Topic: Explanation on Bitcoin Fees - page 2. (Read 334 times)

In the first place I did not use the kraken platform, after a few weeks I also saw and noticed that the normal transaction fees of bitcoin have returned. I'm just wondering why the fees that were deducted from the transaction you made based on what you mentioned?

I just don't have an exact idea if in the transaction you made, is there an adjustment called to change the fees, but since you used Ethereum, it is possible that the fees are like that in my opinion.

I can't check it now, because I have only Ethereum on kraken, but i think i had the choice between Bitcoin Network and Bitcoin (Lightning Network) before to send my bitcoins.

Oh my God, does it mean i paid fees for Nothing?
I'm very noob ...

Would it have worked in the same way ( with my ledger: https://shop.ledger.com/products/ledger-nano-s-plus ) if i had chosen "Bitcoin (Lightning Network)" in place of "Bitcoin Network" on Kraken before to send? or not?
Thanksl

First Thanks to all the answers from this community. ( i read it all )


After read what you write, i decided to made some differential calculations between my bitcoins on "Kraken" and "Ledger Live" and if i didn't made any mistakes with it, it looks like you have right...


I don't know what did "Kraken"...
So i probably now understand that the fees i see in my https://www.ledger.com/ledger-live software is not the fee related to my transaction only.

That's what misled me. I feel so stupide now  
Sorry.

Really big thanks to all to try to help and explain me...
It helped a lot.

When you use a centralized exchange, you will have to accept their Terms of service ToS and pay the withdrawal fee they charge. All customers will be charged a same withdrawal fee that is consistent and does not depend on your withdrawal amount.

Kraken writes their withdrawal fee is 0.0002 BTC and the Withdrawal minimum is 0.0005 BTC.
https://support.kraken.com/hc/en-us/articles/360000767986-Cryptocurrency-withdrawal-fees-and-minimums

You only can customize transaction fee if you use a self custody walllet and are able to set fee rate. With centralized exchanges, you can not do that.

This is the same also with most casinos, they have fixed fees but if you try to look at block explorers, the actual fee varies
according to the actual activity of the bitcoin network. Sometimes they will pay higher or lower than what you paid for them.
You can check their actual deductions by checking your account itself as you know how much satoshis you have in your account.
In time, the OP will understand that if it is the third party platform doing the transaction, he can't control the fees used to pay the miners.
However, if the transaction is coming from his noncustodial wallet, he can easily adjust the fees according to his needs.

Despite the fact that there is a fixed fee for transactions on kraken, no one can tell you if a fee is normal without knowing what the size of your transaction was or knowing the feerate in sat/vbyte.
The worth of bitcoins being sent does not determine the price paid on fees.

If you make a transaction from your own wallet to some destination address, you will have to take care of the transaction fee for that transaction. I usually want to choose a fee based on what my needs are how fast that transaction should be mined into a block. If I don't have time restrictions for the confirmation of a transaction, I can choose a lower fee than if I have to get that transaction into the next or next few blocks.

A good place to take a look at current estimated fees based on how fast a transaction should be confirmed is e.g. https://mempool.space

Look at the middle left part with headline TRANSACTION FEES:
*Transactions below the Purging amount are likely discarded from mempools with standard size
*No Priority might take some hours or even days to confirm (it depends, hover your mouse over the title and an explanation is displayed)
*Low, Medium, High Priority: at High Priority fee should get your transaction confirmed into the next block, though there's no guarantee. The other two are a little vague in the explanation. (I liked the older estimation there better where Low was about in an hour or two, Medium was somewhere around 30min


Pretty much self-explanatory is https://bitcoinexplorer.org/ where the SMART FEES (sat/vB) shows the estimated fee rate for next block (asap), within an hour and within a day.

I see. I thought kraken charged a transaction fee on top of their fixed fees, but it looks like they do not. Thank you for the clarification!

In Kraken, there's a fixed withdrawal fee which is currently 0.0002 BTC. Click here to see withdrawal fees on Kraken.


There's no need to do that.
As I said in my first reply, OP paid only 0.0002 BTC as withdrawal fee and is confusing the withdrawal fee with the fee displayed on block explorers which is the fee paid by Kraken to miners.

I haven't personally used Kraken, so I cannot provide specific details about that exchange. However, I can tell you that many exchanges have different fee structures in place. Typically, there is a fixed fee for withdrawing funds from the platform, as well as a dynamic fee determined by the network for each transaction.

The dynamic fee can vary depending on the current conditions of the network. This means that at different times, the transaction fee may differ based on the prevailing network conditions.

If you want accurate information regarding your specific case without sharing your private data publicly, it is best to reach out to Kraken's support. They will be able to provide you with the correct answer and address any concerns or questions you may have.

You didn't pay 0.00038385 BTC. You paid 0.0002 BTC as withdrawal fee on Kraken.

The 0.00038385 BTC displayed on block explorers like blockstream is the fee paid for your transaction by Kraken to miners.
Kraken probably processed multiple withdrawals in a single transaction and got 0.0002 BTC for each of them.


No need.
As said, you paid 0.0002 BTC. Not more.

Good morning,
I'm new here, and new in the crypto world.

Earlier this year I opened an account with Kraken and bought some Bitcoins and some Etherums.
A few months ago I also bought a Ledger key (with $20 offered in bitcoin)

Since I made a first transfer of Bitcoins (for test) from my Kraken account to "Ledger Live"

Transfer n°1: 100€, Kraken Fee: 0.00020 BTC (about 5€), Arrived on "Ledger Live" Fee: 0.00019023 BTC (4,708€)
blockstream.info: SEGWIT FEE SAVINGS This transaction saved 27% on fees by upgrading to native SegWit-Bech32

Transfer n°2: 1900€, Kraken Fee: 0.00020 BTC (about 5€), Arrived on "Ledger Live" Fee: 0.00038385 BTC (9.282€)
blockstream.info: SEGWIT FEE SAVINGS This transaction saved 17% on fees by upgrading to native SegWit-Bech32

I claim my $20 of Bitcoin Offer: Arrived on "Ledger Live" €18.05 Fee: 0.00021581 BTC (€5.23)
blockstream.info: SEGWIT FEE SAVINGS This transaction saved 5% on fees by upgrading to native SegWit-Bech32

Do all these Fees seem normal for you?
But above all, why in Transaction n°2 I paid quazi double 0.00038385 BTC instead of 0.00020 BTC? (I have a screenshot that shows 0.00020 BTC of Fee before clicking on send in Kraken)

Should I contact Kraken, or there are other Fees added "after Kraken" in the transaction process ?

I don't understand.
Thank you.