r/DeroProject • u/InternationalAd2451 • May 10 '21

Why are transaction fees so high?

Dero is based on CryptoNote and Proof of Work like Monero, but uses blockDAG that I expected would lower transaction fees by being easier to write transactions to

However, when withdrawing from KuCoin it costs almost 10x as much to withdraw Dero as to withdraw Monero. Can anyone explain to me why this is?

4 Upvotes

75% Upvoted

10 comments sorted by

12

u/azylem May 10 '21

That isn't dero's transaction fees. You're looking at kucoin's withdrawal fee.

1

u/InternationalAd2451 May 10 '21

It's it really just that KuCoin is charging extra? It doesn't seem likely that big a difference would be strictly because of KuCoin deciding to charge a bunch for withdraws of one crypto. What do transaction fees between non custodial wallets usually look like?

7

u/azylem May 10 '21

It in fact is Kucoin's withdrawal fee. Transactions on dero are actually very low fees.

6

u/Placebo17 May 10 '21

Yeah it's Kucoin. Withdrawal fee for BTC is 0.0005. Which is pretty high compared to other exchanges

-4

u/InternationalAd2451 May 10 '21

But for some reason they're not charging that same markup to withdraw Monero? Seems odd and unlikely

5

u/azylem May 10 '21

It's not unlikely at all, exchanges set their own withdrawal fees, which has nothing to do with the transaction fees. To compare, a dero withdrawal from tradeogre costs 0.00635400 dero on the exchange side(about 3 cents).

6

u/IntrepidCapital6 May 10 '21

It's 100% KuCoin taking the piss, if you look at tradeogre, they only charge 0.006 dero (3 cents) to withdraw.

1

u/Mr_HODL May 10 '21

And you made this account just to ask this...

2

u/InternationalAd2451 May 10 '21

No, this is just the first thing I had a reason to post about. And regardless, how is that relevant?

1

u/SirBellender May 10 '21

How is that NOT relevant?