Topic: Why is coinbase fee much higher? (Read 4078 times)
Coinbase is a reputable service and you are expected to pay a little more for services which are quick and responsive. A lot of the lower fee services aren't as user friendly or as quick to use.
bitcoin will never be mainstream, except for high stakes transactions until this is fixed.
That's not true. Lightning Network will make Bitcoin far more effective and cost efficient than all other old fashion fiat payment services. It will give people the incentive they so badly need to use Bitcoin more as a currency than is the case right now. Instant and low cost transactions, who doesn't want this? It will even help gaining Bitcoin far more popularity in Africa and other places where micro transactions are a necessity for the majority of the people there. Currently we're far away from mainstream adoption, but slowly but surely we'll get there, that I am absolutely sure of.
If you want an advance bitcoin why not choose those altcoins with an advance features compared to bitcoin.
bitcoin will never be mainstream, except for high stakes transactions until this is fixed.
That's not true. Lightning Network will make Bitcoin far more effective and cost efficient than all other old fashion fiat payment services. It will give people the incentive they so badly need to use Bitcoin more as a currency than is the case right now. Instant and low cost transactions, who doesn't want this? It will even help gaining Bitcoin far more popularity in Africa and other places where micro transactions are a necessity for the majority of the people there. Currently we're far away from mainstream adoption, but slowly but surely we'll get there, that I am absolutely sure of.
these posts are pretty old, but tonight for the first time i put $21 on a poker site and $49 on a blackjack site, and for both transactions, coinbase charged me $4.75 each, for $9.50 . wtf? did it go up this much just this week?
werent they supposed to be lowered now that the fork was avoided?
?
According to https://bitcoinfees.21.co, the fastest transaction fee is currently 450 satoshis/byte, which converted to a regular transaction with 1 input and output are worth about $4,5. Unfortunally this is a normal fee for Bitcoin's current situation.werent they supposed to be lowered now that the fork was avoided?
?Also, the high fees had nothing to do with the current fork. They should only lower a little bit with Segwit and the LN in a few days/weeks. But the only way of trully making fees cheaper would be increasing blocks, which we may never do in a near future.
If bitcoin community doesn't start their effort to make bitcoin user friendly, it would lose it's market to emerging alts.
I doubt that will happen, the fact that even though the transaction fee is so expensive still users have no choice but to proceed to it.
Nobody wants to quit bitcoin just because of the transaction fee when they knew bitcoin can give them a lot of profit. They'll just make a choice, pay the fee or quit bitcoin.
If there's someone here chooses to quit bitcoin because they don't want to pay the high fee then they're not in the right mind.
imagine if VISA charged an average of $5 per transaction instead of like 5 cents it is now. 95% of the people using it would find it to not be feasible for small purchases, and it would affect them so much theyd no longer be in business. bitcoin will never be mainstream, except for high stakes transactions until this is fixed.
these posts are pretty old, but tonight for the first time i put $21 on a poker site and $49 on a blackjack site, and for both transactions, coinbase charged me $4.75 each, for $9.50 . wtf? did it go up this much just this week?
werent they supposed to be lowered now that the fork was avoided??
According to https://bitcoinfees.21.co, the fastest transaction fee is currently 450 satoshis/byte, which converted to a regular transaction with 1 input and output are worth about $4,5. Unfortunally this is a normal fee for Bitcoin's current situation.werent they supposed to be lowered now that the fork was avoided?
?Also, the high fees had nothing to do with the current fork. They should only lower a little bit with Segwit and the LN in a few days/weeks. But the only way of trully making fees cheaper would be increasing blocks, which we may never do in a near future.
If bitcoin community doesn't start their effort to make bitcoin user friendly, it would lose it's market to emerging alts.
I doubt that will happen, the fact that even though the transaction fee is so expensive still users have no choice but to proceed to it.
Nobody wants to quit bitcoin just because of the transaction fee when they knew bitcoin can give them a lot of profit. They'll just make a choice, pay the fee or quit bitcoin.
If there's someone here chooses to quit bitcoin because they don't want to pay the high fee then they're not in the right mind.
Reasonable perhaps for larger amounts. But for smaller test buys, it's outrageous. Here's a screenshot:
https://ibb.co/jzRUhb
€6.50 for a small test transaction. That's taking the p*ss.
https://ibb.co/jzRUhb
€6.50 for a small test transaction. That's taking the p*ss.
these posts are pretty old, but tonight for the first time i put $21 on a poker site and $49 on a blackjack site, and for both transactions, coinbase charged me $4.75 each, for $9.50 . wtf? did it go up this much just this week?
werent they supposed to be lowered now that the fork was avoided??
According to https://bitcoinfees.21.co, the fastest transaction fee is currently 450 satoshis/byte, which converted to a regular transaction with 1 input and output are worth about $4,5. Unfortunally this is a normal fee for Bitcoin's current situation.werent they supposed to be lowered now that the fork was avoided?
?Also, the high fees had nothing to do with the current fork. They should only lower a little bit with Segwit and the LN in a few days/weeks. But the only way of trully making fees cheaper would be increasing blocks, which we may never do in a near future.
If bitcoin community doesn't start their effort to make bitcoin user friendly, it would lose it's market to emerging alts.
these posts are pretty old, but tonight for the first time i put $21 on a poker site and $49 on a blackjack site, and for both transactions, coinbase charged me $4.75 each, for $9.50 . wtf? did it go up this much just this week?
werent they supposed to be lowered now that the fork was avoided??
According to https://bitcoinfees.21.co, the fastest transaction fee is currently 450 satoshis/byte, which converted to a regular transaction with 1 input and output are worth about $4,5. Unfortunally this is a normal fee for Bitcoin's current situation.werent they supposed to be lowered now that the fork was avoided?
?Also, the high fees had nothing to do with the current fork. They should only lower a little bit with Segwit and the LN in a few days/weeks. But the only way of trully making fees cheaper would be increasing blocks, which we may never do in a near future.
these posts are pretty old, but tonight for the first time i put $21 on a poker site and $49 on a blackjack site, and for both transactions, coinbase charged me $4.75 each, for $9.50 . wtf? did it go up this much just this week?
werent they supposed to be lowered now that the fork was avoided??
werent they supposed to be lowered now that the fork was avoided?
? 
I just tried to send 0.0002 sat but the coinbase give me network fee of 0.0007983 btc that i think its really high for small transaction..
But if you send high amount of bitcoin the network fee are asking the same fee as small transaction.
It is not a good choice if you using coinbase for small transaction but if you are using coinbase for large transaction the network fee is reasonable..
If you want to have fully control with the fee use other wallet instead like multibit HD or electrum they have option to use dynamic fees or either manually input you fee but like other said always check the https://bitcoinfees.21.co/ for transaction speed estimation and what the fee can give you satisfaction..
But if you send high amount of bitcoin the network fee are asking the same fee as small transaction.
It is not a good choice if you using coinbase for small transaction but if you are using coinbase for large transaction the network fee is reasonable..
If you want to have fully control with the fee use other wallet instead like multibit HD or electrum they have option to use dynamic fees or either manually input you fee but like other said always check the https://bitcoinfees.21.co/ for transaction speed estimation and what the fee can give you satisfaction..
between the online wallets, isn't coinbase the chepeast regarding the fees?
As far as my used online wallet is concerned, for standard fees yes they are. XAPO charges more as always than Coinbase. The last transaction with my Coinbase charges me around 87,000 satoshis and it got confirmed for about less than a hour. XAPO on the other hand, charges me around 180,000 satoshis with around 220,000 satoshis for high priority. My local wallet charges 100,000+ satoshis as standard with 40,000 satoshis to slow priority.
As bitcoin price increases, we can noticed more of this high fees. For let's say 80,000 satoshis as fees today is equivalent to $2, it can be $10 in the future with the same amount of bitcoin because of price increase that will happened.
between the online wallets, isn't coinbase the chepeast regarding the fees?
As far as my used online wallet is concerned, for standard fees yes they are. XAPO charges more as always than Coinbase. The last transaction with my Coinbase charges me around 87,000 satoshis and it got confirmed for about less than a hour. XAPO on the other hand, charges me around 180,000 satoshis with around 220,000 satoshis for high priority. My local wallet charges 100,000+ satoshis as standard with 40,000 satoshis to slow priority.
As bitcoin price increases, we can noticed more of this high fees. For let's say 80,000 satoshis as fees today is equivalent to $2, it can be $10 in the future with the same amount of bitcoin because of price increase that will happened.
Coinbase actually does not charge any of this, the bitcoin tework does.
Unforutantely the network congestion issue is very real right now and basically affecting everyone that is using bitcoin. No way to go around it either. Coinbase used to have 0 transaction fees which meant that a lot of people could send microtransactions with no fees, but now this is no longer the case. Xapo also closed all their 0 fee transactions, which is a shame.
If you send the actual transaction and go onto any block explorer, you'll see that the fee you paid matches the actual blockchain fee...
That's true, but you should see that there are situations that no one needs to pay that much to get a transaction confirmed. There was a few times in the last month when I sent a transaction with a fee of 90 satoshis/byte and it got confirmed in 2 hours. Also, sometimes people are not in a hurry, and they just want to avoid wasting money in fees.Unforutantely the network congestion issue is very real right now and basically affecting everyone that is using bitcoin. No way to go around it either. Coinbase used to have 0 transaction fees which meant that a lot of people could send microtransactions with no fees, but now this is no longer the case. Xapo also closed all their 0 fee transactions, which is a shame.
If you send the actual transaction and go onto any block explorer, you'll see that the fee you paid matches the actual blockchain fee...
Looks like Coinbase has a fixed fee that doesn't consider the Blockchain current load.
between the online wallets, isn't coinbase the chepeast regarding the fees?
No. Blockchain.info for example, allows you to set a custom fee on your own. 
I'm sending 5.417$ 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?
I would say that it became much better now compared on the past on which the fee is exactly 0.0015 which is way too high and now it goes lower again which is good for me i guess. Ive been using coinbase since when i start on bitcoin world. There are alternative like blockchain.info since you can able to edit the fees you do like on a certain transaction which is really a good feature. 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?
between the online wallets, isn't coinbase the chepeast regarding the fees?
At least it confirmed fast. It's expensive! the good old days are long gone, and to send bitcoins you have to do math, the fee minus how much bitcoin you have left.
I am a coinbase user for the last 2 years, saddened by coinbase because fee is very expensive, and this makes me think to leave coinbase. Maybe anyone could information what is the best web wallet that small fees?
The lowest one that I've seen so far is on poloniex exchange, they still have the 0.0001BTC transaction fee when withdrawing.
No matter how much bitcoin are going to spend coinbase charges a fixed transaction fee currently 0.0009BTC which is ~2.5 USD.
Other exchanges have higher fees too, whatever the amount is so it has been really a pain paying so much on fees now but I think it will drop these days.
most of third parties bitcoin wallet always ask high fees its maybe bad things for us, if they give an option how much fees we want like blockchain but still give us recommendation fees it will be better but they never give us know how much the fees first after transaction already sent we know how much the fees its very dissapointed
I am a coinbase user for the last 2 years, saddened by coinbase because fee is very expensive, and this makes me think to leave coinbase. Maybe anyone could information what is the best web wallet that small fees?
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?
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?
That is still cheap compare to others. Also Coinbase doesn't charge you that. You can verify if the fees really applied at your transaction id.
And there is no need for an alternative as what we really need is a solution to a congested network.
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.
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.
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.
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.
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.
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.
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.
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.
Rather use Electrum.
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...
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...
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?
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.
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.
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.
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?
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?
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