In the past week, three of the most popular cryptocurrency exchanges have cut bitcoin withdrawal fees by up to half. While the average price of sending bitcoin has been falling for weeks, these savings had yet to be passed on to exchange customers.
Now Binance, Bitfinex, and Kraken have all reduced their fees amidst a backdrop of increased Segwit adoption and transaction batching. Also read: BTC Transaction Volume Reaches Two-Year Low Bitcoin is pretty cheap to send right now – cheaper than ethereum in some instances.
It’s currently around 10 satoshis per byte to send BTC, which works out at approximately 30 cents for a typical transaction. Many bitcoin users only send cryptocurrency when withdrawing it from an exchange, however, to a wallet they control or to another exchange.
And with cryptocurrency exchanges setting their own fees, the recent cost savings haven’t filtered through to users. Up until last week, it still cost around $10 to withdraw BTC from an exchange such as Kucoin or Binance.
While the former has yet to lower its fees, Binance has. It now costs 0.0005 BTC, or around $5.70 at current prices, to make a BTC withdrawal from Binance. Read more from news.bitcoin.com…
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