Bitcoin Forum

Getting very ridiculous with coinbase. I had $80 worth btc 2 days ago now its worth $54 I wanted to send it out but only allowed to send $19 coinbase charging me $35 dollars fee to send lol How does it cost me a lot more to send? I decided it's better to leave my funds in there hoping it will grow and the fees to send will go back to normal. Coinbase should have made it cheap fees to at least send from your btc wallet to your usd wallet since both transactions are within their company I was gonna move btc to my usd wallet which is also coinbase thinking it would be cheap but nope same fees SMH

I'm not sure if it's all coinbase fees and not fees paid to the miners to process the transaction in the network. either way, it does sound ridiculous.

Not only bitcoin fee even ethereum gas price also increased. Please ignore the transaction now it will again increase the bitcoin circulation and that will also decrease the bitcoin price.
You will find the transaction fees on every online wallet provider site. So nightmare for bitcoin transaction done by every network pool demand. Keep hold it show the bump again guys. Try to make demand on btc.

It should be illegal though to charge more for fees then the actual money being sent. It cost me $35 btc just to send $19 worth of btc that's like going to post office saying I have $20 mail to ship out and they tell you it will cost you $100 to ship

$35 is a normal fee today for bitcoins on all major exchanges. However ridiculous it sounds but it's true and hence I use ETH most of the time as the max fee I need to pay is $4 and then I convert it on an exchange that charges the lowest withdrawal fee (currently hitbtc charges 0.0009 BTC or if possible you can use poloniex 0.0002 BTC fee).

It is not illegal but the issue with bitcoin miners fee. Not only coinbase but most the exchanges are charging high fees. So as of now if you not required to send urgently just hold on to them until these transaction fees cool down. As of now, that is the biggest issue with bitcoins and they need to find ways to fix it soon.

When do you think the miners fee will cool down? Is it because it's almost Christmas so a lot of people are withdrawing and sending bitcoins? If so then maybe new years its back to normal?

It's best not to think of fees in USD terms, since fees are tied to the protocol. When the price of BTC increases, so does the USD cost of fees. It's also true that fees have risen in BTC terms, but just pointing this out because it tends to exaggerate things.

From what I've been reading (https://twitter.com/LaurentMT/status/943624312304611329), Coinbase has big problems with their UTXO set. It's massively fragmented. I'm guessing that if they optimized their wallet protocols and transitioned to Segwit when fees were very low a couple months ago, things wouldn't look so bad. As it is, the combination of network congestion and their UTXO set is not only driving your fees higher, but it's probably making it impossible for them to implement Segwit, which could drop fees in half.


We've seen similar spikes in the past and they always die down, though this is by far the worst. In theory, the high fees should quell demand (or start to bleed a spam attacker's wallet), which will eventually calm things down.