Why is coinbase fee much higher? - page 2.

wdnj

hero member

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Quote from: LTU_btc on June 20, 2017, 07:43:04 PM

Well, it's normal fee and there is no need to blame Coinbase for it. Their fees are based on current bitcoin network conditions.
There aren't alternatives to avoid higg fees. All wallets and exchanges have high fees now.
You can use such wallet like Blockchain.info, where you can set custom fee. But if you want fast transaction (or at least not stucked transaction), you have to pay high fee.

Coinbase sets the highest fee possible, this because to make the transaction to go faster and not to make people thinking that coinbase is slow or doesn't worth using.
Less work for their support and this is based on the people's preferences and calculate them self if now the online wallets are worth using or it's time to switch to desktop wallets.

LTU_btc

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Slava Ukraini!

Well, it's normal fee and there is no need to blame Coinbase for it. Their fees are based on current bitcoin network conditions.
There aren't alternatives to avoid high fees. All wallets and exchanges have high fees now.
You can use such wallet like Blockchain.info, where you can set custom fee. But if you want fast transaction (or at least not stucked transaction), you have to pay high fee.

btccashacc

legendary

Activity: 1120

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Basically bitcoin isn't suited for small transaction due to the higher fee and long confirmation. To address this problem we can use alternative such a dogecoin, litecoin or etherum for transaction with small amount. Since coinbase only support etherum and litecoin their service, you might convert your coins to the etherum or litecoin first and send them to multicurrency wallet or exchanger that you want. The problem is sometimes wallet that we would like to send is a bitcoin single wallet not a multicurrency.

sweetdesirez

sr. member

Activity: 308

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Now very few online wallets have the feature to add a custom fee. Regarding the high fees, if the money accumulated by you is from small transactions from multiple tokens, the charge becomes higher, I had the same issue before with another wallet. Also Coinbase seems to charge fee apart from the miners fee too.

erikalui

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Even Xapo doesn't give the option for users to change or add a small fee. I use counterparty wallet that does allow me to set a fee while sending transactions and it can depend on the number of bytes. I add a 50 bytes fee for every transaction and it gets confirmed within 3-4 hours. It's better than using xapo/coinbase as it lets you save altcoins too as well as trade.

Dart18

sr. member

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And they don't give a damn option for their users. It is stuck like that. No more picking what price you want for the expense of a longer time.
Rather use Electrum.

Yuuto

hero member

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Coinbase actually does not charge any of this, the bitcoin tework does.

Unforutantely the network congestion issue is very real right now and basically affecting everyone that is using bitcoin. No way to go around it either. Coinbase used to have 0 transaction fees which meant that a lot of people could send microtransactions with no fees, but now this is no longer the case. Xapo also closed all their 0 fee transactions, which is a shame.

If you send the actual transaction and go onto any block explorer, you'll see that the fee you paid matches the actual blockchain fee...

jpoker272727

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Quote from: tsaroz on June 19, 2017, 05:10:39 AM

I'm sending 5.417$ and paying a network fee of 2.23$.

Isn't the network fee too high?

It's been some time I haven't sent anything from coinbase but didn't think I had payed such high fees.

One of the reasons people switched from fiat processor to bitcoin was due to fees.

What could be an alternative?

People switched from fiat to bitcoin because of fees but this was in the past ( for micro transactions)

But for larger transactions that quote still is valid and I have seen that in coinbase you sont have the option to edit or set manually the tx fee which is bad and I feel that coinbase will be used lesss.

Try a desktop wallet where you can set yourself how much fee for each tx.

HCP

legendary

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Currently, recommended fees (as seen here: https://bitcoinfees.21.co/) are over 300 sats/byte... and have been for a few weeks.

Your fee of 0.00087576 btc... at a rate of around 300 sats/byte would indicate your transaction size was around 300 bytes... it seems about right for the current fee levels. Your options are to use a different wallet that allows you to set fees at a custom rate (but face the possibility of slow or no confirmation times), put up with current high fees and get fast confirmations or wait until the network is a bit less overloaded and send your coins in off peak times... when there is less demand and lower fees are required.

tsaroz

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★Bitvest.io★ Play Plinko or Invest!

I'm sending 5.417$ and paying a network fee of 2.23$.

Isn't the network fee too high?

It's been some time I haven't sent anything from coinbase but didn't think I had payed such high fees.

One of the reasons people switched from fiat processor to bitcoin was due to fees.

What could be an alternative?

Topic: Why is coinbase fee much higher? - page 2. (Read 4078 times)