Bitcoin Forum
May 08, 2024, 03:20:15 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2]  All
  Print  
Author Topic: Bitcoin transaction fees over 30%?  (Read 1651 times)
Dogecoin_Terminal
Newbie
*
Offline Offline

Activity: 3
Merit: 0


View Profile
June 18, 2017, 03:32:23 PM
 #21

The network was quite busy at the time and Coinbase charges big fees from the user without even offering to select the fees freely themselves like most other sites that are used as wallets, I mean if the user want to use a lower fee and wait, it should be an option for him.
Currently the network "is finally" little relieved and even the fee of ~0.00017 can let a TX confirm within 4-5 blocks.
"Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own." -- Satoshi
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
pearlmen
Sr. Member
****
Offline Offline

Activity: 322
Merit: 250


View Profile
June 18, 2017, 04:29:42 PM
 #22

I decided to try Exodus, a desktop wallet (and looks pretty good). I downloaded, installed, and did a trial transaction as they recommended.

Trial transaction:
1. Went to Coinbase. Used debit card to buy $10.00USD of bitcoin. Was charged $10.99 for 0.0036855 bitcoin valued at $10.00USD.
2. Sent all to Exodus. Was charged 0.0010584 to send to Exodus.
3. Exodus received 0.00264578 BTC valued at $7.11USD.

So, to get $7.11 into Exodus via Coinbase cost $3.88.

Why are the transaction costs so high? Is this typical for small amounts?

Based on this analysis, I can conclude that its just too expensive to send low transactions because based on this, its equally more than 30% and its something that should really be frown at. The best advice anyone can use in this trying times in relation to high transaction fees is just to avoid small amount payment because there is not two ways to it as this what we have found ourselves pending the time it will be sorted out by the makers and shapers in bitcoin.
Prodigan786
Sr. Member
****
Offline Offline

Activity: 434
Merit: 250



View Profile
June 18, 2017, 04:50:57 PM
 #23

I decided to try Exodus, a desktop wallet (and looks pretty good). I downloaded, installed, and did a trial transaction as they recommended.

Trial transaction:
1. Went to Coinbase. Used debit card to buy $10.00USD of bitcoin. Was charged $10.99 for 0.0036855 bitcoin valued at $10.00USD.
2. Sent all to Exodus. Was charged 0.0010584 to send to Exodus.
3. Exodus received 0.00264578 BTC valued at $7.11USD.

So, to get $7.11 into Exodus via Coinbase cost $3.88.

Why are the transaction costs so high? Is this typical for small amounts?
Yes I also faced the same issue I had some sathoshi in coinbase around 20 k sathoshi I wanted to send to my wallet transaction charge was showing 100 k . I left that sathoshi as it is
Netnox
Legendary
*
Offline Offline

Activity: 2044
Merit: 1008



View Profile
June 18, 2017, 06:30:33 PM
 #24

This issue is not just limited to Coinbase or Exodus. Recently a large number of the wallets and exchanges have decided to increase the withdrawal/transaction fee by as much as 1,000%. This is despite the exchange rate of Bitcoin increasing from $200 per coin to almost $3,000 per coin in a time period of just 18 months.
Barcode_
Staff
Hero Member
*****
Offline Offline

Activity: 3010
Merit: 568


APP下载sbapp.io


View Profile
June 18, 2017, 08:21:16 PM
 #25

Coinbase used to pay the miners fees for their customers in the past when users are sending bitcoins out of their coinbase wallets, due to miners fees increasing, coinbase have already stopped doing that and let their customers absorb the miners fees by themselves.

Coinbase have also increased their fees for selling coins using their online wallet, they seems to be charging their users a flat fees if the sales amount of the transaction is below $200.

  ▄▄███████▄███████▄▄▄
 █████████████
▀▀▀▀▀▀████▄▄
███████████████
       ▀▀███▄
███████████████
          ▀███
 █████████████
             ███
███████████▀▀               ███
███                         ███
███                         ███
 ███                       ███
  ███▄                   ▄███
   ▀███▄▄             ▄▄███▀
     ▀▀████▄▄▄▄▄▄▄▄▄████▀▀
         ▀▀▀███████▀▀▀
░░░████▄▄▄▄
░▄▄░
▄▄███████▄▀█████▄▄
██▄████▌▐█▌█████▄██
████▀▄▄▄▌███░▄▄▄▀████
██████▄▄▄█▄▄▄██████
█░███████░▐█▌░███████░█
▀▀██▀░██░▐█▌░██░▀██▀▀
▄▄▄░█▀░█░██░▐█▌░██░█░▀█░▄▄▄
██▀░░░░▀██░▐█▌░██▀░░░░▀██
▀██
█████▄███▀▀██▀▀███▄███████▀
▀███████████████████████▀
▀▀▀▀███████████▀▀▀▀
▄▄██████▄▄
▀█▀
█  █▀█▀
  ▄█  ██  █▄  ▄
█ ▄█ █▀█▄▄█▀█ █▄ █
▀▄█ █ ███▄▄▄▄███ █ █▄▀
▀▀ █    ▄▄▄▄    █ ▀▀
   ██████   █
█     ▀▀     █
▀▄▀▄▀▄▀▄▀▄▀▄
▄ ██████▀▀██████ ▄
▄████████ ██ ████████▄
▀▀███████▄▄███████▀▀
▀▀▀████████▀▀▀
█████████████LEADING CRYPTO SPORTSBOOK & CASINO█████████████
MULTI
CURRENCY
1500+
CASINO GAMES
CRYPTO EXCLUSIVE
CLUBHOUSE
FAST & SECURE
PAYMENTS
.
..PLAY NOW!..
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!