The Withdrawal Fee and Why the Withdrawal Fee Goes Up and Down in CoinEx
1. The Withdrawal Fee
Click to check Withdrawal Fee
2. Why the Withdrawal Fee Goes Up and Down?
What is Miner Fee?
In cryptocurrency system, every single transition with detailed information is recorded in a "Ledger", including input/output wallet address, amount, time, etc.
This "Ledger" is known as blockchain records, 100% transparent and unique. The person who record the transaction on the "Ledger" is called miner. In order to attract miners to speed up the process of transaction confirmation, you will need to pay a certain amount of fee to miners when transferring assets.
Why is Blockchain Network Congested?
Blockchain congestion is actually the same as traffic congestion. On the one hand, the road is too narrow and not wide enough ( block capacity is too small ). On the other hand, there are too many cars (transaction volume increases very sharply).
The fundamental reason for congestion is related to the data structure of blockchain. Due to the limited capacity of a single block and relatively fixed time of every block generation, the number of transactions that can be accommodated is also limited. If there are too many transactions, you can only wait in line or increase the miner fee to cut in line.
Currently, BTC network can process 7 transactions per second, while ETH network can process 30-40 transactions per second. Users can check the current best miner fee here:
BTC Current Best Miner Fee
ETH Current Best Miner Fee
Why the Withdrawal Fee Goes Up and Down？
To guarantee instant confirmation of your transaction, CoinEx will calculate and readjust to optimal miner fees based real-time crowdedness of blockchain network accordingly.
Kind Reminder: When withdrawing to an address in CoinEx, [Inter-user Transfer] is recommended. By entering its CoinEx account (Mobile or Email), your assets will be transferred within CoinEx system instantly without need of on-chain confirmations or fees
