Bitcoin Forum

Hi all, i'm new to trading and i made my first wallet of bitcoin in CoinBase...now i would like to buy some altcoin but if i would like to transfer bitcoin to exchange like bittrex or other they ask me an high fee for tranfer like 12$ for transfer 100$ of BTC....is it possible? How can you  make good trading if everytime you have to transfer money from wallet you have to pay so high fee?  I did mistake something? thanks

no you did not make any mistakes,
it's all due to the traffic that we're currently face that is why you need to use a higher or their recommendation fees a slightly higher compared to other.
also at the same time our current price make it even worst.
do not worry,all that you need to do is paying the fees from your coinbase account to bittrex account.
other than that you do not need to pay anything,
you will be charged if you're moving your balance to other wallet not to make a trade.
if you make a trade you're only need to pay a fees around 1%~ or less than that for every transaction,
it's totally different if you're sending your coin from wallet A to wallet B.

Transaction Fees : The fees that you need to pay for every transaction that you made,or sending your coin from your wallet to other people wallet.
Trading Fees      : it will only be charged to you if you make a trade,and it's very little around 1% or less than that

Yep, Coinbase has fixed fees to pay the miners for the transaction, so you have no choice to avoid this. This a cost that you have to consider with your profits while trading. You can hold your bitcoins on the exchange and move them when you accumulated a large ammount, or you convert to some altcoins that have cheap transfer fees such as doge, ripple, and others. It's up to you with the goal you have.

You can try to deposit other coin like ether or litecoin then convert it to btc when you already sent it to exchange . that's the best thing to do  if you want to pay  lower fees than BTC fees.

Hi

You did nothing wrong, but sometimes BTC blockchain is overloaded, and the fees are going higher..

I don`t use CoinBase but blockchain.info has the option of customizing the fee, which vary depending on current blockchain load, you can set the fee even lower than recommended (red letters), but then your transaction may stuck and you will have to wait

Also you may use some cold desktop wallet where you can set the fee even to zero, but of course it can stuck too, especially now

So, I`m using blockchain.info and I wait for a good time to make cheap transaction..

When you will move your BTC from exchanges - they generally have fixed fee of BTC 0.001-0.002, so I move minimum BTC 0.2 or use another coins for smaller transactions

So, it`s not all, but enough to start, investigate the questin further and good luck :)

The increase in btc will result in higher fees for every transaction. The fee is fixed at a fixed rate at btc, so you must consider before making any transaction. especially in the present time. btc prices are very high.

thanks to all...i understand...  ;D

Just a Coinbase wallet for wallet purposes or you purchased your bitcoins at Coinbase for the first time?

If for wallet purposes, try not to used an exchange wallet since they are bound to have an increase with fees to ensure that funds won't be traffic along the way, that was fixed. But take note that while bitcoin price is increasing, you can really feel how high it was in terms of USD value as 50,000 satoshis today have different USD value on 50,000 satoshis in the past. You can modify fees at desktop wallets instead e.g Electrum but try not to set below the recommended fees or your transaction will stuck for long time.

If purchasing bitcoin directly at exchange, try to explore the trading platform you have chosen and check if you can able to do direct deposits there in order to purchase bitcoin. If you are comfortable with their bitcoin deposits methods then used it instead. Just do research since not all coins are same listed on different exchanges.

If you want to trade your bitcoin rather than use them to buy something than keep it in multiple exchanges to cut fees when you want to buy some altcoin and to lower down risk of losing all your bitcoin during possible hack or shutdown of exchanges.

I think moving bitcoin from coinbase to gdax doesn't include any transaction fee, you can try gdax for trading for right now.

lately the transfer fee is so high that it causes many obstacles for the bitcoiners besides the transaction is also slow and takes a lot of time
 

The fees are naturally very high and there is no use of crying about it. These people will never get it down as long as there is sufficient development over the block chain. Its not the fault of coinbase or any other wallet as whatever is been taken is just network fees from you. In some of the wallet, and mostly the wallet for which we can hold the private keys, we can get the fees cut down to smaller one but that will ultimately get us to slower transaction. This transaction could be as slow as more than 25 blocks and in terms of time it could take a whole day or two to confirm it. So for now we only have option of paying such high fees and we can't do anything about it.

That is basically normal. Bitcoins price has been growing a lot lately. Fees will be affected in that case because if bitcoins value rises up the bitcoin equivalent will rise too. But for me a 12$ for a 100$ is a middle type of fee and it is reasonable.

Well yeah until we come up with a solid solution to address all scaling issues accompanied with the growth of bitcoin, we would suffer from high fees to get our transaction confirmed faster than the usual. This is what also scares newbies from buying into bitcoin; the insane amount of transfer fees and uncertain amount of time before they can receive or send transactions.


Yes and they're instant AFAIK so it's best to just exchange between the two if you want to avoid spending too much on fees.

Coinbase have fixed transaction fee so you cannot do anything but normally fee will be less than the current situation the fee is high due to more number of pending transaction it will be resolved soon.But you can choose other wallet like blockchain which may able to adjust the fee but you need to wait for too long for your transaction too get confirmed.So it is better to stop trading for somedays or your profits will be wasted in the form of fee.

yes it is , blockchain said it because of the high traffic and etc , i think it just a recent for you to pay more to the miner they can cut off a miner a little but they don't and they cut us :))

You didn't make a mistake and the fees are just very high rate now, unfortunately you don't have much choice if you want to trade. Coinbase set the fees for you and so there's no option. If you have your bitcoin in some other wallets you can choose the fee yourself and then set it much lower, it would take some time but worth it. For your situation though just suck it up and hope your trading goes well, if it does you'll have that $12 back in no time.

Last few hours ago I also make a transaction the worth only is 60 dollars but the transaction fee is very high is 17 dollars and that's very sad because count too think of it it's very hard to get that amount but it less than a minute you will pay for the fee is very high . I hope the fee will back again because if the price of the bitcoin increase the trasaction fee  will decrease like before 20k satoshi only . I don't know why the fee sometimes is very high and sometimes is exact to the amount of bitcoin that you send.

Bitcoin transfer fees are crazy high, it's practically unusable except as a store of value. I've seen it as high as $25, and it'll probably only get worse when CME launches, leading to better returns on altcoins.

lately due to crazy transactions fee of bitcoin network has been rised up so bad!
but i usually change it to IOTA when i want to move it ,it is 0 fee ;D

Nothing to do at this time.Because bitcoin rate is so big.then transaction fee is big.Yet I think, eth transaction fee is small.if you want then buy some eth and deposit on exchange site. :'(

You did nothing wrong since coinbase do have a default set up on the fees which is incredibly high this is why i dont make any trades or transfers using them since you cant really change up the fees and i cant afford to pay up such big amount.Better to wait than on wasting up money on just on fees. For now i am using electrum which i can set out fees even more lower on most exchanges do suggest.
It would really be more worth of but you would really need to wait up because if you do see the entire network is already congested as of now.

This is the one that you can hate to bitcoin the transaction fee are too high  compare to ethereum that only a cent fee transantion.
If you cutomize the transaction fee it take a long long long time before the miner confirm your transaction so you have no chooce to put into higher transaction fee. XD

I experienced this same thing yesterday and I was very sad about it. My friend who is a local bitcoin trader ask me to sell some coins to him and I was to send $1,000 but I end up paying  $120 a's fees. This network fees is too high that online stores and gaming sites may find it difficult to cope with. Some things has to be do about this if not bitcoin transactions fee will be higher than bank as no bank will collect  $100 for a $1,000 transfer.

$100 is exagerating it. Still, $20 fees are a reality now. I guess Bitcoin will be what is called "slow money", intended for huge transfers and not day to day payments.

You are providing wrong information at here. I too use to sell the bitcoin for fiat cash in localbitcoins site bro. I see two days before deposit fee as the 0.0006 to receive the bitcoin to the LBC wallet and you will have to accept the transaction fees from you online or desktop wallet.
To calculate it both the amount it is comes around 20$ but you are mentioning the 120 USD here. You are not true in your quote here. I would like to know whether you have used the localbitcoins or not tell that first.

There is no mistake that was done by you. The owners of the exchanges are smiling to their banks at our expense. You can still search for some exchanges that have human feeling whose fees are still considerate.

These high rates are often not entirely the fault of the exchanges but rather of the congested network of btc followed by their inflation, but the values presented in the topic are distorted and do not match the truth .. The price lately of btc is in the heights and to maintain a certain speed in the transactions exchanges have chosen to significantly increase this amount that is paid, in addition they still charge an extra fee that would be the gain that the company receives to provide this type of service to the user....

The fee now is really high because of the demand of bitcoin. My advice to you is just wait the time when the fees are already lower. And my advice to you is you can transfer all your funds in one exchange only in one transaction to lessen the transaction fees.

And that feelings of having to pay such a huge amount can be so devastating sometime when trying to make a transaction. It is something we just have to bear with for now, and hopefully in the next few months, a proper scaling solution will be found. So far, LN deployment is expected to solve that, but until then, we just have to keep our fingers crossed and deal with the present one even though it is pretty annoying.

The fee transfer is to gurantee that your transaction will be processed by the miner, high fee transfer means high speed on confirming the transaction.

yes this is one of the weaknesses of bitcoin, the more expensive bitcoin price the greater the bitcoin delivery cost, we can outsmart it by buying altcoin and do the delivery using altcoin to make it faster and not too high its shipping cost.

Thats what scares most of newbies from trading. The amount of transfer fees are not considerate. Ive heard that COINBASE has fixed fee for transactions. As for your case, you got it all right. You didnt missed a move. From a friend of mine, he said that converting your BTC into some altcoin would be great idea. Some altcoins have cheaper transfer fee. Maybe you can consider that move. And he also said that you should find a bank that accepts BTC. Were lucky here in the Philippines coz we got a bank that accepts BTC in that case the fee for transfer is minimal compare to the others. Dont be discourage by that. Goodluck!

Coinbase have an exchange called GDAX.
whatever login details you have for coinbase also works for GDAX.
if you had just transfered your bitcoin to GDAX and you could have got zero fees for transferring to another address.

You are not mistaken. Indeed, because of the huge rush and congestion of the network, transaction prices are so high. Most likely they will remain so for a long time.

That's a very good advice for trading, because the fees are truly crazy for now. I believe litecoin is now a lot better for those purposes. I've recently sold some and I was amazed by the time it took for the transaction to proceed, and the fee was so insignificant that I didn't even notice it being withdrawn!
I guess it's time to turn to litecoin in general. If sig campaigns payed in it, it would be a lot better both for managers (who also pay these huge fees) and participants (since it's really hard to do anything with btc after you received it). If nothing can be done about btc's fees then it's a huge problem. I thought segwit was supposed to fix things.

The transaction fees and transaction time have been a major issue conserning trading bitcoin since it became so popular, the amount of transactions that hit the network this year is way higher than anyone expected due to how bitcoin increased in terms of price which made it so popular, and this has put us traders at a disadvantge because when it comes to selling and exchanging every moment cost us money, because if you send your coins at 10k a few hours later when your transaction reaches its destination it could become 9k, so i hope that in the future this issue will be solved and fess won't be high as they are now and transaction go faster.

Getting a bit out of hand tbh

The transaction was so high so because the price of bitcoin is so big,  well we don't have nothing to do but to pay the fee, maybe you send a large amount so that the fee will not be noticeable as much as it is.

If you participate in the exchange, the fee will be the thing that you feel most upset because now all the exchanges use the fee of 0.001BTC and this is not good because Bitcoin prices have increased sharply in time recently

I think the fee too high is not a problem. Bitcoin prices are currently too high for the cost of online wallets and high transaction floors to avoid users taking advantage of the price difference for sale.

I have the same sentiment regarding BTC's transactional fees. BTC's price are now very high so it is utterly expected that the fees should also be higher than usual as this will always work hand in hand with what the current price of Bitcoin is. It is a cost that someone has to pay if you want to dive into cryptocurrency right now. My suggestion for those who want to maximize the fees that they are paying, try transferring your BTC to Segwit addresses as they have faster chain and lower fees than the Legacy one. I'm currently using it now and have no problems with it.

i think for me its normal because the price of bitcoin is getting higher so the transfer is getting a higher fee too.

Converting too will require some little trading fees, not sure the amount coinbase charge but at least most exchanges charge a little fee, but it is quite reasonable when the network is like this and now that Litecoin has been added, that would always make it a bit swift when trying to transfer in between exchanges.

I have never thought of this really before as it never crossed my mind, but I would try it one of these days to see if it does not end up as almost same thing as a result of the trading fee.

it is true that, The fee now is really high because of the demand of bitcoin. anyway My advice to you when fee is high you can exchange ETH and send your wallet. when fee is low you can send bitcoin wallet. By the way, just wait the time when the fees are already lower. And my advice to you is you can transfer all your funds in one exchange only in one transaction to lessen the transaction fees.

In this stage the price of Bitcoin is not stable. For maintaining price it takes some time high fees. There is another way for your solution. You can deposit other altcoin like ethereum, litecoin. It will help you to reduce fees.

Well, the faster you want your transaction to be, the higher the fee you will have to pay. I am not sure how far the whole LN alpha release have gone or when it is going to really be deployed but something really need to be done to make bitcoin transaction come with ease as we used to have it.

It is highly necessary right now because I cannot imagine myself paying virtually 10% of what I am sending just to get a transaction done, but it is all good, bitcoiner all the way!

Exactly. You don't have to really take thr bulk of the expensive fees if you know how to work around it. Personally i use doge to do transfers. The longer you deal with bitcoin the more techniques you'll learn to counter these challenges

That is exactly what i do.  I also do the same when I am purchasing coins from fiat.  As it just works out with more bang for your buck!

use segwit wallet such as electrum.org to reduce the fee.
yet the fee are still high

It was not really the increased fee that has really caused the present huge one; this is just as a result of the network traffic. If you check blockchain now, you will see the number of unconfirmed transactions and that is really crazy knowing you have to pay a lot so as not to get your transaction bounced. This is something one should always consider, and it is becoming a norm now until we get hope with the scaling problem.

We just have to get use to the fact that the network can be congested sometimes due to the number of transaction going on all at once. It does not happen every day but we all know the level at which transactions are being done these days in the bitcoin network.

Yes, it can be painful, but it seems like one of the price we may have to pay now as early adopters until the whole scaling issue get fixed.

I think it's not normal. Though prices are getting high it doesn't mean your one bitcoin is something different. It is the same bitcoin and we are transferring the same amount each time. Don't calculate it in terms of USD. Just consider it as normal bitcoins then you will understand why it shouldn't be different than the usual one. If prices are increased for per bitcoin then fees should be lowered because they are getting more money than the normal one. It's not about USD it's all about BTC that you are trying to get. Just think.

Yes, I totally agree with your answer. She has been confused when seeing the high fee. It just a traffic in transaction. If she wanna it is executed soon, she has to pay higher. That's all.

This is some good technique being used by different people. The best thing I have observed here on this forum is that people are not selfish and try to give away the solutions to others for their help. It will be best if you take out some time and start telling us different hacks so that we can also learn something out of them. If there are some dodges available, then I think its better to opt for them and maximize our profits.

It is just because of the price of bitcoin being huge, that is why the fees go bigger, too. It is just to control the price of bitcoin, there are many strategies to use while trading.

For small transactions indeed it is totally high, you should expect most transactions to fail if you use a reasonable fee

for sure because the bitcoin fee is not increased because the maximum fee is 0.0002 at the same time because you are annoying with the size of the fee that is the price because of its high price and it is difficult to send transactions because every transaction you really need a fee to send you to different wallets.

keep in mind that there were also fees when exchanging or trading your coins to any online exchange. you will only end up paying more for the fees rather than saving.


bitcoins value will also decrease if the transaction fees will decrease therfor its not really worth it to wait.


keep in mind that the bigger amount you send, the bigger will be the fees also.

overall theres no real way to combat this high and expensive transaction fees. all you gotta do is accept it or leave it and switch to other coins with low fees like litecoin and dogecoin.

Bitcoin price now unstable. For maintaining price it take high fee in some time. There is a solution for you. You can transfer all your funds in other altcoin like ethereum, litecoin. Then you need to pay little fee.

Everyone in this world wants to make money as much as he can and the same is doing the transfer service providers. We cannot stop them because they knew that you will have to use their platform for your transaction. We all are doing the same.

The entire businessman is doing the same. When they realize that now the people will to to buy or use this certain thing the price of that thing will go up.

yes thats true cause nowadays all of the exchanger site has a large fee in any amount of transaction so expect to much.  Lol i think the reason maybe because the growth rate of bitcoin or some of alt is to high also that's why the fees of some exchanger site is to high , maybe the is depends on the currency valued they support.  (correct me id im wrong) im not sure.

i agree with you, the fee for every transaction is too high, specially with bitcoin transactions, high transaction fee can be a disadvantages to crypto community, we will take a very hard time to apply them in daily use, imagine we buy something with bitcoin but the fee can be higher than the product, that is really bad situation now and also in the future. i really hope we can fix this problem in the future.

At present the bit rate is too high and there is a strong price regulation so the bitcoin transfer fee will be quite high if you let the low charge will take a lot of time to complete a transaction.

Some exchanges have a higher fees when do a transaction of altcoins but this exchanges are good to trade with unlike those exchanges having a cheaper fees but you will not satisfy of the transaction process.

Do not use coinbase. Coinbase is an antibitcoin company. They refuse to implement the upgrades which solves the fee problems.

Use only segwit ready exchanges and you also should be using a segwit address.

https://bitcointalk.org/index.php?topic=2164068.msg26249608#msg26249608
The message above explains how to create a segwit address which starts with 3....

Electrum can create segwit addresses by default but they start with bc1 and they are not compatible with many things yet. Skip that one for now, just use the one which starts with 3 and you'll be able to receive coins from anywhere.

Keep in mind segwit tx's cost only $1-2 as the legacy tx's cost $15-20. Don't get ripped off by the nay sayers.

check out some card like centra so you can cash out crypto to money easy without fee. and btw because high fee so I dont think bitcoin price can go up anymore

Is there any disadvantage for using segwit address ?
I've been using bitcoin address for 3 years and I still too lazy to adapt something new but if it's too important and being rush, should I change my current btc address into segwit , now ?

The difference is as I explained.

Yes you should do it if you want to pay less fees. The difference is real. It is more than x10 less fees if you use a segwit address. Like i told above, create a segwit address which starts with "3..." do not use the default bech32 address from electrum which starts with "bc1..."

Exchanges can't recognize the bc1... addresses yet as they haven't adopted but the addresses start with 3... look just like multisig addresses and can be used like a regular address but with less fees. (because it is still segwit)

From legacy to segwit, you'll need to pay like $10 for one time and then your upcoming tx's will require like $1 fees. Also stop using services who don't adopt to segwit.

When I experienced trading last week, It was fun because it is a successful one but the only problem is the transaction fee is too high. I used yobit.net because this is the exchange site in my friend's list. Since, I really need the money that time, I have no choice but to sell it that day because if I didn't do that then I won't be able to do the important things that day. As a result, at least I already know some basic knowledeg on how to process it.

Tenx is much more better than Centra,and they have lower fees. Anyway, the fees are cheaper than before right now.

A few hours ago, a bitcoin transaction costed me about 0.009 BTC (less than $10)

Well, thats high fee can kill our profit from trading and i know that.
So i suggest you to send altcoin like etherium if you want to send to another exchanger because it will be much quicker and lower fee. After that you just swap to bitcoin and start trading.

I am also facing this kind of problem but now I don't use bitcoin in my coinbase wallet my fully focuse on eth.bitcoin price is very high that's why transfer fee also high so better suggestion is you can convert your btc to eth & send eth any exchange for avoid high fee.

Fee is not much high, it will become high because price of bitcoin in the crypto currency industry are increased largely. Now since bitcoin price are decline high amount prices of transaction and withdrawal were decrease also.

I think fee is normal, it was not too much and it was not also too much low. It was neutral so there's no problem to us. But into others it is a big deal because the charges they paid during withdrawals is too much high.

I would rather just hold and wait for the lightning network before transferring bitcoins again.. Fees will just eat up my capital like it were a loss in trading.

that is standard fee.
All you need is buying a hardware wallet, transfer the fund there. From there to other exchange using segwit, should cost $1-$2 only

lighting network had implemented and i  see at twitter people try this succesfully.transasction completed in few second with low fees.

after this implemented system should this be could news for bitcoin community and make bitcoin price rise again to new high after dropping so much.

It's because of traffic transactions that's why we have a higher fee for more faster transactions. If you want to thrifty then you wiill have pending transactions or more turtle transactions. That's common well if you don't like to give fee like that make your transactions as once and do not sell it for short term just hold and earn more than 5 times more then do sell. So, if you really want to profit do such things and never complain just be thankful always atleast all of what you have will become double or triple or more soon.

You can always lower the fees in wallets but it will take a longer time to make the transaction to become successful, so if you really want to make things easier and faster higher the fees.

In general,  the transaction fee is one of the biggest problems in Bitcoin and it is sure that  this has led to a drop in price in this period . In addition to that, it is not acceptable that the value  of fee is high in Blockchain compared to other currencies ( more than $3 for just one transaction). And also that value is volatile and for example  in the previous period was close to $ 10.

As well, there should be a solution in the near future for this problem because this may adversely affect Bitcoin users, and the same thing for the unconfirmed transactions ( Such as, now in Blockchain  there are more than 99K Unconfirmed transactions and this value is very huge  ) .
therefore, many users of cryptocurrencies have become used the other currencies (like, Ethereum, Ripple, Litecoin..) because the value of their fees is very low and there is a great facilitation in their transactions.

Paying a fee that's too high is unnecessary, as it doesn't carry any additional benefit. But paying too small a fee means your transaction won't go through fast, or at all. Image: bitcoinfees.21.co. This information won't help you much if you use a wallet that doesn't let you change transaction fees, so maybe it's  ;D

This idea will work out. to avoid paying the extra fee, you can convert your BTC to ETH or BCH or LTC or other altcoins it will take less fee and fast transaction. But now Bitcoin confirmation fee is reduced to compare last month. You can check it once. Last month I too tired to withdraw $100 worth of bitcoin but it asked me to pay $40 fee. Now it is ok it reduced a bit.