Mexico-based bitcoin exchange Bitso announced last Friday it began to charge a fixed withdrawal fee to users. It has been well documented the increase in fees on the Bitcoin network, with many exchanges introducing dynamic pricing in order to give users the option to pay higher fees for quicker confirmations or stick to lower network fees and hope for the best.
In Bitso’s case, the exchange started to transfer the cost of bitcoin withdrawals to users. These commissions will correspond to the mining commission necessary for Bitcoin’s worldwide network to confirm transactions that occur every day.
The cost for each bitcoin withdrawal from Bitso now will be 0.0005 BTC and will be added to the total withdrawal amount.
The Bitso team said:
“This is a common practice in the industry and some other providers and exchanges charge this commission dynamically, usually higher than the fixed commission that Bitso will set. The reason for this adjustment is due to the huge changes and growth that Bitcoin has been experiencing in recent months, which has resulted in transaction fees increasing significantly worldwide. In Bitso we are committed to continuing to offer an increasingly better service to our users and we regret the inconvenience this may cause. Any questions or comments you can contact us.”