$0.85 transaction fee is absolutely ridiculous!

[Argon2]

Paid a 7 dollar fee on a 8500 USD transaction, that's cheap. Use an altcoin for coffee ☕️.

[PinkB]

Coinbase fucked me!! its transaction fee almost .0008BTC, really i am feed up. its time to leave coinbase wallet. i am using coinbase wallet only one reason.because it is free for coinbase to coinbase transaction.

[erpbridge]

Coinbase fucked me!! its transaction fee almost .0008BTC, really i am feed up. its time to leave coinbase wallet. i am using coinbase wallet only one reason.because it is free for coinbase to coinbase transaction.

It is actually 0.0011 as I pointed above. I don't hate coinbase, but transactions from localbitcoins for example has a fees of around 0.0005. I would like Coinbase to allow me to set the fees, instead of charging me 2.5-3$ of fees on every transaction.

[1Referee]

I would like Coinbase to allow me to set the fees, instead of charging me 2.5-3$ of fees on every transaction.

That would be an ideal option for basically every exchange, but exchanges will likely not do so any time soon. The point is that the withdrawal fees account for a fair share of their general income, and thus will not give up on that so easily. If they ever end up going to decrease their withdrawal fee, then you can bet on it that they will compensate this 'loss' in income by increasing other types of fees slightly. Result is still that the customers ends up paying for it.

[stompix]

Paid a 7 dollar fee on a 8500 USD transaction, that's cheap. Use an altcoin for coffee ☕️.

Nobody is accepting altcoins for coffee.
And if does he probably is a few thousands km away.

I would like Coinbase to allow me to set the fees, instead of charging me 2.5-3$ of fees on every transaction.

That would be an ideal option for basically every exchange, but exchanges will likely not do so any time soon. The point is that the withdrawal fees account for a fair share of their general income, and thus will not give up on that so easily. If they ever end up going to decrease their withdrawal fee, then you can bet on it that they will compensate this 'loss' in income by increasing other types of fees slightly. Result is still that the customers ends up paying for it.

The fee they charge is so small compared to their other revenue they don't really care about.
Actually they are paying quite a few satoshi extra when they send out coins just to have a first block confirmation.
If they would care that much about fees they would pay the minimum.

Too bad that Coinbase increased the minimum set fees on their platform to 0.0011 BTC which is around 3$ in transaction fees. Now it simply doesn't make sense to use bitcoin for anything less than 100$ , because i would be paying the same fees as using an option of paypal.

Bitcoin is going to become a victim of it own success this way.
Everybody was using because cheap fees then not so cheap fees then nobody using it for payments....
Let's hope segwit will have an impact once it will finally be implemented.

[vohoanghiep5555]

Am I the only one realizing that ~$1 fee to make a transaction is absolutely insane and defeats one of the core benefits of using bitcoin for daily transactions.

This is getting insane and is completely uncalled for, or am I wrong?

I think the transaction fee of $ 0.85 is not much and it does not matter how long it takes to complete a transaction

[Wendigo]

Am I the only one realizing that ~$1 fee to make a transaction is absolutely insane and defeats one of the core benefits of using bitcoin for daily transactions.

This is getting insane and is completely uncalled for, or am I wrong?

I think the transaction fee of $ 0.85 is not much and it does not matter how long it takes to complete a transaction

When the fee is 20%-50% of the total funds being moved it's unacceptable and ridiculous. For example it costs 10$ to buy a 8$ game off Steam. This is just insane. I barely move any BTC around these days because I don't want to eat the shitty fees.

[bitcoinmasterlord]

Coinbase fucked me!! its transaction fee almost .0008BTC, really i am feed up. its time to leave coinbase wallet. i am using coinbase wallet only one reason.because it is free for coinbase to coinbase transaction.

It is actually 0.0011 as I pointed above. I don't hate coinbase, but transactions from localbitcoins for example has a fees of around 0.0005. I would like Coinbase to allow me to set the fees, instead of charging me 2.5-3$ of fees on every transaction.

How the Bitcoin rate increase like that the transaction fee also increase. If you pay a high fee, your transaction will get confirm very quickly. If you pay the low fee, then your transaction will take a long time to confirm. $0.85 is not a big amount if you do one decent amount of BTC transfer. But for regular traders, this cost will effect on their bankroll.

[1Referee]

The fee they charge is so small compared to their other revenue they don't really care about.

Actually, they do. It's not just pocket change anymore after hundreds, perhaps close to a thousand withdrawals on a daily basis that add up to a decent amount every month.

Actually they are paying quite a few satoshi extra when they send out coins just to have a first block confirmation.
If they would care that much about fees they would pay the minimum.

I quite often have experienced exchanges that bundle transactions, and just pay a fraction of what the combined withdrawal fee value of these transactions would add up to. I only had one occasion where I had to wait for 2 blocks to get my transaction confirmed, but that wasn't a big deal.

[bartolo]

It looks like fees could go down again in the coming days. Today I sent a transaction with 50sats/byte fees and it was confirmed in few hours. Now there are around 15000 unconfirmed transactions. Last week if I´m not wrong there were around 50000 - 60000.

[Sithara007]

It looks like fees could go down again in the coming days. Today I sent a transaction with 50sats/byte fees and it was confirmed in few hours. Now there are around 15000 unconfirmed transactions. Last week if I´m not wrong there were around 50000 - 60000.

I really doubt whether the exchanges will agree to lower the fees, even if the minimum fee needed for confirmation goes down. Exchanges such as Bitstamp and Coinbase have profited a lot from the increased fee (they are keeping 25% to 50% of the withdrawal fee to themselves). They have no reason to lower the fee as of now.

[Russlenat]

It looks like fees could go down again in the coming days. Today I sent a transaction with 50sats/byte fees and it was confirmed in few hours. Now there are around 15000 unconfirmed transactions. Last week if I´m not wrong there were around 50000 - 60000.

I really doubt whether the exchanges will agree to lower the fees, even if the minimum fee needed for confirmation goes down. Exchanges such as Bitstamp and Coinbase have profited a lot from the increased fee (they are keeping 25% to 50% of the withdrawal fee to themselves). They have no reason to lower the fee as of now.

25% to 50% withdrawal fee is to high and this is the way of those exchange site to make profit for themselves because you cannot withdraw your bitcoin in instant due to this fee and you are loose already, you should trade your bitcoin and alt-coin then to recover the fees.

[Remainder]

It looks like fees could go down again in the coming days. Today I sent a transaction with 50sats/byte fees and it was confirmed in few hours. Now there are around 15000 unconfirmed transactions. Last week if I´m not wrong there were around 50000 - 60000.

I really doubt whether the exchanges will agree to lower the fees, even if the minimum fee needed for confirmation goes down. Exchanges such as Bitstamp and Coinbase have profited a lot from the increased fee (they are keeping 25% to 50% of the withdrawal fee to themselves). They have no reason to lower the fee as of now.

25% to 50% withdrawal fee is to high and this is the way of those exchange site to make profit for themselves because you cannot withdraw your bitcoin in instant due to this fee and you are loose already, you should trade your bitcoin and alt-coin then to recover the fees.

Yes that's true! that's why you should trade your bitcoin and altcoin to increase your earning or you invest it for a long term.

[jaberwock]

It looks like fees could go down again in the coming days. Today I sent a transaction with 50sats/byte fees and it was confirmed in few hours. Now there are around 15000 unconfirmed transactions. Last week if I´m not wrong there were around 50000 - 60000.

I really doubt whether the exchanges will agree to lower the fees, even if the minimum fee needed for confirmation goes down. Exchanges such as Bitstamp and Coinbase have profited a lot from the increased fee (they are keeping 25% to 50% of the withdrawal fee to themselves). They have no reason to lower the fee as of now.

25% to 50% withdrawal fee is to high and this is the way of those exchange site to make profit for themselves because you cannot withdraw your bitcoin in instant due to this fee and you are loose already, you should trade your bitcoin and alt-coin then to recover the fees.

Yes that's true! that's why you should trade your bitcoin and altcoin to increase your earning or you invest it for a long term.

Not for increase long term gains, but for escape the high fees that are being charged for Bitcoin withdraws.

For example, Bitcoin transfers costs 0.0015($3.9) on BTC-e but Litecoin transfers only 0.001 LTC, or around $0.05 at current price. 

[erpbridge]

I would like Coinbase to allow me to set the fees, instead of charging me 2.5-3$ of fees on every transaction.

That would be an ideal option for basically every exchange, but exchanges will likely not do so any time soon. The point is that the withdrawal fees account for a fair share of their general income, and thus will not give up on that so easily. If they ever end up going to decrease their withdrawal fee, then you can bet on it that they will compensate this 'loss' in income by increasing other types of fees slightly. Result is still that the customers ends up paying for it.

But how is that ?

I can see the fees they paid on the blockchain. Are you saying they pay that fees for 2-3 transactions and charge each one separately ?

Well I feel it might be earning them more money, but it also scares away people from using them.

[Vishnu.Reang]

For example, Bitcoin transfers costs 0.0015($3.9) on BTC-e but Litecoin transfers only 0.001 LTC, or around $0.05 at current price. 

They should reduce the fee now, as the number of unconfirmed transactions have gone down, and the minimum fee needed for immediate confirmation has decreased significantly. Else these exchanges must give us the option of setting up our own withdrawal fee amount.

[taxmanmt5]

thats normal because of the bitcoin price fluctuation. here in my country the fee in every transaction is almost 4dollars and that sucks big time . last march its only 0.5$ fee. but its worth it if your transaction will be completed asap.

Even here, I also experienced that I pay almost $4 for my transaction, the transaction is so fast because in just few minutes I received the coins especially in coinbase I use that most of the time but I was shocked now that it requires fee.
We hope it will.be resolve by the blockchain soon having high fee.

[Taskford]

Yep i find it rediculous too, i don't think this way new people to crypto will start using btc anymore..

It is. And what pissed me off is higher transaction fees yet very long confirmation time. 

[rickbig092]

The fees currently which are around $0.7 or so is really high but only for smaller transactions, for +$100 and more paying $1 USD isn't extremely excessive or unheard of, I agree this limits BTC as a currency for micro transactions and live expenses payment.
This will probably be solved soon, I am not with making a fundamental change in bitcoin, but just a solution that will lower the stress in the network, I still want bitcoin to be bitcoin.

[Eternu]

The fees currently which are around $0.7 or so is really high but only for smaller transactions, for +$100 and more paying $1 USD isn't extremely excessive or unheard of, I agree this limits BTC as a currency for micro transactions and live expenses payment.
This will probably be solved soon, I am not with making a fundamental change in bitcoin, but just a solution that will lower the stress in the network, I still want bitcoin to be bitcoin.

You are wrong friend. I wanted to sell around 45 dollar worth of bitcoin yesterday, and recommended transaction fee was 1 dollar for 80 sat/B if i am not mistaken. And they said it will take 1+ hours. It took around 12h for my transaction to be confirmed... Other time before that i paid 3 dollars for 90 dollars worth of bitcoins, and it took around 6 hours to transfer. Price is too high for speed they offer. It is simple as that.