Coinbase BTC withdraw fees decent today!

bozo333

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Quote from: magneto on February 23, 2018, 01:36:23 AM

I think that what you're suggesting here is probably a lot more likely to be implemented by coinbase than the custom fee sends. Low/med/high is a great balance between control that everyone's talking about, and flexibility.

Don't forget that coinbase isn't actually a wallet. It is actually an exchange that lets you store funds on it.

Therefore, you don't have control over your private keys to sign messages. This is different to blockchain.info. The reason they were asking these kind of high fees were because of the high amount of unconfirmed transactions and everyone is trying to compete for a fast confirmation. So it's not just them that's setting the fee, it's basically everyone on the network that's sending transactions.

I am using Coinbase more than year but I do not find any option to reduce or increase fee volume. Now already mempool is seems empty so why you still need to bother fees as a matter here. Not only Coinbase all the wallet providers decreased their default transaction fee equals to eth gas fee.

This is a centralized wallet, if you read the FAQ page to learn the terms about the having the fund and reason for not sharing the private key then you could able to understand about it. Wallet such as blockchain and MEW got hacked many times but coinbase doesn't.
Now fees on coinbase has been reduced to 0.000015 btc for each transactions bro.

magneto

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Quote from: richardsNY on February 21, 2018, 06:46:18 PM

Quote from: jnano on February 21, 2018, 05:21:07 PM

I still think they should offer the user some fee control. Not everyone cares if a confirm happens in 10 minutes or an hour.

Maybe an option to choose between high/med/low would be appreciated for sure, but looking at how other services and exchanges still work with ancient fixed fees, Coinbase is doing a much better job than the majority of the other services. I think the chances are on the higher side that they will only implement different priority levels if the demand from their users is there. If you want to get Coinbase to notice something, then make sure it gets picked up by a lot people on social media, because the mass is always a powerful way of getting things done, and especially when it comes to a large entity as Coinbase that is known to be unresponsive through their regular contact channels.

I think that what you're suggesting here is probably a lot more likely to be implemented by coinbase than the custom fee sends. Low/med/high is a great balance between control that everyone's talking about, and flexibility.

Quote from: Paractor on February 22, 2018, 08:05:18 PM

I was surprised that they are doing 7-8 sats/byte now because the last time I did a withdrawal they were asking for 0.00224btc for me to send out just 0.02btc which was just unheard of.
Without a choice to customize how you want to send it from their service as a wallet isn't the best way to run a blockchain wallet business one bit.
Should follow what blockchain.info is doing if they want to stay competitive and not been seen as scamming their customers in the fees they are charging. Roll Eyes

Don't forget that coinbase isn't actually a wallet. It is actually an exchange that lets you store funds on it.

Therefore, you don't have control over your private keys to sign messages. This is different to blockchain.info. The reason they were asking these kind of high fees were because of the high amount of unconfirmed transactions and everyone is trying to compete for a fast confirmation. So it's not just them that's setting the fee, it's basically everyone on the network that's sending transactions.

Paractor

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I was surprised that they are doing 7-8 sats/byte now because the last time I did a withdrawal they were asking for 0.00224btc for me to send out just 0.02btc which was just unheard of.
Without a choice to customize how you want to send it from their service as a wallet isn't the best way to run a blockchain wallet business one bit.
Should follow what blockchain.info is doing if they want to stay competitive and not been seen as scamming their customers in the fees they are charging. Roll Eyes

timerland

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Quote from: jnano on February 22, 2018, 01:42:49 AM

That's why I think a few presets is more likely than full control. A balance between not having users complain about fees, and not getting into delayed/no confirm.

But a more advanced fee control, that isn't enabled by default, could still be done if they cared to. It doesn't have to start from 0 (which won't work anyway), they can set the low limit to something sensible based on network conditions. Then, they could implement RBF to let the user up the fee if confirmation takes too long (I think they can also use RBF to improve transaction batching). Or they could watch to see if pending transactions get picked up in a predefined period of time. If not, they could stop broadcasting, alert the user and let him pick a higher fee, wait for the tx to disappear from the mempool and then broadcast with the updated fee. This could also be done automatically by letting the user set a range of fees when withdrawing.

If Coinbase cares about the ecosystem at large, not fueling a high fee bidding war is in everyone's interest (well, other than miners).

Well, implementing this will cost them some moamount of money obviously to set this up.

To them, all they need to worry about is that their customers are happy with the service, more people sign up, and that their customers pay sufficient amounts of fees so that no major problems pop up with unconfirmed transactions all the time.

If they decide that implementing this isn't worth it for the cost, aka if it won't attract more people using their service because of this new feature, then I don't think that they will do it. Even though everyone likes that control over their transactions for sure.

Wipro

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Quote from: Hamphser on February 22, 2018, 10:04:43 AM

Having different fee options/priorities would really be good just like into our local wallet provider which do have that kind of feature.Hope they would implement that into their site which would really be great for coinbase users.For now its not really surprising that fees do come low in we do least expected but it is just normal and not really related to segwit matter since we do all see that network isn't congested now/mempool which its normal to go back on where we came from.

You can find these fees modification option on the desktop wallet and blockchain wallet as much knowledge but on coinbase they does not added this feature at all as of now.

Today when ai transfer the bitcoin to my friend I find the fee as 0.00001** for the transaction but i am using the coinbase for long time to receive the nice hash payment without a fee.
Today I see this much at there. Noe high fees burden coinbase has been resolved hopefully.

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Quote from: richardsNY on February 21, 2018, 06:46:18 PM

Quote from: jnano on February 21, 2018, 05:21:07 PM

I still think they should offer the user some fee control. Not everyone cares if a confirm happens in 10 minutes or an hour.

Maybe an option to choose between high/med/low would be appreciated for sure, but looking at how other services and exchanges still work with ancient fixed fees, Coinbase is doing a much better job than the majority of the other services. I think the chances are on the higher side that they will only implement different priority levels if the demand from their users is there. If you want to get Coinbase to notice something, then make sure it gets picked up by a lot people on social media, because the mass is always a powerful way of getting things done, and especially when it comes to a large entity as Coinbase that is known to be unresponsive through their regular contact channels.

Having different fee options/priorities would really be good just like into our local wallet provider which do have that kind of feature.Hope they would implement that into their site which would really be great for coinbase users.For now its not really surprising that fees do come low in we do least expected but it is just normal and not really related to segwit matter since we do all see that network isn't congested now/mempool which its normal to go back on where we came from.

jnano

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That's why I think a few presets is more likely than full control. A balance between not having users complain about fees, and not getting into delayed/no confirm.

But a more advanced fee control, that isn't enabled by default, could still be done if they cared to. It doesn't have to start from 0 (which won't work anyway), they can set the low limit to something sensible based on network conditions. Then, they could implement RBF to let the user up the fee if confirmation takes too long (I think they can also use RBF to improve transaction batching). Or they could watch to see if pending transactions get picked up in a predefined period of time. If not, they could stop broadcasting, alert the user and let him pick a higher fee, wait for the tx to disappear from the mempool and then broadcast with the updated fee. This could also be done automatically by letting the user set a range of fees when withdrawing.

If Coinbase cares about the ecosystem at large, not fueling a high fee bidding war is in everyone's interest (well, other than miners).

timerland

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Quote from: jnano on February 21, 2018, 08:01:19 PM

Yeah, low/med/high fees are the most I see someone like Coinbase implementing. It's simple enough to be usable by casual users, and still gives Coinbase control on the actual fees so that they can strike the balance they want to achieve.

I'd say offering "advanced fee control" is also doable, letting those who want it set the exact fee, but I doubt Coinbase would bother. But if SegWit doubles the network capacity quickly enough, and demand doesn't return to December-January levels, even simple fee controls will be acceptable for the following months. After that, we'll have to see if Lightning is any good.

I'd say that the only thing that is bothering them is that they are afraid that people would have tons of issues with unconfirmed transactions. Especially newbies that don't know what they're doing, if they do something wrong then they'll be flooded with a ton of tickets.

Also, if people keep on doing 0 fee sends or low fee sends that gets pruned later on, and the funds get reversed, again, that'll lead to an unnecessarily high amount of support tickets being opened. With thaeir already terrible support, that's not going to end well with everyone complaining.

This could be easily combated by implementing the low/medium/high fee, which I think is the most logical thing to do.

jnano

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Yeah, low/med/high fees are the most I see someone like Coinbase implementing. It's simple enough to be usable by casual users, and still gives Coinbase control on the actual fees so that they can strike the balance they want to achieve.

I'd say offering "advanced fee control" is also doable, letting those who want it set the exact fee, but I doubt Coinbase would bother. But if SegWit doubles the network capacity quickly enough, and demand doesn't return to December-January levels, even simple fee controls will be acceptable for the following months. After that, we'll have to see if Lightning is any good.

richardsNY

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Quote from: jnano on February 21, 2018, 05:21:07 PM

I still think they should offer the user some fee control. Not everyone cares if a confirm happens in 10 minutes or an hour.

Maybe an option to choose between high/med/low would be appreciated for sure, but looking at how other services and exchanges still work with ancient fixed fees, Coinbase is doing a much better job than the majority of the other services. I think the chances are on the higher side that they will only implement different priority levels if the demand from their users is there. If you want to get Coinbase to notice something, then make sure it gets picked up by a lot people on social media, because the mass is always a powerful way of getting things done, and especially when it comes to a large entity as Coinbase that is known to be unresponsive through their regular contact channels.

jnano

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In my recent transfer the fee they charged was exactly what the miner ended up getting.

timerland

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Quote from: jnano on February 21, 2018, 05:21:07 PM

Quote from: LeGaulois on February 21, 2018, 03:36:36 PM

BTW I am curious to know how much did you get charged in fee to do the transaction?

Easy to calculate, no?

It was 7-8 sat/byte, and a typical 226 byte transaction, so in total about 0.000017.

I wouldn't call 0.0002 - 0.00025 fair. That's 90-110 sat/b, which is very expensive and not too far off from what they took in November or early December.

Quote from: supermine on February 21, 2018, 02:52:39 PM

But the 7-8 sat/ byte is still high because there is no traffic in the memepool so we can use 1sat/byte

If I could choose I'd go for 2-3 s/b, but 7.5 is still far better than anything they offered in recent history.
It's not too bad considering they aim for the next block, even if 5 s/b would suffice for that.

I still think they should offer the user some fee control. Not everyone cares if a confirm happens in 10 minutes or an hour.

Agreed. Since they send with the exact sum of fees as they charge you, they should clearly just allow the users to set their own custom fees. For instance, if people want to get their transactions confirmed quickly then they should be able to set a high fee, higher than recommended even. But if people aren't in a rush they should get the opportunity to set a low fee, especially if it's a small amount.

I remember that coinbase fees when I still used them was around 400 sats/byte, which is industry standard.

Good to see this come down. The recommended fees have come down in other wallets as well, not just Coinbase. I wonder if they subsidize transaction fees now or it's still the same amount they actually pay, though.

jnano

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Quote from: LeGaulois on February 21, 2018, 03:36:36 PM

BTW I am curious to know how much did you get charged in fee to do the transaction?

Easy to calculate, no?

It was 7-8 sat/byte, and a typical 226 byte transaction, so in total about 0.000017.

I wouldn't call 0.0002 - 0.00025 fair. That's 90-110 sat/b, which is very expensive and not too far off from what they took in November or early December.

Quote from: supermine on February 21, 2018, 02:52:39 PM

But the 7-8 sat/ byte is still high because there is no traffic in the memepool so we can use 1sat/byte

If I could choose I'd go for 2-3 s/b, but 7.5 is still far better than anything they offered in recent history.
It's not too bad considering they aim for the next block, even if 5 s/b would suffice for that.

I still think they should offer the user some fee control. Not everyone cares if a confirm happens in 10 minutes or an hour.

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Quote from: BitHodler on February 21, 2018, 03:46:45 PM

Quote from: LeGaulois on February 21, 2018, 03:36:36 PM

It's not because Segwit since it hasn't been added yet. It's like this for several days now. The mempool is in "sleeping mode" currently. BTW I am curious to know how much did you get charged in fee to do the transaction?

I have done various withdrawals in the last days till today, and have been charged fees in the range of 0.0002 to 0.00025BTC, which is pretty fair. I am sure that it could be done with a lower fee as well, but it can't be adjusted.

Imagine how things will be with SegWit. I am confident that the fees will decline with at least 50% to put it conservatively. Obviously, that's assuming the mempool won't get cluttered again.

Thanks. Maybe I will start to use it again Grin

a 0.00025BTC fee is decent, I think it's half of what it was before if I am correct. Hopefully, more services/merchants/wallets/exchanges/etc will start to adopt Segwit asap, it will give a boost to Bitcoin (not a lot maybe, but it still good to take)

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Quote from: LeGaulois on February 21, 2018, 03:36:36 PM

It's not because Segwit since it hasn't been added yet. It's like this for several days now. The mempool is in "sleeping mode" currently. BTW I am curious to know how much did you get charged in fee to do the transaction?

I have done various withdrawals in the last days till today, and have been charged fees in the range of 0.0002 to 0.00025BTC, which is pretty fair. I am sure that it could be done with a lower fee as well, but it can't be adjusted.

Imagine how things will be with SegWit. I am confident that the fees will decline with at least 50% to put it conservatively. Obviously, that's assuming the mempool won't get cluttered again.

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It's not because Segwit since it hasn't been added yet. It's like this for several days now. The mempool is in "sleeping mode" currently. BTW I am curious to know how much did you get charged in fee to do the transaction?

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Quote from: jnano on February 21, 2018, 12:35:49 AM

I don't know what happened but Coinbase's BTC withdraw fees were decent when I checked earlier today. 7-8 sat/byte. If you need to withdraw, seize the opportunity before it's gone.

The mempool load is quite low now, but it wasn't that bad a week or two ago, and then they charged more like 150 sat/byte.

Maybe it's related to their SegWit rollout in the following days.

It is happened due to the empty memepool,not due to the segwit update and I don't think they implemented setWit yet.

But the 7-8 sat/ byte is still high because there is no traffic in the memepool so we can use 1sat/byte still our transaction will fall under the miner to get confirmed.So still they are charging high fee when compared to the current situation.But that fee is almost less than a dollar so it is affordable when compared before few weeks ago.

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Transaction fees on bitcoin in general have fallen to below $1. A combination of some exchanges batching outputs, segwit adoption, and also people using alts to move money instead of bitcoin.

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Quote from: jnano on February 21, 2018, 12:35:49 AM

I don't know what happened but Coinbase's BTC withdraw fees were decent when I checked earlier today. 7-8 sat/byte. If you need to withdraw, seize the opportunity before it's gone.

The mempool load is quite low now, but it wasn't that bad a week or two ago, and then they charged more like 150 sat/byte.

Maybe it's related to their SegWit rollout in the following days.

Thanks for the heads up. I wanted withdraw my leftover Bitcoins from Coinbase, The high fee there always made me not to. Now that they have SegWit enabled wallet, I can withdraw without paying huge amount on fees.

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Quote from: jnano on February 21, 2018, 12:35:49 AM

I don't know what happened but Coinbase's BTC withdraw fees were decent when I checked earlier today. 7-8 sat/byte. If you need to withdraw, seize the opportunity before it's gone.

The mempool load is quite low now, but it wasn't that bad a week or two ago, and then they charged more like 150 sat/byte.

Maybe it's related to their SegWit rollout in the following days.

Segwit implemention mail does not shared to any of their users of as of now. So I think since the mempool is seems empty. Most of the wallet providers reduced the transactions fees as you mentioned.

Once they implement the segwit successfully. Then you will find the more cheaper fees on Coinbase. I have transferred around 0.018 BTC yesterday to LBC and I find the fees around 0.00018 btc for that transaction.

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The tweet says in the next few days so I doubt It's related to SegWit and I'm sure that testing is done somewhere else, and not in the main platform. It's possible that they are rolling the update slowly by starting from the fee estimate algorithm they use because even a week ago, transactions were going through, even with a 1sat/byte (after a few blocks).

jnano

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It wasn't sent from a SegWit address.

Even if it was, and also taking into consideration that the mempool is quieter now than a week ago, it wouldn't be enough to explain a drop from 150/byte to 7.5.

If that's the new standard then it's good news, but I'm not convinced yet.

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Quote from: jnano on February 21, 2018, 12:35:49 AM

I don't know what happened but Coinbase's BTC withdraw fees were decent when I checked earlier today. 7-8 sat/byte.
...
Maybe it's related to their SegWit rollout in the following days.

~~Yes. It's because they upgraded and launch Segwit.~~
https://www.newsbtc.com/2018/02/20/segwit-both-coinbase-and-bitfinex-exchanges-finally-implement-protocol/
https://twitter.com/coinbase/status/966002538326638592

jnano

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I don't know what happened but Coinbase's BTC withdraw fees were decent when I checked earlier today. 7-8 sat/byte. If you need to withdraw, seize the opportunity before it's gone.

The mempool load is quite low now, but it wasn't that bad a week or two ago, and then they charged more like 150 sat/byte.

Maybe it's related to their SegWit rollout in the following days.

Topic: Coinbase BTC withdraw fees decent today! (Read 318 times)