In the past week, Binance, Bitfinex, and Kraken have all reduced their fees amidst a backdrop of increased Segwit adoption and transaction batching by up to half.
The average price of sending bitcoin has been falling for weeks but before now these savings had yet to be passed on to exchange customers.
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Bitcoin is pretty cheap to send right all of a sudden even cheaper than ethereum in some instances. Fee’s have fallen to around 10 satoshis per byte to send BTC, which works out at approximately 30 cents for a typical transaction.
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.
The two reasons for the reduction in exchange fees are Segwit adoption and transaction batching.
Due to the high number of bitcoin transactions exchanges send, often simultaneously, batching has the potential to provide even greater cost reductions than Segwit.
Full story: – Cryptocurrency exchanges slash withdrawal fees
Meanwhile exchanges still live under the constant threat of hackers.
Yesterday it was reported that there was a hack at Binance, which the exchange denied, however they did stop withdrawals and trading.
Full Story: Bitcoin in freefall after Binance Hack
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