Coinbase/BitCoin Transfer fees? | Bitcointalksearch.org

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Quote from: milewilda on January 20, 2018, 02:48:33 PM

Quote from: MikeSD on December 10, 2017, 03:29:55 PM

This can't be right. I mean all the time. Fees seem very high.

I put just $50 into bitcoins using Coinbase, just to see how it works.

Then, I created a software wallet on my computer (Electrum) and generated an address. Wanted to see how a transfer might go.

Went back to Coinbase to initiate a small $5 transfer, to the address. I was presented with a summary of the transaction and it said the Network Fees were going to be $14. Wow! Needless to say I didn't proceed. Then I tried many other values to see if it was value dependent and it wasn't. Are all fees typically in that range? I was expecting a few sends. Surely much less than a buck.

What are the typical transfer fee magnitude? I know it fluctuates but I can't imagine why anyone would use this, if fees are larger than the transfer amount. I must be doing something wrong.

Is there a way to get lower fees? I didn't see any options that might make them lower, in creating the address.

Before putting up some funds into coinbase you should check first on how much fees would be required for having a transfer into another coin. Im using coinbase for now which its not really worth it when you do make transactions on low volumes.It wont really be worth on the fees being charged up and as far as i remember it do required 0.00098 for every tx you would made. if you have $50 then that would really be over 20%. I would rather prefer using electrum since you can adjust the fees according to your preference.

I have a coinbase account, but I haven't bought any BTC simply because I am not sure how much it costs to send it out. I am not so interested at how much it costs to send out BTC in DOLLAR terms, but can you help confirm that the transfer fee is 0.00098 in BTC/SATS terms?

Thanks, much appreciated!

milewilda

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Quote from: MikeSD on December 10, 2017, 03:29:55 PM

This can't be right. I mean all the time. Fees seem very high.

I put just $50 into bitcoins using Coinbase, just to see how it works.

Then, I created a software wallet on my computer (Electrum) and generated an address. Wanted to see how a transfer might go.

Went back to Coinbase to initiate a small $5 transfer, to the address. I was presented with a summary of the transaction and it said the Network Fees were going to be $14. Wow! Needless to say I didn't proceed. Then I tried many other values to see if it was value dependent and it wasn't. Are all fees typically in that range? I was expecting a few sends. Surely much less than a buck.

What are the typical transfer fee magnitude? I know it fluctuates but I can't imagine why anyone would use this, if fees are larger than the transfer amount. I must be doing something wrong.

Is there a way to get lower fees? I didn't see any options that might make them lower, in creating the address.

Before putting up some funds into coinbase you should check first on how much fees would be required for having a transfer into another coin. Im using coinbase for now which its not really worth it when you do make transactions on low volumes.It wont really be worth on the fees being charged up and as far as i remember it do required 0.00098 for every tx you would made. if you have $50 then that would really be over 20%. I would rather prefer using electrum since you can adjust the fees according to your preference.

nimfacasiraya

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10% transfer fee?

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LeGaulois

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Yes a hardware wallet worth to buy, especially if you're storing a good amount. You can choose the fees you agree to pay (not like coinbase)
I think yeah, hardware wallets are more secure than software wallets.
You don't need to have the wallet connected, only when you want to use it. The value stays the same, I mean if you store 1 bitcoin, you have 1 bitcoin even if the wallet is offline. the value comes when you sell it on a exchange or other.
for example if you bought 1 bitcoin for $15000 and the price falls to $7500 you won't have 0.5 BTC, you still own 1 bitcoin

MikeSD

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Quote from: MiningSensei on December 10, 2017, 04:52:25 PM

You need to adapt to it, most of the holders are never moving their funds because of fees, try to find the best option that suites to you and your needs.

Thanks for info. I don't need to transfer except to move from where I buy it, to a wallet stored offline. I was just testing how bitcoin works. I bought a small amount, just to see how it works. If I messed up and sent it to neverland, no big loss. Just want to see how things work, before putting more into it.

Some questions:

1) Are the hardware wallets worth the cost?
2) Do they have high fees to transfer to the wallet?
3) Are hardware wallets better or more secure than software wallets?
4) When bitcoin is put into a wallet, and disconnected from the internet, does the value still rise and fall with the value of bitcoin, or do you have to be online?
5) What is the best, or most secure wallet, that most would recommend?

Thanks

LeGaulois

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Coinbase uses a fixed fee, no matter how much you send. It's like this for most, if not all web-wallets and exchanges. This isn't how Bitcoin is supposed to work, we are able to set up our own fees depending on how fast we want it and other things as well. But to be able to choose the fees you want you need to use a bitcoin client such as Electrum, an app, etc. i mean something else than a 3rd party.

MiningSensei

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You need to adapt to it, most of the holders are never moving their funds because of fees, try to find the best option that suites to you and your needs.

You can buy bitcoins in coinbase, trade on gdax, and do many other things.

If you want to buy bitcoin without paying fees, buy on localbitcoins, and then send those to electrum.

Localbitcoin fees are less than $0.50 (because you pay only your input)

Quote from: MikeSD on December 10, 2017, 03:29:55 PM

Fees were going to be $14. Wow! Needless to say I didn't proceed. Then I tried many other values to see if it was value dependent and it wasn't. Are all fees typically in that range?

And no, the fees are going to be normal in a few days from now, bitcoin did more than 80% in a week, everything is still collapsed

TimtheYoutuber

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I don't believe Electrum allows you to change the fee. However other wallets like blockchain.info allow you to set a fee

MikeSD

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This can't be right. I mean all the time. Fees seem very high.

I put just $50 into bitcoins using Coinbase, just to see how it works.

Then, I created a software wallet on my computer (Electrum) and generated an address. Wanted to see how a transfer might go.

Went back to Coinbase to initiate a small $5 transfer, to the address. I was presented with a summary of the transaction and it said the Network Fees were going to be $14. Wow! Needless to say I didn't proceed. Then I tried many other values to see if it was value dependent and it wasn't. Are all fees typically in that range? I was expecting a few sends. Surely much less than a buck.

What are the typical transfer fee magnitude? I know it fluctuates but I can't imagine why anyone would use this, if fees are larger than the transfer amount. I must be doing something wrong.

Is there a way to get lower fees? I didn't see any options that might make them lower, in creating the address.

Topic: Coinbase/BitCoin Transfer fees? (Read 314 times)