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Author Topic: Coinbase added a fees now  (Read 2006 times)
Humanxlemming
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March 23, 2017, 06:14:40 PM
 #1

What is your reaction regarding to all coinbase user that they add fees now, actually i just know this 1 hour ago when i tried to send a btc to my mycelium account and when i try to send all my balances it seems say that is not worth it and i try to decrease it .001 as usual it confirmed with 50k satoshi fee....

Anybody coinbase user here... What is your reaction or feedbacks about in coinbase that it add fees now?

And also what is disadvantage will happen?

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March 23, 2017, 06:17:28 PM
 #2

One of the main reasons to use Coinbase was that they didn't have fees. Now looks it's just more one online wallet and there isn't special reasons to use it anymore... And there is that issue with gambling sites too. Maybe they had to add fees as they need fast transactions and without charging users they could have losses.

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March 23, 2017, 07:29:21 PM
 #3

One of the main reasons to use Coinbase was that they didn't have fees. Now looks it's just more one online wallet and there isn't special reasons to use it anymore... And there is that issue with gambling sites too. Maybe they had to add fees as they need fast transactions and without charging users they could have losses.
I think that people mainly use it for its purpose as an exchange.  It's quite convenient for people who are not actually much good at trading and just need something obvious to buy and sell when they want into a "wallet".
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March 23, 2017, 07:36:17 PM
 #4

I used Coinbase extensively while I was collecting a small amount from various faucets and it was free to transfer, so I didn't lost any satoshi. I think that many beginners who are still using faucets are left now with a big trouble. 0.0005 BTC fee is very high for faucet guys and I don't know any solution to transfer your BTC for free.

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March 23, 2017, 07:38:28 PM
 #5

it's inevitable and everyone should be thankful they paid up for so long. if they carried on paying fees it would add up to tens or hundreds of thousands of dollars per month. this is the way everything's going right now.

on the other side a few merchants are now accepting bitcoin payments direct from coinbase wallets which means it's an off chain transaction and won't cost you anything. if you buy stuff with bitcoin it's worth keeping an eye out for that because soon enough it'll be too expensive to buy small stuff with bitcoin on chain.

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phr0stbyt3
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March 23, 2017, 07:39:48 PM
 #6

Yeah even i saw the fees and i wasn't that happy with that but then i realised that coinbase is a business after all and they were the only one who never charged fees. I saw some people mentioning that the fees is charged for faster transactions but that's wrong the fees was introduced yesterday and the speed was still really slow cor me.

Humanxlemming
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March 23, 2017, 11:05:54 PM
 #7

Yeah even i saw the fees and i wasn't that happy with that but then i realised that coinbase is a business after all and they were the only one who never charged fees. I saw some people mentioning that the fees is charged for faster transactions but that's wrong the fees was introduced yesterday and the speed was still really slow cor me.
Nope not just coinbase only not charging fees in every transaction, also coins.ph but it strictly for philippines user only, Anyways me too wasn't not happy and didn't want to happen this from coinbase but it should be because business is business there's no free.....
Hassan02
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March 23, 2017, 11:42:22 PM
 #8

What is your reaction regarding to all coinbase user that they add fees now, actually i just know this 1 hour ago when i tried to send a btc to my mycelium account and when i try to send all my balances it seems say that is not worth it and i try to decrease it .001 as usual it confirmed with 50k satoshi fee....

Anybody coinbase user here... What is your reaction or feedbacks about in coinbase that it add fees now?

And also what is disadvantage will happen?


I already hear that if they will add fee I prefer to use other online wallet since I use that wallet because I want to save some  fees. I still have other choice like my local online wallet  or else I will use the wallet that i have  full control since it's almost the same that have fee.  it will not be a big problem for me.

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March 24, 2017, 12:00:49 AM
 #9

There are no disadvantages will happen, if people change there wallet well thats good to hear (tho coinbase is not a wallet, its an account) than to entrust your money on this kind of service that you dont have the access of your private key and also a service that has so many issues, I doubted if they are solved already by coinbase support.

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March 24, 2017, 12:18:00 AM
 #10

Well, it was only question of time when they will introduce transaction fees. It's understandable step - now Coinbase have lot of customers, but since bitcoin network fees raised, Coinbase can't cover it from their pocket.
Free transactions was main reason why Coinbase become so popular. But now they don't have any advantages against other online wallets.
It's also worth to mention that Xapo earlier this year introduced fees (or in other words disabled) for small transactions. And I wouldn't be surprised if soon Xapo will start to charge fees for all transactions.

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March 24, 2017, 12:54:52 AM
 #11

What is your reaction regarding to all coinbase user that they add fees now, actually i just know this 1 hour ago when i tried to send a btc to my mycelium account and when i try to send all my balances it seems say that is not worth it and i try to decrease it .001 as usual it confirmed with 50k satoshi fee....

Anybody coinbase user here... What is your reaction or feedbacks about in coinbase that it add fees now?

And also what is disadvantage will happen?



I used them solely because they had no fees (same as Xapo). Now that both have gone the same route, I no longer use either one. Coinbase has been going in a dark direction lately with regards to their ridiculous way of reporting buys/sells, and this just pushes it over the edge.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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March 24, 2017, 01:17:12 AM
 #12

I was using Coinbase web wallet for a while now but now i will stop that. At first they have limited transactions without fee to 20ish at day and now this. They are on way to act like fiat banks and i am just waiting to they charge fee just for managing our accounts. instead of Coinbase, i will use mycelium on my phone for pocket money. It is much faster, safer and better option for me.
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March 24, 2017, 01:26:40 AM
 #13

I am only surprised that Coinbase managed to keep their business fee-less model for so long. They most likely wasted quite some money on these high fees.
Bitcoin users need to understand - privacy is not free, by using Coinbase they were giving up their privacy - therefore fees were paid for them.
But when the situation changed, and fees become too much of an economic burden for Coinbase, they give up. No reason to use CB as a wallet anymore.
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March 24, 2017, 03:08:08 AM
 #14

I am only surprised that Coinbase managed to keep their business fee-less model for so long. They most likely wasted quite some money on these high fees.
Bitcoin users need to understand - privacy is not free, by using Coinbase they were giving up their privacy - therefore fees were paid for them.
But when the situation changed, and fees become too much of an economic burden for Coinbase, they give up. No reason to use CB as a wallet anymore.


Fees were paid for by other fees they charge (buying and selling coins on their exchange and directly, as well as those charged for businesses that wanted to utilize them). So they didn't keep things "fee-less... for so long" -- what they did is make money on other services.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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March 24, 2017, 03:10:20 AM
 #15

Faucets will go away. No big loss. Had to happen sooner or later.

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March 24, 2017, 10:26:29 AM
 #16

It's better to use blockchain and add a variable fee instead of using coinbase that's useless now if they are charging such high fees for every transaction. First of all, they are a third-party wallet not giving us the private keys to our addresses and then they close accounts if they detect unusual activity making us very our accounts. What's the point of using their wallet now after that have hit the last nail in the wall?

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Arvydas77
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March 24, 2017, 12:21:12 PM
 #17

I am only surprised that Coinbase managed to keep their business fee-less model for so long. They most likely wasted quite some money on these high fees.
Bitcoin users need to understand - privacy is not free, by using Coinbase they were giving up their privacy - therefore fees were paid for them.
But when the situation changed, and fees become too much of an economic burden for Coinbase, they give up. No reason to use CB as a wallet anymore.


The higher degree of privacy costs much less if you are using Monero and your privacy is really much more protected. Bitcoin isn't anonymous coin anymore. Governement can track you. 

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March 24, 2017, 02:47:21 PM
 #18

Bitcoin has never been anonymous. This is one of the misconception about bitcoin. And about this change on coinbase, this is something that was needed to be excepted soon or later. I am not surprised about it. They couldn't continue paying the fees for the miners forever
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March 24, 2017, 08:09:01 PM
 #19

There were a number of issues to the members of coinbase and they still stick to coinbase the reason was that it was not have any fees but now as it have implemented some fees on their members' transactions any person who will face an issue will immediately leave that.



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March 24, 2017, 08:16:09 PM
 #20

Its actually not their fault as at the time that they Dont charge any fees! Its not as if the fees are not there but its because they are paying it on users behalf. We all agree that the tx fees are going through the roof these days and comparing the number of users that are they have to service on a daily basis then they just need to shed some of the cost if they are still interested in running a business...



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