Bitcoin exchange BL3P increases BTC transaction fees

Amsterdam-based bitcoin trading platform BL3P from Bitonic B.V. announced they will be changing some of its fees this month. First, the good news, the fee for euro deposits (both iDEAL and SEPA) will be lowered to €0.50, they previously were set at €0.80/€1.00. Secondly, because of the increased fees on the Bitcoin network, BL3P will increase the fee charged for withdrawals.

The team stated that the current fees charged are insufficient to provide for miner fees the company pays, and they also wanted to discourage users requesting multiple small withdrawals, in order to reduce the strain on the Bitcoin network. The new fees are 0.001 BTC for a default, fast withdrawal (previously 0.0005 BTC) and 0.0005 BTC for a low priority withdrawal (previously 0.0001 BTC).

The costs of a bitcoin transaction are mainly caused by the inputs i.e. the received bitcoins being spent in the transaction. In order to distribute the costs in a fair way and further reduce the strain on the Bitcoin network, the company said it also wants to discourage small bitcoin deposits (less than 0.1 BTC) by charging a fee of 0.0005 BTC. Deposits of 0.1 BTC and larger will remain free.

These changes are scheduled to become effective on June 23rd.

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