Segwit Adoption Results In Binance Halving BTC Withdrawal Fees
Segwit adoption is finally building up steam. The world’s largest crypto exchange Binance, have just announced a 50% reduction in Bitcoin withdrawal fees on Twitter. The fee reduction is a result of direct cost savings from Binances adoption of Segwit. The new Bitcoin withdrawal fee of on Binance is 0.0005 BTC and this is equivalent of $5.43 at the time of writing.
Binance has followed other exchanges like Bitfinex, who announced on the 1st March that they have reduced BTC withdrawal fees by 25% to 0.0006 BTC. Bitfinex have also alluded that further savings on fees are possible by adding; “We are working hard to reduce this number further in the upcoming weeks”.
Just a week ago, Coinbase announced that it was supporting SegWit though there has yet to be an announcement from Coinbase on fee reductions for customers. Business Insider have recently reported on Segwit stating that “only 14% of bitcoin transactions use it”. We at TotalCrypto suspect this figure will dramatically increase as more crypto exchanges adopt it.
🚨 Scam Alert: ᖯіոаոсе (note the odd characters) is trying to scam people on the official Binance Twitter. The 5,000 Ethereum giveaway is certainly fake and from a Twitter account impersonating Binance. Remember if anything seems too good to be true in crypto, it probably is.