Exchangers inequality the low fees takes longer

[Bluebird1357]

When assets are transferred from the wallet to the exchange, the exchanger deducts some assets called transaction fee/Gas fee. Again, different exchangers charge different fees. But one thing is the same for all exchangers, that is, the higher the transaction fee, the faster the transaction will be. When this topic is raised everyone says that since many orders happen at the same time, exchanges process the ones with higher fees faster. But this seems inequality /unfair to me because many people still believe that Bitcoin eliminates the inequality between the common people and the powerful rich due to the depreciation of fiat, acts as a hedge against corruption, abuse of power and inflation. But when it is used, the exchangers follow the same rules as before.

[Charles-Tim]

Are you referring to miners and not exchanges? From what I am reading on your post, I think you want to refer to miners and not exchanges.

If you are referring to exchanges, your post is not making any sense. But if you are referring to miners, that is how bitcoin is. If you pay more fee, miners will consider your transaction first.

But why are you posting something like this this time that the mempool is not congested at all since few months ago.

[kotajikikox]

But this seems inequality /unfair to me because many people still believe that Bitcoin eliminates the inequality between the common people and the powerful rich due to the depreciation of fiat, acts as a hedge against corruption, abuse of power and inflation. But when it is used, the exchangers follow the same rules as before.

It is fair in a sense that no third party is needed for you to make your transaction but those behind the transactions are also needing the money because they have invested their resources in making those transactions happen so when there is too much people needing their resources then they will have to prioritize those who can give bigger fees.

[coinrifft]

When assets are transferred from the wallet to the exchange, the exchanger deducts some assets called transaction fee/Gas fee. Again, different exchangers charge different fees. But one thing is the same for all exchangers, that is, the higher the transaction fee, the faster the transaction will be. When this topic is raised everyone says that since many orders happen at the same time, exchanges process the ones with higher fees faster. But this seems inequality /unfair to me because many people still believe that Bitcoin eliminates the inequality between the common people and the powerful rich due to the depreciation of fiat, acts as a hedge against corruption, abuse of power and inflation. But when it is used, the exchangers follow the same rules as before.

You might have mis-understood everything. Yes, it's true that different exchanges charge different fees. Here you can check it -> (https://withdrawalfee.net/coins/bitcoin-withdrawal-fee).

They might raise the fee depending on the network congestion, but so far everything can be clear in 1-2 sat/vB, so that's already cheap. The misconception here is when you said that exchanges process the ones with the highest fees. It's not that the exchanges set that rule, it's in the Bitcoin protocol, "paying a higher transaction fee generally results in faster confirmation times". And exchanges processed withdrawals in batch to save money. So again, it's not Bitcoin model, it's the business model of the exchanges. And some exchanges do support LN now, so maybe you want to check it out.

[Charles-Tim]

They might raise the fee depending on the network congestion, but so far everything can be clear in 1-2 sat/vB, so that's already cheap. The misconception here is when you said that exchanges process the ones with the highest fees. It's not that the exchanges set that rule, it's in the Bitcoin protocol, "paying a higher transaction fee generally results in faster confirmation times". And exchanges processed withdrawals in batch to save money. So again, it's not Bitcoin model, it's the business model of the exchanges. And some exchanges do support LN now, so maybe you want to check it out.

Even there are exchanges that are charging low fee by now. Binance is charging around $1.15 now but depending on the price of bitcoin. Also MEXC is charging $1 since a long time ago. I am not able to access OKX, but when I was using the exchange, it charges very low fee like MEXC.

OP, I think I get the reason your are referring to exchanges. Exchanges are charging withdrawal fee (miner fee + their own fee that they added to it for their own gain). Some of them are charging too much like Bybit that is charging $8 right now.

[Alpha Marine]

people still believe that Bitcoin eliminates the inequality between the common people and the powerful rich due to the depreciation of fiat

First of all, Bitcoin was not created to eliminate inequality. Money cannot be crested to eliminate inequality. Bitcoinis simply a superior currency that was created as an alternative, so its definatly those than have the means to acquire moe that will have more so there will always be inequality in this. Everybody won't have the same am

But one thing is the same for all exchangers, that is, the higher the transaction fee, the faster the transaction will be. When this topic is raised everyone says that since many orders happen at the same time, exchanges process the ones with higher fees faster.

Exchanges don't approve/confirm transactions, miners do and they are the ones that take the transaction fee.
If this complaint was been made when the transaction fees were I would have understood, but complaining when the high priority transaction is current around $0.24 is funny to me. At the most it should be $0.50 depending on the wallet you're making the transaction from.

Miners are human beings, they're not machines, and it's normal human nature to take the stuff with higher money when there is too much orders. You would do the same.
Right now, paying high for a transaction doesn't even guarantee that it will be confirmed before another transaction. There is a random transaction right now with fees worth about $32 that has not been confirmed for the past one hour, and it still needs at least 10 minutes to be confirmed, while transactions with $0.42 fees are being confirmed withing minutes.

[dansus021]

Wait what?

As far that I know exchange didnt charge you when you made a deposit but when you made a withdraw that in this case the exchange would charge you.

Most of the fee is directly for miner or you may called as transaction fee and it considerably cheap, and yes some exchange charge different fee because fee itself is fluctuative, sometimes is high sometimes is dirt cheap it all depends on how many people do the transaction. Because of that exchange charge usually above the current market a little bit. So when spike they didnt loss a lot

[aysha9853]

When assets are transferred from the wallet to the exchange, the exchanger deducts some assets called transaction fee/Gas fee. Again, different exchangers charge different fees. But one thing is the same for all exchangers, that is, the higher the transaction fee, the faster the transaction will be. When this topic is raised everyone says that since many orders happen at the same time, exchanges process the ones with higher fees faster. But this seems inequality /unfair to me because many people still believe that Bitcoin eliminates the inequality between the common people and the powerful rich due to the depreciation of fiat, acts as a hedge against corruption, abuse of power and inflation. But when it is used, the exchangers follow the same rules as before.

Yea that is kind of how it works bitcoin itself is not pickin favorites. miners just grab the transactions paying more cause it is more market driven. not some kind of evil exchange plot.
You can pay less and wait a little longer. it is less rigged system and more you get what you pay for traffic lane vibes.

[BlackBoss_]

When assets are transferred from the wallet to the exchange, the exchanger deducts some assets called transaction fee/Gas fee. Again, different exchangers charge different fees.

What is the exchanger in your post, what does "exchanger" mean?

If you move your cryptocurrency on chain (on any blockchain) from your non custodial wallet, you will have to broadcast your transaction with transaction fee. The transaction fee you use must be good enough so that your transaction will be confirmed. If the fee you use is too low, your transaction can be not confirmed (on Bitcoin blockchain) and pending on altcoin blockchains.

If you use centralized exchange, and store your cryptocurrency in your account there, you must submit your withdrawal request that will be approved (or not approved) by that exchange which will proceed transaction for your withdrawal later. They will charge you withdrawal fee, and you can check it on some exchanges.

https://www.cryptowisser.com/exchanges/

[sheenshane]

Wait, maybe you need to have a deep research first, and I think you misunderstood everything here.
Remember that exchangers run different nodes to detect the deposit into their system, of course, they have a required confirmation count before the transaction transfer, and it will appear in your wallet on the exchange.  AFAIK, it needs 3 or more confirmations before it will appear in your wallet.

Upon using exchangers, always check these.

• Check processing time that might be found in FAQ
• For urgent transfers, inform support or use exchanges with low confirmation requirements or faster processing.
• Prefer services or chains with faster block times or Layer‑2 solutions for quicker arrivals.
• The last but not least is to check the blockchain network congestion for the fees you need.

Keep in mind that this prioritization is a market mechanism, not a value judgment about users.
Always check the mempool.space for your desired transaction fees and time arrival.

[hd49728]

Keep in mind that this prioritization is a market mechanism, not a value judgment about users.
Always check the mempool.space for your desired transaction fees and time arrival.

There are some other mempool observing sites and transaction fee estimations as well as recommendations on which fee rates to use for different waiting time, which are shared in my topic.
Bitcoin Transaction Fees - Everything in one.

If needing some quick overview, check it with http://whatthefee.io/
If needing more detailed fee rates to use, use Johoe site.

Because the market is volatile that makes people have different needs of moving bitcoins so Bitcoin mempools are very dynamic. To avoid transaction stuck without ability to bump the fee rate, let's use wallets that are non custodial and have Replace by Fee opt-in. Good wallets will surely have RBF opt-in, and you will never have to use Child Pay For Parents.

[sokani]

When assets are transferred from the wallet to the exchange, the exchanger deducts some assets called transaction fee/Gas fee. Again, different exchangers charge different fees. But one thing is the same for all exchangers, that is, the higher the transaction fee, the faster the transaction will be.

Honestly, I had difficulty understanding your post. You kept using the word "exchanger," and it didn't make sense until I replaced it with "miner." Miners charge a network fee to process the transaction. And yes, the higher the transaction fee, the faster the transaction.

But this seems inequality /unfair to me because many people still believe that Bitcoin eliminates the inequality between the common people and the powerful rich

You're doing a shitty job using the network fees to buttress your point. Anyone can buy Bitcoin, whether rich or poor.

Now let me answer ask you. If you take a chicken to market to sell and two buyers show up. One offers you $10, and the other offers you $15. I bet you would sell to the one that offers you more money. Miners do the same. They give preference to transactions with higher fees because it means they will earn more. There's no inequality in their actions since they will still process the transactions with lower fees.

[Findingnemo]

Wallet to exchange? So you pay the fee to miners to confirm the TX and you are free to chose how much you wants to pay and currently 1sat/vb is enough to get the TX confirmed.

Using custodial wallets does not allow you to customize the fees so you pay less or more than what is actually needed.

It is time for you to learn how bitcoin TX works rather than complaining the exchange which got nothing to do with what you are talking about.

[Obim34]

When assets are transferred from the wallet to the exchange, the exchanger deducts some assets called transaction fee/Gas fee. Again, different exchangers charge different fees. But one thing is the same for all exchangers, that is, the higher the transaction fee, the faster the transaction will be. When this topic is raised everyone says that since many orders happen at the same time, exchanges process the ones with higher fees faster. But this seems inequality /unfair to me because many people still believe that Bitcoin eliminates the inequality between the common people and the powerful rich due to the depreciation of fiat, acts as a hedge against corruption, abuse of power and inflation. But when it is used, the exchangers follow the same rules as before.

You pay for withdrawals, not deposits. When sending from a wallet to an exchange, transaction fees are paid from the wallet to miners, while when you try sending from an exchange, the transaction fees are paid to the exchange, and the exchange gathers many other transactions and processes them in batches.

Exchanges are financially incentivized, they charge extra fees aside from what a normal transaction should cost.

[dzungmobile]

You pay for withdrawals, not deposits. When sending from a wallet to an exchange, transaction fees are paid from the wallet to miners, while when you try sending from an exchange, the transaction fees are paid to the exchange, and the exchange gathers many other transactions and processes them in batches.

Exchanges are financially incentivized, they charge extra fees aside from what a normal transaction should cost.

With exchanges, when you withdraw your fund, there will be withdrawal fee that is usually very expensive. Except like the FTX exchange under Sam management used to waive transaction fee and did not charge any withdrawal fee on FTX users.

Other exchanges surely charge you withdrawal fee and they broadcast user withdrawals in a batch transaction for saving on chain fees while they charge each user a same expensive withdrawal fee. They even get profit just by processing withdrwals for their customers.

ld story. Exchanges get profits from users' withdrawal fees.

[Dunamisx]

But one thing is the same for all exchangers, that is, the higher the transaction fee, the faster the transaction will be.

It's about how the mempool is found busy at a particular time when the transaction is being made will determine if the transaction fee is higher or lower, for instance, when the mempool is less congested as we have now, you find out that it's 1sat/vbyte which is obviously less than a dollar, but a time is coming it could get congested that paying $3 could not afford the highest priority for your transactions to be confirmed.

[Ucy]

I would be surprised if exchanges charge for deposits, that is, for transferring from your external wallet to an exchange. Fee deductions are typically done by the cryptocurrency network you're transferring from unless you're also getting charged for transfer by the wallet you use, which means the cryptocurrency network and the wallet will charge you individually. If that is the case, you should try transferring with free of charge wallet to only get charged by Bitcoin or cryptocurrency network you are transferring from.
 Fast transfer for Bitcoin shouldn't be upto or above $1 unless the Network is congested.  The fees are quite fair for small transfers unless you are transferring from certain centralized exchanges whose charges could be unnecessarily high.

Exchangers would typically charge you fees for withdrawal or transferring from their exchanges to external addresses. And their fee estimate is exchange + crypto network fees, or they would charge you what a cryptocurrency network charges,  for fast transfer in my case, plus their own fees. However, from my past experience on an exchange, I doubt the fee estimate is fair especially for Bitcoin. The exchange tends to charge about $3 for any Bitcoin transfer, whether small or big. This definitely is unfair for small transfer which shouldn't be above a dollar if you consider 50/50 fees for the exchange and fast bitcoin network transfer. So, Bitcoin takes care of both small and big users... The issue maybe from wallet, exchange  or even your fee setting which you can always use to adjust the amount of fee you get charged.

[moneystery]

You don't seem to understand what you're talking about. Exchanges typically have withdrawal fees, which are used to cover network transaction costs and exchange operations. These fees can fluctuate depending on the exchange's internal policies and network conditions. For example, when the Bitcoin network is congested, exchange withdrawal fees are typically higher because they don't want to lose money covering all transaction costs.
Unlike Bitcoin, these fees can vary from time to time depending on network congestion. Therefore, users can prioritize transactions. If they want faster transactions, they'll pay higher fees, compared to those who aren't in a hurry, who can set lower fees. This is fair, as the rules apply to everyone on the network.

[serjent05]

When assets are transferred from the wallet to the exchange, the exchanger deducts some assets called transaction fee/Gas fee. Again, different exchangers charge different fees. But one thing is the same for all exchangers, that is, the higher the transaction fee, the faster the transaction will be. When this topic is raised everyone says that since many orders happen at the same time, exchanges process the ones with higher fees faster. But this seems inequality /unfair to me because many people still believe that Bitcoin eliminates the inequality between the common people and the powerful rich due to the depreciation of fiat, acts as a hedge against corruption, abuse of power and inflation. But when it is used, the exchangers follow the same rules as before.

I think you are confused, exchanges crediting your transaction is different from miners confirming your transaction.  As far as I know, exchanges do not charge for deposits to be credited to the account but rather rely on the required number of confirmations before it is credited.

For example, the majority of exchanges credit Bitcoin deposit to the account after two confirmations.  That said don't blame the exchanges if your deposit is credited more slowly than other deposits.  They are dependent on the blockchain confirmation.

[AmoreJaz]

But one thing is the same for all exchangers, that is, the higher the transaction fee, the faster the transaction will be.

It's about how the mempool is found busy at a particular time when the transaction is being made will determine if the transaction fee is higher or lower, for instance, when the mempool is less congested as we have now, you find out that it's 1sat/vbyte which is obviously less than a dollar, but a time is coming it could get congested that paying $3 could not afford the highest priority for your transactions to be confirmed.

So bottomline,transact when the mempool is not so busy so you will incur cheaper fees. It is still business for crypto exchanges. That's how they work.