BITCOIN FEES! I payed 17.3% on 18.28$

Bitcoin Questions and AnswersCategory: QuestionsBITCOIN FEES! I payed 17.3% on 18.28$
Alessandro Anderson asked 4 weeks ago

I had to pay a 17.3% fee to send 18.28$ from my exchange wallet to an other. Why are fees so high? Is there and way to pay less fees on transaction? If not, how can bitcoin ever be used as main currency in if fees are high?
Any answer is helpful, thank you!

1 Answers
Steven Hay answered 4 weeks ago

Hey Alesasndro,
 
It sounds like the exchange has set a very high withdrawal fee. Exchanges sometimes do this to make sure that they cover the mining fee and so prevent client transactions from getting stuck. They overpay to ensure a fast withdrawal, essentially. Another reason they do it is to discourage having to process many small withdrawals. A $3.16 fee should ensure that people don’t withdraw much below $50, which I guess streamlines their operations.
 
Although Bitcoin fees have been high lately due to a spam attack and greedy miners swapping to the Bcash chain while it was having its last turbo-mining spurt, the above problem is mostly caused by your exchange if your transaction occurred within the last few days. Fees are more or less back to normal by now. I suggest you take it up with them and tell them to lower their fees as they’re overpaying.
 
For a visual of fees over the last 2 weeks, which should help to explain, check out this site:
 
https://jochen-hoenicke.de/queue/#2w

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