Coinbase transaction charge could somebody explain???

[Prodigan786]

I have some earning i got through some faucet my initial days of bitcoin and it transferred to coinbase wallet even i dint want to send its very less amount like 20000 sathoshi today was trying to transfer amount to my original wallet i seen the transaction fees and i shocked please check the image . Network fees 111928  for 20000

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[talkbitcoin]

Coinbase changed their rules about how fees are paid, now they take fees from you when you are transferring bitcoin "on-chain" meaning what you are about to do in that picture. and they are apparently charging a big fee now depending on how many inputs you have received!!! (possibly faucet dust?)

read more here: https://support.coinbase.com/customer/portal/articles/815435-does-coinbase-pay-bitcoin-miner-fees-

[stardustin]

Even one year ago I don't had need of fees on such low transaction, sweet old memories.Now it's very high, thry have their minimum transaction fee and it don't depends if that's 0.0001 or 0.01 btc.

[Juggy777]

I have some earning i got through some faucet my initial days of bitcoin and it transferred to coinbase wallet even i dint want to send its very less amount like 20000 sathoshi today was trying to transfer amount to my original wallet i seen the transaction fees and i shocked please check the image . Network fees 111928  for 20000

In simpler words the fees that they were taking on selves, now they are passing it on to the consumers, basically for every transactions you do you need to pay a fees that's stated in your photo now doesn't matter if it less than a $, and funnily for transferring a $ you need to pay 2$ fee. But then they had notified this and changed the rules can't help it, and which ever wallet you choose will charge you fees so practically nothing you can do expect pay the fees or accumulate and transfer a high amount so fees will small.

[Prodigan786]

Coinbase changed their rules about how fees are paid, now they take fees from you when you are transferring bitcoin "on-chain" meaning what you are about to do in that picture. and they are apparently charging a big fee now depending on how many inputs you have received!!! (possibly faucet dust?)

read more here: https://support.coinbase.com/customer/portal/articles/815435-does-coinbase-pay-bitcoin-miner-fees-

Faucet dust how it will be dust it will be some ones effort like as i remember its from some ios application  i have spent huge data for playing game again it was my initial days . I think these people tie up with coinbase and misleading people

[Prodigan786]

I have some earning i got through some faucet my initial days of bitcoin and it transferred to coinbase wallet even i dint want to send its very less amount like 20000 sathoshi today was trying to transfer amount to my original wallet i seen the transaction fees and i shocked please check the image . Network fees 111928  for 20000

In simpler words the fees that they were taking on selves, now they are passing it on to the consumers, basically for every transactions you do you need to pay a fees that's stated in your photo now doesn't matter if it less than a $, and funnily for transferring a $ you need to pay 2$ fee. But then they had notified this and changed the rules can't help it, and which ever wallet you choose will charge you fees so practically nothing you can do expect pay the fees or accumulate and transfer a high amount so fees will small.

Do you think for transferring 23000 sathoshi do i need to pay 111928 like for 0.7$ i need to pay more than 2 $ and receive that 20 k satoshi My concern is how these people set fees for such a small transaction 

[mindrust]

It doesn't make any sense to own anything lower than 0.01btc now. You'll be paying more than %10 of your balance as a fee when are transferring your money.

This also means that divisibility of bitcoin is in question. Why would anyone give a fuck for its 8 digits after the comma while nobody was able to send them with a proper fee?

People dreaming of 100k$/piece but if this scaling/fee issue don't get solved asap we are going nowhere.

If we ever get to see 10k$/btc, 100k satoshi will be 10$ and that's the minimum transfer fee nowadays. Means You'll have to make at least a 500$ transaction so it can make sense with that fee.

After we see 10k$ and if the fee problem don't get solved from that point, bitcoin will slowly start going down and some other altcoin will replace it.

That's the future for bitcoin.

[chaser15]

Accept that. That is the reality while bitcoin demand is increasing. Expect much more fees until scaling issue resolved. Honestly Coinbase fees is still cheap. Other web wallets charges $7 and will increase more as bitcoin price is increasing too.

To save transaction fees, avoid micro transactions if possible as it was not meant for today's bitcoin network status.

[EXtremeAEX]

Yup, using Coinbase too, and the fees are extremely annoying. Trying to test out some altcoin trading sites, so I wanted to withdraw $10 worth of BTC to try, and BOOM! Fees are at a staggering amount of $3!!! Ended withrawing over $50 to make the fee worth it.

Since Bitcoins are limited, fees will grow exponentially, most likely, along with the price increase. It would be more difficult for people to use Bitcoin for micro transaction in the future, and faucets are not worth it anymore, both the owner and the user.

[Slark]

There is nothing we can do about high transaction fees. In the past online wallets like Xapo or Coinbase paid for every transaction.
This is not possible anymore because TX fees skyrocketed due to increase number of users/transaction and spam.
I will suggest that you wait for scaling solution to be implemented, it should reduce fees considerably.
Until then be advised that there is no wallet which will pay the fees for you.  

[Prodigan786]

There is nothing we can do about high transaction fees. In the past online wallets like Xapo or Coinbase paid for every transaction.
This is not possible anymore because TX fees skyrocketed due to increase number of users/transaction and spam.
I will suggest that you wait for scaling solution to be implemented, it should reduce fees considerably.
Until then be advised that there is no wallet which will pay the fees for you.  

Then i should mention this app in ios app store Bitcoin Free By Daniel Bainbridge should avoid this app because its annoyingly showing lots of advertisements . Its using more data usage and also payment they are sending coinbase so that we cant use payment please spread awareness for new bitcoin enthusiasts

[examplens]

Yup, using Coinbase too, and the fees are extremely annoying. Trying to test out some altcoin trading sites, so I wanted to withdraw $10 worth of BTC to try, and BOOM! Fees are at a staggering amount of $3!!! Ended withrawing over $50 to make the fee worth it.

Since Bitcoins are limited, fees will grow exponentially, most likely, along with the price increase. It would be more difficult for people to use Bitcoin for micro transaction in the future, and faucets are not worth it anymore, both the owner and the user.

I went from blockchain.info on coinbase because blockchain has the largest fee. Now Coinbase also. previously was a possibility to change fee and if you set very small fee you can wait a day or two for the transaction
I think in the future we will use bitcoin only for large transaction minimum 0.5BTC, but for small tx altcoins is alternative

[LeGaulois]

You can't say Coinbase fees are annoying @EXtremeAEX. It's not like if the fees are for Coinbase profits itself. Bitcoin is a network, without fees rewards, bitcoin would be dead since. If you're not happy to participate in Bitcoin then don't use it. You can't use Bitcoin without doing your part of the network. Anyway there is web wallet not charging fees still

[EXtremeAEX]

You can't say Coinbase fees are annoying @EXtremeAEX. It's not like if the fees are for Coinbase profits itself. Bitcoin is a network, without fees rewards, bitcoin would be dead since. If you're not happy to participate in Bitcoin then don't use it. You can't use Bitcoin without doing your part of the network. Anyway there is web wallet not charging fees still

Truth has been said Sadly the fees will continue to rise, and it may become unusable for some. Watched a video that said Bitcoin will not a currency for everyday micro-transactions but more of a crypto storage like digital gold sort of asset. Micro transactions will be gone in the future. Could be a good thing, less transactions to handle.

What is the web wallet with zero fees that you were talking about? Is it only transaction between accounts?

[Prodigan786]

You can't say Coinbase fees are annoying @EXtremeAEX. It's not like if the fees are for Coinbase profits itself. Bitcoin is a network, without fees rewards, bitcoin would be dead since. If you're not happy to participate in Bitcoin then don't use it. You can't use Bitcoin without doing your part of the network. Anyway there is web wallet not charging fees still

I agree with all your points yes sadly it's  a hard truth and also I understand network . So only I mentioned the faucet app people shouldn't use because they are sending to email address for coinbase even I give my original bitcoin wallet address so there is lots of people using these kind of app should stop using app that's what my concern

[Skarner21]

I have some earning i got through some faucet my initial days of bitcoin and it transferred to coinbase wallet even i dint want to send its very less amount like 20000 sathoshi today was trying to transfer amount to my original wallet i seen the transaction fees and i shocked please check the image . Network fees 111928  for 20000

That is why coinbase right now is not good enough for smaller transaction if your earnings is from faucet it can be just turn into dust.. much better to save almost all of your small bitcoins in one of the good wallet that you can control your own fee.. like electrum..
For now i heard many online wallet about the issue are the same.. so for me much better to choose a desktop wallet that you fully control your wallet..

[neochiny]

Do you think for transferring 23000 sathoshi do i need to pay 111928 like for 0.7$ i need to pay more than 2 $ and receive that 20 k satoshi My concern is how these people set fees for such a small transaction 

Doesn't matter if it's .00023 or .23, your fee will be based on how large your transaction size is. Depending on how many inputs and outputs the transaction has.
So, if that's 1 input (Say 155bytes) + 1 output (Say 45bytes) = Transaction size is 200bytes x fee-per-byte = transaction fee.
But since you said those were from faucets, it's likely got more than 1 input, hence the high fee.

In short, avoid dust transactions for now as fees would indeed be sky-high.

* Anyway, doesn't coinbase not allow users to set their own fees?Or did they remove that function?

[Prodigan786]

Do you think for transferring 23000 sathoshi do i need to pay 111928 like for 0.7$ i need to pay more than 2 $ and receive that 20 k satoshi My concern is how these people set fees for such a small transaction 

Doesn't matter if it's .00023 or .23, your fee will be based on how large your transaction size is. Depending on how many inputs and outputs the transaction has.
So, if that's 1 input (Say 155bytes) + 1 output (Say 45bytes) = Transaction size is 200bytes x fee-per-byte = transaction fee.
But since you said those were from faucets, it's likely got more than 1 input, hence the high fee.

In short, avoid dust transactions for now as fees would indeed be sky-high.

* Anyway, doesn't coinbase not allow users to set their own fees?Or did they remove that function?

Awesome it's really good explanation so both input and output will be calculated per byte fees . Ok it's really good information . Any how I am not going to use coinbase anyhow but I got the worth information because of this issue

[adzino]

Doing smaller transactions like this is absolutely absurd. You will end up paying more fees than you transacted. It's better to avoid smaller transactions for now. Or if you can set fee manually, reduce the fee and pay a penalty: Wait for weeks.

[virasog]

Doing smaller transactions like this is absolutely absurd. You will end up paying more fees than you transacted. It's better to avoid smaller transactions for now. Or if you can set fee manually, reduce the fee and pay a penalty: Wait for weeks.

You do realize that you are trying to move around 80 cents right?  There are always a handful of people out there in total and complete outrage because they are being hit with fees from the network, an exchange or what ever.  While I am sure that you are about to make a huge network maneuver that will change the world with that 80 cents worth of Bitcoin, maybe you should hold off and give it a little time to grow. 

[Prodigan786]

Doing smaller transactions like this is absolutely absurd. You will end up paying more fees than you transacted. It's better to avoid smaller transactions for now. Or if you can set fee manually, reduce the fee and pay a penalty: Wait for weeks.

You do realize that you are trying to move around 80 cents right?  There are always a handful of people out there in total and complete outrage because they are being hit with fees from the network, an exchange or what ever.  While I am sure that you are about to make a huge network maneuver that will change the world with that 80 cents worth of Bitcoin, maybe you should hold off and give it a little time to grow. 

Of course even i am thing the same i will keep as it is either that small amount has to grow big and while converting has to give profit otherwise transaction fees has to reduce

[virasog]

People love to move their money around, especially with something like crypto, but in these cases, those can eat your funds and never spit them out.  Plan better and use larger amounts. The small fees, the small amounts and the more and more crowded blockchain cause issues that can make it so that your funds are gone quick and any profit that you made it right out the window.