Subnostr

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.

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.

Reply to this note

Please Login to reply.

Discussion

nobody 2y ago

There is no option for that in Binance, but yeah using the lightning network will be much cheaper.

One Money🌏♾️/21M🏁🏎️ 2y ago

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.

nobody 2y ago

It’s clear that the priority is elsewhere just look at the amount of shitcoins listed in Binance 😂