Topic: Best way to send BTC? (Read 415 times)

Lol, all this discussion and I just didn't put my Electrum send address in the address bar? I thought the TO box was for email addresses and mobile numbers? I'm sorry??? 

But I want to thank all the repliers for there time and knowledge.

You can.
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Why don't you contact their support and ask them about what happens during this kind of situation?

R. Coinbase support just sends you links that don't help. The won't answer your question directly?

@sumguy2017
Any chance you can show us some screenshots of how you are trying to make that withdrawal?

R. Can't do screenshots here?

I don't know how Coinbase does it, but each exchange I have used have a max button you can click on. That allows you to withdraw your entire balance minus the transaction fees. I have never used an exchange where you had to enter the withdrawal fees yourself. It's always calculated for you.

@sumguy2017
Any chance you can show us some screenshots of how you are trying to make that withdrawal? I am especially curious with the part where Coinbase changes the amounts you are entering. Maybe your entire balance is not available for withdrawal for some reason. Check out this article that discusses available balances and funds on hold.

I'm not sure about this, but perhaps coinbase thinks you're trying to send the whole $352.64 to another address without any more money for transaction fees. Why don't you contact their support and ask them about what happens during this kind of situation?

Custodial wallets like coinbase usually charge a high withdrawal fee. But it shouldn't be that high. Seems that something is wrong here?

R. Here's a copy of the message I am sending BTC too: I tried submitting the btc through coinbase again and it came out right this time? However it did change the number you gave as a total 0.00315010BTC to 0.0015010btc which equals $100.00 United States Dollars. I guess that's Coinbase's way of saying it a different way?

At any rate, when I tried to send it nothing happens? I click continue and nothing? Coinbase lists under the send button. 1. To mobile, email, or address. 2. A note box for optional message. 3. Pay with BTC. Which I checked off on the list.

Then when I click "continue" nothing happens? What am I doing wrong or am I missing a step?

_______________________________________________________________________________ ______________________________________________

Should I just transfer to my Electrum account what I have left of my original purchased $443.00 Coinbase btc which is now worth $352.19, a difference of $90.81.

I recommend you to do so. In this way, you pay their high withdrawal fee only one time and for your next transactions, you will have for full control over your fund. Using a non-custodial wallet like electrum, you can customize the fee and pay much lower.

R. I tried sending the whole amount of BTC to my Electrum account, but like above, it seems I am missing a step in sending my BTC?

Custodial wallets like coinbase usually charge a high withdrawal fee. But it shouldn't be that high. Seems that something is wrong here.


I recommend you to do so.
In this way, you pay their high withdrawal fee only one time and for your next transactions, you will have for full control over your fund.
Using a non-custodial wallet like electrum, you can customize the fee and pay much lower.


They will charge you a same amount of fee. The fee a custodial wallet like coinbase charge you is fixed.
Also note that, Coinbase can't know where's the destination at all. Bitcoin transactions are (pseudo) anonymous.

When I try to send my btc or remaining $352.64 to my Electrum wallet and click continue it doesn't do anything? What am I doing wrong?

Yesterday I tried to send some of my BTC ($115) to a company. When I tried to paste the amount of BTC the company wanted (0.00365131) into the Coinbase send box it changed the 0.00365131 btc to 0.0065131btc  which is a $94.23 difference?

I don't understand why the amount would change to 0.0065131btc? I can only assume that's what they want to charge for sending btc to the company? I mean $94.23 for sending $115.36 is a little or a lot ridiculous? I must be doing something wrong............. am I?

If so, there's no sense in sending BTC? I might as well send via MG or WU?

Should I just transfer to my Electrum account what I have left of my original purchased $443.00 Coinbase btc which is now worth $352.19, a difference of $90.81. With a fading/falling BTC market to continue according to coinbase charts?

Or leave it there in Coinbase hoping btc will come back up in the near future? I would think it would be better if I transferred my remaining btc to my Electrum account at least I would have control of it. IDK if Coinbase will charge me the same high fee ($94.23) to transfer it to my Electrum account? This sucks?

R. Thank you for your answer.

Because bitcoin is volatile and the price goes up and down every second.

You still own the same amount of bitcoin, but their dollar value is different. You can't artificially make your bitcoin be worth what you want it to. If you made a deal with the company to pay a specific amount in BTC (0.08 BTC for example), you wouldn't have to care about the dollar value of your coins. Unfortunately, that's not the case here and you need $533 worth of bitcoin. 

Considering that the value has dropped significantly recently, you might want to check if you have enough bitcoin for that $533 transaction now. According to preev.com, 0.01699 BTC is equal to $533. You need more than that to also pay for the transaction fees and Coinbase withdrawal fees. How much do you have combined in Coinbase and Electrum?

No one can precisely tell you which way bitcoin will go from this point on. Those who can read charts and do technical analysis can make certain predictions, but human error is always possible. Bitcoin currently finds itself in a situation with negative news coming from China where the government is turning of the power for domestic mining firms and forcing them to abandon their operations. As you can imagine, it has a negative affect on the price and total hashrate.

Will BTC go up or down in the near future, can't predict that or ?

The BTC Coinbase graph shows it steadily going down in value?

But that would only work if the receiver allows him sending two different transactions. If not, I agree that the best option is to move everything from Coinbase to Electrum and then send whatever he needs from Electrum. .................... R. I asked him just now and waiting for an answer?

R. He doesn't care as long as he gets the correct amount?

You can send as many transactions from your Coinbase wallet as you want, for example if you have 1BTC and want to send 0.1BTC you send that in one transaction and will be left with 0.9BTC which you can send in another transaction to your Electrum wallet.

The problem is sending to both destinations in one transaction which requires Coinbase to allow you to use "send to many" option if it has (I don't use Coinbase and couldn't find information on the internet). In such option you would set 2 receiving addresses in your transaction one for 0.1BTC and the other for 0.9BTC and only send 1 transaction while paying 2 recipients. Those receiving the payment do not care that you also made another payment since your transaction almost always contains a change and that change might as well go to your Electrum instead of back to Coinbase.

Quote from: khaled0111 on June 19, 2021, 10:19:52 PM: I never recommended that he should move his Electrum coins to his Coinbase account and send the total sum from there. I suggested that he send everything from his Coinbase wallet to the company he is paying. Whatever else he owns should come from his Electrum wallet..............R. R. I agree with this.

But that would only work if the receiver allows him sending two different transactions. If not, I agree that the best option is to move everything from Coinbase to Electrum and then send whatever he needs from Electrum. .................... R. I asked him just now and waiting for an answer?

I initially had $443.25 in my Coinbase account. Today I checked to send and now my BTC balance is: $354.03. A $80 difference?

Why doesn't it stay at what I spent $443.25?

That's the fluctuating price of BTC? That's a big chunk of change for me?

Anyway to change that back to what I actually paid?

Probably below $0.40-$0.50 right now, but yeah that's not a lot.

I don't either. I also recommended he send those coins to the party he intends to pay.

I never recommended that he should move his Electrum coins to his Coinbase account and send the total sum from there. I suggested that he send everything from his Coinbase wallet to the company he is paying. Whatever else he owns should come from his Electrum wallet.

But that would only work if the receiver allows him sending two different transactions. If not, I agree that the best option is to move everything from Coinbase to Electrum and then send whatever he needs from Electrum. 

You are right Pmalek although one more input isn't going to cost him too much.
I was going to suggest him the same thing but changed my mind for two reasons. The first is that I don't encourage storing coins on exchanges and from his last post he didn't seem to know how it works. The second is that we don't know how precisely how much he is going to pay and how much Coinbase charges per withdrawal (in BTC), so if he sends everything to his Coinbase wallet and make the payment from there he could end up with a small change that he, most likely, wouldn't be able to withdraw.

Everyone is suggesting that you withdraw your Coinbase balance to Electrum first and then make a second transaction made up of two (I assume) inputs from Electrum to the company you need to pay to.

Let's consider another route. What are you paying for? Would that company allow you to pay with multiple transactions or does it have to be one transaction in the amount of $533? This is something you have to ask them.

You have to withdraw your money from Coinbase either way. You might as well send it to that company's address instead of sending it to yourself if that is possible. After that, you can make a second transaction by sending the remaining amount from your Electrum wallet (whatever is needed). You will save a little bit on fees that way because you won't be increasing the size of your Electrum transaction if you withdraw from Coinbase to your Electrum wallet first. Did you understand?

Let's say Coinbase charges you $20 equivalent in bitcoin for their withdrawal. You will have to pay this no matter where you send it. If you send that to your Electrum wallet, you now have to use that amount as 1 input + 1 input (those $110.56 you have in your Electrum wallet) to create an output to send to the company. If you send the Coinbase amount to the company directly, the second transaction (from your Electrum wallet) will be lighter and thus require less fees when sending.