Submitted by Aquillyne t3_zxaezl in Futurology
[deleted] t1_j1zdslp wrote
Reply to comment by resumethrowaway222 in Crypto and blockchain are not the technology of the future – prove me wrong. by Aquillyne
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resumethrowaway222 t1_j1zfz3n wrote
Well that's what you get for using Binance instead your own wallet. Actual fees for transferring on the chain are less than $2. https://ycharts.com/indicators/bitcoin_average_transaction_fee
babygrenade t1_j1zgocd wrote
What are you looking at? I don't use Binance but it looks like they charge a flat withdrawal fee of 0.0002 BTC ~ $3.33 for BTC withdrawals (sending on the bitcoin network).
[deleted] t1_j1zit9v wrote
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babygrenade t1_j1zjx99 wrote
>For each withdrawal, a flat fee is paid by users to cover the transaction costs of moving the cryptocurrency out of their Binance account.
It says a flat fee not a percentage. If you look at another chain ADA, for example, the fee is 0.8. I seriously doubt Binance is charging 80% of the value to make and ADA transaction. No one would use Binance if that was the case.
I use coinbase and that only charges the network transactions fee. They also wrap multiple outputs into a single transaction so if you're sending from coinbase you're splitting the network fee with many other senders.
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