Kraken reduces Bitcoin fees according to community protests

Just a few days ago the Cryptocoin Exchange Platform announced the intention to increase its payout fees - the community responded angrily and protested against the increase. The result: Kraken lowered the fees only a few days later.

On June 8, the platform announced an increase in fees for payments to 0.0025 BTC.

The justification for the increase:

"Kraken always pays a miner fee that is sufficient to ensure transactions are processed quickly. However, the average miner fee required to prioritize and confirm Bitcoin transactions has been increasing for some time without a corresponding increase in the fee we charge to clients. The update brings the withdrawal fee more in line with our cost for the miner fees."

Users protested successfully against the fee-for-profit with the result: The costs for fees are now at 0,001 BTC. However, the transaction duration is extended by up to 5 minutes each.

"Many clients have said they prefer a lower bitcoin withdrawal fee even if it means slower transactions. Accordingly, we are now sending withdrawals together in batches to reduce cost. This allows us to reduce the bitcoin withdrawal fee to 0.001 XBT."