What is the reason for the withdrawal fee?
When a transaction is initiated, the information is disseminated across the network, and miners gather and compile the transactions into blocks. Only once a block is successfully mined, the transaction is confirmed. While miners receive a fixed monetary reward for mining a block, this reward diminishes over time due to halving mechanisms specified in the rules. Eventually, miners may find it unprofitable to continue mining.
Hence, transaction fees are essential to sustain the motivation of miners for continuing their mining activities.
The Purpose of the Withdrawal Fee
Incentivize miners to engage in mining activities.
Prevent an overload of small transactions on the network. Given the limitations of transaction processing capacity within the peer-to-peer network, frequent small transactions could congest the network, leading to delays or even halts. Therefore, a threshold is established to reduce the number of such transactions naturally.
Please choose the currency you wish to withdraw, and then input the address and amount you desire to withdraw. Please note that the blockchain fee will be subtracted from your withdrawal amount.
Please make sure to confirm your withdrawal address, as all blockchain withdrawals are irreversible and final.