Reminder: do not keep your money in online accounts was written in November 2022 but maybe people did not learn this reminder.
These days, Ordinals, BRC-20 tokens,
Unisat.io are spamming Bitcoin mempools and triggering the fee rate race that causes very expensive transaction fee and long waiting time.
Along these crazy days, Binance postponed withdrawal of Bitcoin in Bitcoin network a few times. If you store your bitcoins on Binance, you will not be able to withdraw it.
It is funny fact as in normal days, exchanges charge very expensive withdrawal fee on users and now they reject to support users, waive the withdrawal fee for their users but simply benefit themselves by putting withdrawal on hold.
Again, do you want to have control of your coins?
Use self custody wallet.
With self custody wallet, you can control your coins, can broadcast your transaction anytime and can choose fee rate to have waiting time you are ready to take.
Do mempools checking with
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weighthttps://mempool.space/graphs/mempoolYou can broadcast your transaction with any fee rate you want. But you must know that if you use too low fee rate, your transaction will probably be dropped of mempools after a while. Usually mempools make drop on waiting transaction (with very low fee rate) after 2016 blocks or 14 days approximately.
Like on Mempool.space or jochen-hoenicke.de, you will see different charts. With full waiting transactions (bigger size) and with possible remaining waiting transaction after dropping of low fee rate transactions. See screenshots.
From 250 vMB (second chart, BTC) to about 35 vMB (third chart, BTC default mempool), difference is around 210 vMB. Network difficulty will be retarget after 2016 blocks (14 days) and the estimator uses it for estimation of possible dropped transactions.
When you check fee rate, use the third chart is better. If you see fee rate is too high, you can wait for a few days, two weeks to broadcast your transaction with cheaper fee rate. You can make your transaction like 5 - 10 vMB from tip of mempool and wait for your luckiness.
Use Segwit address to save your transaction fee.
ExchangesBinanceThey charge same withdrawal fee for Legacy and Segwit address. They don't want to force users to use Segwit address.
Binance is the same and they even charged more expensive withdrawal fee on Segwit address.
Archive of BTC withdrawal fee on Binance in April. It is the same hours ago today.
Fortunately they changed it recently and now withdrawal fee with Segwit is cheaper than with Legacy.
Kraken
https://support.kraken.com/hc/en-us/articles/360000767986-Cryptocurrency-withdrawal-fees-and-minimumsKucoin
https://www.kucoin.com/vip/levelBitstamp
https://www.bitstamp.net/fee-schedule/