Coinbase bitcoin transaction fee still so high!

BitHodler

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Quote from: biletskiy on January 02, 2018, 06:11:46 AM

Why are you still using Coinbase? Try some other exchange platforms. What is with Bittrex? Did you use it. I suppose fees less there than those that you represented. I am on myself using Exmo. Find the cheap exchange.

Bittrex withdrawal fee is (for now) still fixed at 0.001BTC, which is a pretty normal withdrawal fee, but still too high according to +75% of the people here. If we look at Coinbase's fees right now, they are sub 0.001BTC.

Bittrex just charges a flat fee, where Coinbase adjusts its fees based on how congested the network is. I think this is the best possible approach, because if the network isn't as congested, the fees Coinbase charges drop significantly.

On another note, services in this case can't seem to do anything right. If they charge low fees, people complain about slow confirming transactions, and if they charge higher fees, people complain about the fees being too high.

biletskiy

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Activity: 434

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Why are you still using Coinbase? Try some other exchange platforms. What is with Bittrex? Did you use it. I suppose fees less there than those that you represented. I am on myself using Exmo. Find the cheap exchange.

matumbaman

newbie

Activity: 28

Merit: 0

Quote from: cryptogrey on January 01, 2018, 01:09:37 PM

14.29$ transaction fee is absolutely not normal thing.
I have no idea what kind of plan they have about it.
But the possible reason is so many block chain transaction has been stuck for
so many days.
Maybe this is the only reason not to let any small transaction through bitcoin address.

They don't have the control for the fee, it's quite low now as the number of unconfirmed transactions went low. If you don't want to pay high fee, don't store your btc there.

khaled0111

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Activity: 2520

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Top Crypto Casino

No one is sending small amounts, because of high fees, you will think twice before sending a 10$ transaction.
It is really confusing, yesterday, I send some Bitcoins and I just payed 3$ fee, the transaction was confirmed in less than an hour!!
Some members said that they paid more than 50$ and they had to wait for more than 10 hours.

bigvito19

full member

Activity: 706

Merit: 111

good grief, it better be safe with the fee almost $20

Granxis

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Quote from: cryptogrey on January 01, 2018, 01:09:37 PM

14.29$ transaction fee is absolutely not normal thing.
I have no idea what kind of plan they have about it.
But the possible reason is so many block chain transaction has been stuck for
so many days.
Maybe this is the only reason not to let any small transaction through bitcoin address.

In this case, the best thing to do is to make a campaign to reduce the transfer fees. If there are many participants, the campaign will grow. With this campaign, Coinbase will have to lower fees. (I had to pay the same fee)

Dani33

member

Activity: 128

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Coinbase is a safe exchange but the fees are so high and the price of bitcoin, ethereum ecc is so high too, you could try with other exchange

QuestionAuthority

legendary

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You lead and I'll watch you walk away.

It won’t last if customers don’t allow it to last. It’s probably won’t last anyway. They need the money right now to pay their attorneys to get out of the insider trading scandal.

Virtual miner

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Quote from: cryptogrey on January 01, 2018, 01:09:37 PM

14.29$ transaction fee is absolutely not normal thing.
I have no idea what kind of plan they have about it.
But the possible reason is so many block chain transaction has been stuck for
so many days.
Maybe this is the only reason not to let any small transaction through bitcoin address.

The network is somewhat less congested now even the mycelium fees have gone down a lot but coinbase is an exchange which largely determines its fees using its own will. I think its high time they should now switch to batch processing transactions they are lot cheaper and profitable.

fo0tman

newbie

Activity: 34

Merit: 0

Plus the downtime when important dips occur, plus the credit card fees, etc. Still many things need to be improved.

freecastle

member

Activity: 71

Merit: 10

With all the people who use this service, they are right to put their pockets, and the day they lose market share they will be enough to lower the costs

lite

legendary

Activity: 1400

Merit: 1009

Quote from: cryptogrey on January 01, 2018, 01:09:37 PM

14.29$ transaction fee is absolutely not normal thing.
I have no idea what kind of plan they have about it.
But the possible reason is so many block chain transaction has been stuck for
so many days.
Maybe this is the only reason not to let any small transaction through bitcoin address.

The problem with online wallet like coinbase is that you can't set custom fee, that's why most people say/suggest to use wallets with private key control/export option. with segwit address/wallet (to another segwit address) you'd be paying even lesser fee now.

avikz

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Quote from: cryptogrey on January 01, 2018, 01:09:37 PM

14.29$ transaction fee is absolutely not normal thing.
I have no idea what kind of plan they have about it.
But the possible reason is so many block chain transaction has been stuck for
so many days.
Maybe this is the only reason not to let any small transaction through bitcoin address.

It's not just about coinbase. Even blockchain.info is also asking for similar fees. But we have the options to change it in blockchain. I think it's high time we start using the segwit enabled bitcoin address which starts from "bc1" instead of using third party wallets like coinbase or blockchain. Start using the newest version of Electrum light wallet. While installing, it will prompt you whether you want to use a standard wallet or a segwit enabled one. This segwit enabled wallet will give us a peace of mind and super fast transaction at a very low fee. It's not super cheap but way more cheaper than coinbase.

Also it is very much possible to send transactions from a standard bitcoin wallet to a segwit enabled bitcoin address. So we all need to start using it for the betterment of the bitcoin network.

Caesar-Giulius

sr. member

Activity: 728

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Buy, sell and store real cryptocurrencies

That is the thing about coinbase, the fees is usually higher than other services. Try to find an alternate exchange to avoid such issues.

newinbtc

legendary

Activity: 1190

Merit: 1001

normal bitcoin transfer fees is nearly 17$ , then Why coinbase wear the High fees to make customer happy. Thy prove good quality service and make customer HAPPY BY GIVING faster Confirmation to the withdrals and If transfer stucked in middle who will responsible .

In this case we rise issue and Many other things so they select high fees for this reason

mahibul49

full member

Activity: 826

Merit: 104

yes coinbase taking high fees but i think its safe wallet

kueyen

member

Activity: 140

Merit: 10

They are still high because nothing has happened since the major congestion that started around the $20K price point. I use mycelium wallet, and I remember that around last month, the average fee for a standard transaction was around six dollars, a few days ago when I opened the app, it was twenty something dollars. The transaction fees are still very crazy and I think they won't go down before lightning network is implemented, or unless the interest in bitcoin goes down significantly.

mk4

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Paldo.io 🤖

The current unconfirmed transactions of 117694[1] is definitely a lot lower than we had last week(around 200k), but yea, definitely still congested. You can always use a smaller transaction fee to send your funds if you're not in a rush, unfortunately I don't think Coinbase has that feature. You'd have to use a wallet like Electrum/Copay/etc for you to be able to choose your own fees.

[1] https://blockchain.info/unconfirmed-transactions

cryptogrey

newbie

Activity: 48

Merit: 0

14.29$ transaction fee is absolutely not normal thing.
I have no idea what kind of plan they have about it.
But the possible reason is so many block chain transaction has been stuck for
so many days.
Maybe this is the only reason not to let any small transaction through bitcoin address.

Topic: Coinbase bitcoin transaction fee still so high! (Read 180 times)