As far as I can understand from the Steem Whitepaper, transfers of Steem should be free of any fees. However, all the exchanges seem to quote a "transaction fee" or "network fee" for Steem withdrawals none the less:
What is this fee and how does it relate to the specifications in the whitepaper?
A day passed. 4 views, no clear answers. Hey, anyone out here at all? Did I post to the wrong channel?
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It's really easy for posts like this to just get absolutely lost on steemit without anyone knowledgable seeing it.
The fee is something the exchange added - it's not a fee on the Steem blockchain. The Steem blockchain itself has 0 fee's and instead uses a "bandwidth allocation" algorithm. You're allotted an amount of available bandwidth to use based on your Steem Power balance and it regenerates over time. Most exchanges do have fee's somewhere to pay for their employees and infrastructure.
Hope that answers your question!
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Thanks, that's what I was suspecting. It's interesting though that all exchanges I've checked seem to be guilty of charging this fee, making it look as if it's required by the network rather than collected by the exchange (like in the screenshot above).
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They need a network fee but be happy fee is low :D
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I think I do not understand the whole chapter about "Eliminating transaction fees" in the whitepaper then. Doesn't it explicitly state that Steem is deliberately built around a rate-limiting approach instead of charging fees for transactions?
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pretty sure it's just that exchange. see changelly: https://steemit.com/money/@changelly/network-fees-and-suggested-minimal-amounts
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