Can someone explain to a noob why bitcoin fees are so high ?
For 50$ worth of BTC, to withdraw you are going to be paying 7$ if you are using the bitcoin network.
Discussion
It's because of the Inscriptions/ordinals thing. People doing that are paying whatever it takes to get those transactions processed.
Maybe you want to accumulate a bit more before moving your BTC to cold storage (or whatever).
That’s what I will do next time.
That's what I'm doing these days. It's annoying, but I can't control what people are doing with the network.
I think I need to educate myself more on the bitcoin network mechanics
This is how the mempool looks for the last year. It's being hammered lately.
цена биткоина измеряется в долларах? тебе к психиатору нужно!
Block space is in high demand lately. Inscriptions enabled by ordinals have contributed to this. Remains to be seen if this state will persist into the future. Time will tell.
May I suggest for smaller amounts to start using the Lightning network, whereas with larger amounts you may use on-chain. This is the future of bitcoin anyways, would be good to get acquainted with using it in that way.
There is no option for that in Binance, but yeah using the lightning network will be much cheaper.
Binance should have implemented the Lightning network long ago. Frankly it is kind of unbelievable they have not, considering others exchanges have. Just shows where their priorities are (I.e. not with Bitcoin)
All the more reason to look at P2P solutions, particularly for smaller transactions.
Block space is in high demand, as it should be. LN fixes this
probably the place you are withdrawing from and the way they withdraw funds. unless you are doing some really complicated transactions, 15 sat/vB should be sufficient fees to pay
unless u want something super fast - you may be choose to pay lower fee and wait for tx to be picked ! fee is charged by "satoshis/byte" on data size and not how many bitcoin payload worth in dollar is send. have seen whale alert 50million $ woth BTC send paying just $8 fee using seqwit BTC mainnnet address - mempool.space u can see live fee also blockchair.com and other places. some wallet allow you BUMP FEE also on mainnet tx already braodcasted n waiting mainnet has HIGHEST liquidity on any blockchain in value terms (not in terms as fiat bridge)