Stop sending coins you don’t absolutely *need* to send.
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Stop sending coins you don’t absolutely *need* to send.

Stop sending coins you don’t absolutely *need* to send.

I know, I know, not your keys not your coins, so you want to get them off of the exchange, but the fees right now are ridiculous due to the high volume, and exchanges (as far as I’m aware) don’t generally let you set how urgent your transaction is to withdraw to your own wallet, and just set it to high priority (most expensive), to get it into the next block.

Fees right now are running around $6/transaction, even if you’re only sending $10, leaving you with $4 at your destination address. There are tons of transactions for low amounts getting sent right now where senders are losing tons of money in fees. Some of these people are potentially agonizing over a half a % difference in prices of bitcoin when they buy, and then turning around and loosing 10%-20% or more of their bitcoin on fees just to get it off of the exchange.

Just stop. It’s not that urgent. Don’t pay for urgency that you don’t need. Your coins are most likely going to be safe on the exchange for a few days/weeks/even months, and spending 20% of their value to get them off the exchange immediately probably isn’t worth it.

edit: As /u/TrueNorth49th pointed out, many exchanges absorb the fees on outbound transactions, so that your entire withdrawal reaches your destination address. If that’s your case, then, by all means, move your coins. However, the blockchain doesn’t lie. Some people are sending lots of low value transactions and paying relatively high fees for them,and I’m sure most of them just don’t know any better (yet).

edit 2: case in point. Had nearly $10 in bitcoin. Sent $1 to destination address and paid $9 in fees to do it.

submitted by /u/furbertle
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