone. I am currently 30 years old, if someone had given me an idea about Bitcoin before 2010 or 2020, I would have made a lot of money investing in Bitcoin today. Luckily I came to know about Bitcoin 2 months ago by watching a youtube video. If I hadn't seen this YouTube video, I still wouldn't have got the idea about bitcoin. When I got the idea about bitcoin, the price of bitcoin was 25k to 26k. If I had invested in Bitcoin when it was 26k, I would have made a lot of profit today. I did not invest at that time as I did not have a good understanding of Bitcoin. Inflation in our country is increasing day by day. I didn't put all the savings I had in the bank, I bought land a few days ago for $10000. I still have $5000 in savings I bought bitcoin yesterday for $1000. I have another $4000, I will buy $100 worth of bitcoin every 15 days.
You came to know about this forum and Bitcoin from youtube and also invested a good amount here, it is not very common because many people are afraid to invest but you invested an amount like $5k without any fear and continue to invest every week. going  So I don't think this small transaction fee should be a problem for you. Transaction fees fluctuate constantly, so even if it's a bit high for a while, it will come down again

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The only reason I am posting this today is that I bought bitcoins from kucoin exchanger. I learned bitcoins are not secure in bitcoin exchangers. I chose a hardware wallet. Now my problem is that when I try to transfer bitcoins to hardware wallet, I see a fee of 0.0005 bitcoins, what is the reason for the high fee? A few days ago, it seems that it was 1-2 dollars. Fee will not be reduced? If the fee is not reduced then I will withdraw with this fee.
Exchange withdrawal fees are always higher than a personal non-custodial wallet, and now that personal wallet fees are as low as $10, it's normal for exchange withdrawal fees to be slightly higher more then that. you can wait for some days it will reduce again

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November 13, 2023, 03:32:44 PM
 #22

I would like for you OP, to understand the strategy you have so far employed in investing in Bitcoin. The name would help you speak better and know better on the kind of strategy you used.
It is called DCA strategy of investment, and its one strategy that would require you to constantly be faced with the ever changing charges/fees due to the rise or fall of Bitcoin's price and the frequency your withdrawal.

The market trends of bull run and bear runs do as much to affect the fees, and as you can guess, we are in one these two seasons, with the current BTC price will be nearing $40k before the end of this year as speculated.
 That means you should be getting ready for even higher fees in coming days, unless you can manipulate the memepool and set a limit of the minimum charge you can afford. The exchange you use to buy BTC assets and trade with, matters too, if it is to be considered as one of the reasons for such high fees of 0.00005.

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