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Alright, I sort of made it work!
I was sitting on mempool, and just saw the sat/vB getting lower. So I went on the Coinbase and BRD wallets, but was still no change. So what I did was download Bluewallet on the phone, import the wallets there and then the Low/med/high fee was corresponding with the ones on mempool. I didn't even have to touch the custom fee option as I got my transactions made for around 20-25 sat/vB each.. For less then 1 hour.
But just weird that the other wallets didn't really keep up on the fees :S
Oh well, anyways, thanks for everybody for their replies, tips, info and links about stuff to read!
If you want to make the cheapest fast transaction then custom fee is going to help you because as previoustly mentioned above, most wallet give miscalculated fee which is not corresponding to the the mempool so you can analyze the mempool on your won then set fees for the faster and cheaper transaction. Few hours back I made some of the transactions at 21sat/byte which included in the next block itself but after that again the fee hiked up. I was lucky though to see the mempool at the right time.  That's what exactly happened to me, I got 2 transactions done between 20-25 sat/byte and the last one I'm a bit stuck with as the fee hiked up at that time, but seeing as I'm not in a hurry it can take it's time  It's sweet to learn new web pages and info about this every single day! |
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Alright, I sort of made it work!
I was sitting on mempool, and just saw the sat/vB getting lower. So I went on the Coinbase and BRD wallets, but was still no change. So what I did was download Bluewallet on the phone, import the wallets there and then the Low/med/high fee was corresponding with the ones on mempool. I didn't even have to touch the custom fee option as I got my transactions made for around 20-25 sat/vB each.. For less then 1 hour.
But just weird that the other wallets didn't really keep up on the fees :S
Oh well, anyways, thanks for everybody for their replies, tips, info and links about stuff to read!
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It would make sense if they would take out a maintenance fee, but then if a average fee for miners would be around 30 Euros today as it says on some websites You need to stop talking about fees in fixed amounts of euros, or any other fiat currency, because it is meaningless. As explained above, the fee you pay depends on your transaction's size in bytes, not its value in bitcoin. A transaction with 1 input could send millions of euros and only be a few hundred bytes in size, whereas a transaction with 100 inputs could only send 100 euros but be tens of thousands of bytes in size. A fee of 30 euros might be a massive overpayment if the transaction is very small, it might be a massive underpayment if the transaction is very large, or it might be just right. No one can tell without also knowing the other details of the transaction. To understand more about why your transaction might have 1 input or have dozens of inputs, have a read of this: https://learnmeabitcoin.com/beginners/outputsIt is much more useful to talk about fees in terms of satoshis per vbyte (virtual byte), which is how transactions are actually prioritized by miners. You can then use a site such as https://mempool.space/ to tell you what an appropriate fee is at present. Note that if you are not in a hurry, then I would wait until after this weekend to make any transactions. The reason behind this (although you don't need to worry about this) is because the difficulty will drop on Sunday, which will speed up the average block time and therefore should reduce the backlog in the mempool and make things cheaper for everyone. yes I know, It was just a easy way compare it on that part. But I get you! Thanks for the link, I will definitely have a read! |
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Is Coinbase wallet not having fee customization? So that you will be able to manually edit the fee? Know that exchanges and custodial wallets like coinbase.com can have a fixed withdrawal that will contain the miners fee and maintenance fee, unlike noncustododial exchanges that will only request for miners fee.
Normally, the mempool is congested, another reason for such high fee, but you can still try to negotiate a way through. Try to wait until mining difficulty is adjusted, likely not more than a week from now. Then, the transaction fee would have been reduced. After, try to wait until weekend, the mempool is usually not congested on weekends (especially on Sunday). This will be the perfect time to send your bitcoin.
Atleast not for BTC, I know for ETH you can customize the fee, but for BTC it ain't giving me that option.. It would make sense if they would take out a maintenance fee, but then if a average fee for miners would be around 30 Euros today as it says on some websites, then 50 Euro would still be a huge maintenance fee taken by the wallet.. And even the "info" button on miners fee on the coinbase wallet says: That the miner fee is not paid to Coinbase. So I would assume they would mention a maintenance fee if there would be one, otherwise I guess that would be fraud by coinbase to take out a amount from what they claim to be the miners fee? Will definitely for now wait a bit and see what happens! 1. Both BTC and ETH allow you to customize the fee, you just need to find wallet which can do it (such as Electrum) 2. The fee is taken by miner and the purpose is allowing your transaction confirmed quickly. It's not maintenance fee and not taken by wallet (at least for non-custodial wallet). I wish I would have Known about a wallet like Electrum beforehand! haha, well I guess this is how you learn. But also I don't get why the non custodial Coinbase wallet is letting you customize the fee for ETH but not for BTC.. ? |
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Atleast not for BTC, I know for ETH you can customize the fee, but for BTC it ain't giving me that option.. It would make sense if they would take out a maintenance fee, but then if a average fee for miners would be around 30 Euros today as it says on some websites, then 50 Euro would still be a huge maintenance fee taken by the wallet.. And even the "info" button on miners fee on the coinbase wallet says: That the miner fee is not paid to Coinbase. So I would assume they would mention a maintenance fee if there would be one, otherwise I guess that would be fraud by coinbase to take out a amount from what they claim to be the miners fee?
Different wallets/exchange has different fees estimation. Certain exchange tends to overestimate the fees to err on the side of caution as there would be a huge influx of complains if the transaction doesn't confirm within a reasonable period of time due to various external factors. If you're using Coinbase as an exchange (there is a wallet which is non-custodial), it would make sense for them to take a portion of the transaction fees as well; depositing into any exchange/services will require them to move the funds from your deposit address and that could incur a fee as well. Doubt that this is actually the case though. Well, I have my funds on the non-custodial wallet. So I get what you mean by sending through the exchange itself. But the wallet is not really connected to the exchange, it works as any other non-custodial hotwallet out there that will say. |
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Is Coinbase wallet not having fee customization? So that you will be able to manually edit the fee? Know that exchanges and custodial wallets like coinbase.com can have a fixed withdrawal that will contain the miners fee and maintenance fee, unlike noncustododial exchanges that will only request for miners fee.
Normally, the mempool is congested, another reason for such high fee, but you can still try to negotiate a way through. Try to wait until mining difficulty is adjusted, likely not more than a week from now. Then, the transaction fee would have been reduced. After, try to wait until weekend, the mempool is usually not congested on weekends (especially on Sunday). This will be the perfect time to send your bitcoin.
Atleast not for BTC, I know for ETH you can customize the fee, but for BTC it ain't giving me that option.. It would make sense if they would take out a maintenance fee, but then if a average fee for miners would be around 30 Euros today as it says on some websites, then 50 Euro would still be a huge maintenance fee taken by the wallet.. And even the "info" button on miners fee on the coinbase wallet says: That the miner fee is not paid to Coinbase. So I would assume they would mention a maintenance fee if there would be one, otherwise I guess that would be fraud by coinbase to take out a amount from what they claim to be the miners fee? Will definitely for now wait a bit and see what happens! |
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3. Try to learn all you can and, if no rush, don't send your funds before next Sunday. Also keep an eye on mempool.space and the fees the wallets show you.
Thanks for the reply! Coming back to number 3, that's what I've been exactly doing the past 24 hours. It just 99% of the time the fees are not close to the fees I'm getting, so that's what I am so confused about it. definitely not in a rush and just trying learn as much as possibly about this! |
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Hi! I just can't figure out whats going on with the miners fee where I am trying send from. Please if there is other topics then direct me there, I just been trying find anything relative to this the past 24 hours but nothing found. Let me explain: On coinbasewallet, for example; To send 3000 Euros the miners fee would be around 80 Euros, so 2.5%. On BRD wallet, there I can at least choose the lowest speed and that would take me down to around 60 Euros for the fee. And then Through Kraken exchange, there they only have a fixed fee of 0.00015 BTC, almost 7 Euros, no matter the amount you want to send. So that's really good compared to the wallets. And I'm not sure if this is the right way to go about it, but I'm looking at the mempool, and looking at some incoming transactions It just doesn't correspond with the fees I'm getting through the hotwallets I have. I see transactions with worth of 10 000 Euros and the fee is around 15-20 Euros, or even 3000 euros, what I see is just everything from 10-25 Euros in fee. Am I looking it at the right way? Like I can't find any transaction that have the same amount fee as I get through the wallets I want to send from. It's really annoying because I just got myself a Hardware wallet, so if I would make 2 transactions from the hot wallets the fee would pretty much be higher then the Hardware wallet itself... I was expecting the fee would be what I see on the mempool, but like 80 Euros for one transaction?? Or do I just need to deal with it and pay in total around 150euros for the transactions? That's 330000 satoshis god dammit!!!!  |
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