Published On: Sun, Jun 11th, 2017

Kraken Reduces Fees Amidst Community Backlash

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The Kraken Exchange has lowered their withdrawal fees in response to a community backlash towards increases earlier this week.
On June 8, Kraken announced it would be increasing its withdrawal fees to a static .0025 BTC in order to guarantee quicker transactions. This is equivalent to roughly$7 at current prices. Because of Bitcoin’s recent surge in popularity, mining fees are now climbing past previous highs. Kraken sent out an email outlining their changes:
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.

However, not everyone was onboard with the fee hike. Community backlash was so strong, in fact, that just a day later Kraken reversed its decision and lowered fees back down to .001 BTC. Another email sent to Kraken customers on June 9 read:
Many clients have said they prefer a lower bitcoin withdrawal fee even if it means slower transactions. Accordingly, we are now sending withdrawals together …

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