Why is coinbase fee much higher?

[tsaroz]

I'm sending 5.417$ and paying a network fee of 2.23$.

Isn't the network fee too high?

It's been some time I haven't sent anything from coinbase but didn't think I had payed such high fees.

One of the reasons people switched from fiat processor to bitcoin was due to fees.




What could be an alternative?

[HCP]

Currently, recommended fees (as seen here: https://bitcoinfees.21.co/) are over 300 sats/byte... and have been for a few weeks.

Your fee of 0.00087576 btc... at a rate of around 300 sats/byte would indicate your transaction size was around 300 bytes... it seems about right for the current fee levels. Your options are to use a different wallet that allows you to set fees at a custom rate (but face the possibility of slow or no confirmation times), put up with current high fees and get fast confirmations or wait until the network is a bit less overloaded and send your coins in off peak times... when there is less demand and lower fees are required.

[jpoker272727]

I'm sending 5.417$ and paying a network fee of 2.23$.

Isn't the network fee too high?

It's been some time I haven't sent anything from coinbase but didn't think I had payed such high fees.

One of the reasons people switched from fiat processor to bitcoin was due to fees.

What could be an alternative?

People switched from fiat to bitcoin because of fees but this was in the past ( for micro transactions)

But for larger transactions that quote still is valid and I have seen that in coinbase you sont have the option to edit or set manually the tx fee which is bad and I feel that coinbase will be used lesss.

Try a desktop wallet where you can set yourself how much fee for each tx.

[Yuuto]

Coinbase actually does not charge any of this, the bitcoin tework does.

Unforutantely the network congestion issue is very real right now and basically affecting everyone that is using bitcoin. No way to go around it either. Coinbase used to have 0 transaction fees which meant that a lot of people could send microtransactions with no fees, but now this is no longer the case. Xapo also closed all their 0 fee transactions, which is a shame.

If you send the actual transaction and go onto any block explorer, you'll see that the fee you paid matches the actual blockchain fee...

[Dart18]

And they don't give a damn option for their users. It is stuck like that. No more picking what price you want for the expense of a longer time.
Rather use Electrum.

[erikalui]

Even Xapo doesn't give the option for users to change or add a small fee. I use counterparty wallet that does allow me to set a fee while sending transactions and it can depend on the number of bytes. I add a 50 bytes fee for every transaction and it gets confirmed within 3-4 hours. It's better than using xapo/coinbase as it lets you save altcoins too as well as trade.

[sweetdesirez]

Now very few online wallets have the feature to add a custom fee. Regarding the high fees, if the money accumulated by you is from small transactions from multiple tokens, the charge becomes higher, I had the same issue before with another wallet. Also Coinbase seems to charge fee apart from the miners fee too.

[btccashacc]

Basically bitcoin isn't suited for small transaction due to the higher fee and long confirmation. To address this problem we can use alternative such a dogecoin, litecoin or etherum for transaction with small amount. Since coinbase only support etherum and litecoin their service, you might convert your coins to the etherum or litecoin first and send them to multicurrency wallet or exchanger that you want. The problem is sometimes wallet that we would like to send is a bitcoin single wallet not a multicurrency.

[LTU_btc]

Well, it's normal fee and there is no need to blame Coinbase for it. Their fees are based on current bitcoin network conditions.
There aren't alternatives to avoid high fees. All wallets and exchanges have high fees now.
You can use such wallet like Blockchain.info, where you can set custom fee. But if you want fast transaction (or at least not stucked transaction), you have to pay high fee.

[wdnj]

Well, it's normal fee and there is no need to blame Coinbase for it. Their fees are based on current bitcoin network conditions.
There aren't alternatives to avoid higg fees. All wallets and exchanges have high fees now.
You can use such wallet like Blockchain.info, where you can set custom fee. But if you want fast transaction (or at least not stucked transaction), you have to pay high fee.

Coinbase sets the highest fee possible, this because to make the transaction to go faster and not to make people thinking that coinbase is slow or doesn't worth using.
Less work for their support and this is based on the people's preferences and calculate them self if now the online wallets are worth using or it's time to switch to desktop wallets.

[Heartilly]

I'm sending 5.417$ and paying a network fee of 2.23$.

Isn't the network fee too high?

It's been some time I haven't sent anything from coinbase but didn't think I had payed such high fees.

One of the reasons people switched from fiat processor to bitcoin was due to fees.




What could be an alternative?

That is still cheap compare to others. Also Coinbase doesn't charge you that. You can verify if the fees really applied at your transaction id.

And there is no need for an alternative as what we really need is a solution to a congested network.

[King Sastro]

I am a coinbase user for the last 2 years, saddened by coinbase because fee is very expensive, and this makes me think to leave coinbase. Maybe anyone could information what is the best web wallet that small fees?

[rozee]

most of third parties bitcoin wallet always ask high fees its maybe bad things for us, if they give an option how much fees we want like blockchain but still give us recommendation fees it will be better but they never give us know how much the fees first after transaction already sent we know how much the fees its very dissapointed

[jpoker272727]

I am a coinbase user for the last 2 years, saddened by coinbase because fee is very expensive, and this makes me think to leave coinbase. Maybe anyone could information what is the best web wallet that small fees?

The lowest one that I've seen so far is on poloniex exchange, they still have the 0.0001BTC transaction fee when withdrawing.

No matter how much bitcoin are going to spend coinbase charges a fixed transaction fee currently 0.0009BTC which is ~2.5 USD.

Other exchanges have higher fees too, whatever the amount is so it has been really a pain paying so much on fees now but I think it will drop these days.

[andloveme]

At least it confirmed fast. It's expensive! the good old days are long gone, and to send bitcoins you have to do math, the fee minus how much bitcoin you have left.

[Conasse]

between the online wallets, isn't coinbase the chepeast regarding the fees?

[Hamphser]

I'm sending 5.417$ and paying a network fee of 2.23$.

Isn't the network fee too high?

It's been some time I haven't sent anything from coinbase but didn't think I had payed such high fees.

One of the reasons people switched from fiat processor to bitcoin was due to fees.




What could be an alternative?

I would say that it became much better now compared on the past on which the fee is exactly 0.0015 which is way too high and now it goes lower again which is good for me i guess. Ive been using coinbase since when i start on bitcoin world. There are alternative like blockchain.info since you can able to edit the fees you do like on a certain transaction which is really a good feature.

[TryNinja]

Coinbase actually does not charge any of this, the bitcoin tework does.

Unforutantely the network congestion issue is very real right now and basically affecting everyone that is using bitcoin. No way to go around it either. Coinbase used to have 0 transaction fees which meant that a lot of people could send microtransactions with no fees, but now this is no longer the case. Xapo also closed all their 0 fee transactions, which is a shame.

If you send the actual transaction and go onto any block explorer, you'll see that the fee you paid matches the actual blockchain fee...

That's true, but you should see that there are situations that no one needs to pay that much to get a transaction confirmed. There was a few times in the last month when I sent a transaction with a fee of 90 satoshis/byte and it got confirmed in 2 hours. Also, sometimes people are not in a hurry, and they just want to avoid wasting money in fees.

Looks like Coinbase has a fixed fee that doesn't consider the Blockchain current load.

between the online wallets, isn't coinbase the chepeast regarding the fees?

No. Blockchain.info for example, allows you to set a custom fee on your own.

[harizen]

between the online wallets, isn't coinbase the chepeast regarding the fees?

As far as my used online wallet is concerned, for standard fees yes they are. XAPO charges more as always than Coinbase. The last transaction with my Coinbase charges me around 87,000 satoshis and it got confirmed for about less than a hour. XAPO on the other hand, charges me around 180,000 satoshis with around 220,000 satoshis for high priority. My local wallet charges 100,000+ satoshis as standard with 40,000 satoshis to slow priority.

As bitcoin price increases, we can noticed more of this high fees. For let's say 80,000 satoshis as fees today is equivalent to $2, it can be $10 in the future with the same amount of bitcoin because of price increase that will happened.

[mrjoy15]

between the online wallets, isn't coinbase the chepeast regarding the fees?

As far as my used online wallet is concerned, for standard fees yes they are. XAPO charges more as always than Coinbase. The last transaction with my Coinbase charges me around 87,000 satoshis and it got confirmed for about less than a hour. XAPO on the other hand, charges me around 180,000 satoshis with around 220,000 satoshis for high priority. My local wallet charges 100,000+ satoshis as standard with 40,000 satoshis to slow priority.

As bitcoin price increases, we can noticed more of this high fees. For let's say 80,000 satoshis as fees today is equivalent to $2, it can be $10 in the future with the same amount of bitcoin because of price increase that will happened.

Yes! It's pretty reasonable regarding the present situation. As cheap transactions were not a value proposition of Bitcoin. Fees are high because transactions are in high demand right now. And Bitcoin is skyrocketing, so reasonable fee today.