user127283: Problem
I bought btc on Binance and now to send them I’m being charged 22% (of $95) I’m sure it wasn’t that much when I might’ve used a different website in the past.
How are you meant to use btc?

I have minimal knowledge of crypto
I only use it to buy stuff
Any tips on how to do this in a beneficial/best way?

Are these rates sensible?




BTC
% send fee




1
0.0005


0.1
0.005


0.01
50


0.02
25


0.03
17


0.04
13


0.05
10




user5406: From the values you present, it appears that Binance has a flat fee of 5 mBTC for withdrawals of less than 0.1 BTC. While transaction fees in Bitcoin scale with the data written to the blockchain rather than the value transferred, it is magnitudes more than the cost of creating a transaction output. In the past, flat fees of such amounts were not unheard of, but the exchange rate of Bitcoin has increased manifold since then. Assuming they already took a fee on the trade as well, it feels very expensive.
I would read their fee schedule as "only sizeable amounts please". You should look for another service with a different withdrawal fee policy.
You may want to consider that the trend is towards smaller on-chain payments being priced out. The increased exchange rate turns even small fees into substantial portions of the transacted amount. If you use Bitcoin to transact regularly, you may find the recent developments with the Lightning Network interesting.

127283: <h3>Problem</h3>
<p>I bought btc on Binance and now to send them I’m being charged 22% (of $95) I’m sure it wasn’t that much when I might’ve used a different website in the past.</p>
<h3>How are you meant to use btc?</h3>
<ul>
<li>I have minimal knowledge of crypto</li>
<li>I only use it to buy stuff</li>
<li>Any tips on how to do this in a beneficial/best way?</li>
</ul>
<h3>Are these rates sensible?</h3>
<div class="s-table-container">
<table class="s-table">
<thead>
<tr>
<th>BTC</th>
<th>% send fee</th>
</tr>
</thead>
<tbody>
<tr>
<td>1</td>
<td>0.0005</td>
</tr>
<tr>
<td>0.1</td>
<td>0.005</td>
</tr>
<tr>
<td>0.01</td>
<td>50</td>
</tr>
<tr>
<td>0.02</td>
<td>25</td>
</tr>
<tr>
<td>0.03</td>
<td>17</td>
</tr>
<tr>
<td>0.04</td>
<td>13</td>
</tr>
<tr>
<td>0.05</td>
<td>10</td>
</tr>
</tbody>
</table>
</div> 5406: <p>From the values you present, it appears that Binance has a flat fee of 5 mBTC for withdrawals of less than 0.1 BTC. While transaction fees in Bitcoin scale with the data written to the blockchain rather than the value transferred, it is magnitudes more than the cost of creating a transaction output. In the past, flat fees of such amounts were not unheard of, but the exchange rate of Bitcoin has increased manifold since then. Assuming they already took a fee on the trade as well, it feels very expensive.</p>
<p>I would read their fee schedule as &quot;only sizeable amounts please&quot;. You should look for another service with a different withdrawal fee policy.</p>
<p>You may want to consider that the trend is towards smaller on-chain payments being priced out. The increased exchange rate turns even small fees into substantial portions of the transacted amount. If you use Bitcoin to transact regularly, you may find the recent developments with the Lightning Network interesting.</p>
