Why is coinbase fee much higher?

[john2231]

I just tried to send 0.0002 sat but the coinbase give me network fee of 0.0007983 btc that i think its really high for small transaction..
But if you send high amount of bitcoin the network fee are asking the same fee as small transaction.
It is not a good choice if you using coinbase for small transaction but if you are using coinbase for large transaction the network fee is reasonable..
If you want to have fully control with the fee use other wallet instead like multibit HD or electrum they have option to use dynamic fees or either manually input you fee but like other said always check the https://bitcoinfees.21.co/ for transaction speed estimation and what the fee can give you satisfaction..

[boat287]

these posts are pretty old, but tonight for the first time i put $21 on a poker site and $49 on a blackjack site, and for both transactions, coinbase charged me $4.75 each, for $9.50 . wtf? did it go up this much just this week?

werent they supposed to be lowered now that the fork was avoided??

[TryNinja]

these posts are pretty old, but tonight for the first time i put $21 on a poker site and $49 on a blackjack site, and for both transactions, coinbase charged me $4.75 each, for $9.50 . wtf? did it go up this much just this week?

werent they supposed to be lowered now that the fork was avoided??

According to https://bitcoinfees.21.co, the fastest transaction fee is currently 450 satoshis/byte, which converted to a regular transaction with 1 input and output are worth about $4,5. Unfortunally this is a normal fee for Bitcoin's current situation.

Also, the high fees had nothing to do with the current fork. They should only lower a little bit with Segwit and the LN in a few days/weeks. But the only way of trully making fees cheaper would be increasing blocks, which we may never do in a near future.

[keyrun]

these posts are pretty old, but tonight for the first time i put $21 on a poker site and $49 on a blackjack site, and for both transactions, coinbase charged me $4.75 each, for $9.50 . wtf? did it go up this much just this week?

werent they supposed to be lowered now that the fork was avoided??

According to https://bitcoinfees.21.co, the fastest transaction fee is currently 450 satoshis/byte, which converted to a regular transaction with 1 input and output are worth about $4,5. Unfortunally this is a normal fee for Bitcoin's current situation.

Also, the high fees had nothing to do with the current fork. They should only lower a little bit with Segwit and the LN in a few days/weeks. But the only way of trully making fees cheaper would be increasing blocks, which we may never do in a near future.

If bitcoin community doesn't start their effort to make bitcoin user friendly, it would lose it's market to emerging alts.

[bravo75]

Reasonable perhaps for larger amounts. But for smaller test buys, it's outrageous. Here's a screenshot:

https://ibb.co/jzRUhb

€6.50 for a small test transaction. That's taking the p*ss.

[Tamilson]

these posts are pretty old, but tonight for the first time i put $21 on a poker site and $49 on a blackjack site, and for both transactions, coinbase charged me $4.75 each, for $9.50 . wtf? did it go up this much just this week?

werent they supposed to be lowered now that the fork was avoided??

According to https://bitcoinfees.21.co, the fastest transaction fee is currently 450 satoshis/byte, which converted to a regular transaction with 1 input and output are worth about $4,5. Unfortunally this is a normal fee for Bitcoin's current situation.

Also, the high fees had nothing to do with the current fork. They should only lower a little bit with Segwit and the LN in a few days/weeks. But the only way of trully making fees cheaper would be increasing blocks, which we may never do in a near future.

If bitcoin community doesn't start their effort to make bitcoin user friendly, it would lose it's market to emerging alts.

I doubt that will happen, the fact that even though the transaction fee is so expensive still users have no choice but to proceed to it.
Nobody wants to quit bitcoin just because of the transaction fee when they knew bitcoin can give them a lot of profit. They'll just make a choice, pay the fee or quit bitcoin.
If there's someone here chooses to quit bitcoin because they don't want to pay the high fee then they're not in the right mind.

[boat287]

these posts are pretty old, but tonight for the first time i put $21 on a poker site and $49 on a blackjack site, and for both transactions, coinbase charged me $4.75 each, for $9.50 . wtf? did it go up this much just this week?

werent they supposed to be lowered now that the fork was avoided??

According to https://bitcoinfees.21.co, the fastest transaction fee is currently 450 satoshis/byte, which converted to a regular transaction with 1 input and output are worth about $4,5. Unfortunally this is a normal fee for Bitcoin's current situation.

Also, the high fees had nothing to do with the current fork. They should only lower a little bit with Segwit and the LN in a few days/weeks. But the only way of trully making fees cheaper would be increasing blocks, which we may never do in a near future.

If bitcoin community doesn't start their effort to make bitcoin user friendly, it would lose it's market to emerging alts.

I doubt that will happen, the fact that even though the transaction fee is so expensive still users have no choice but to proceed to it.
Nobody wants to quit bitcoin just because of the transaction fee when they knew bitcoin can give them a lot of profit. They'll just make a choice, pay the fee or quit bitcoin.
If there's someone here chooses to quit bitcoin because they don't want to pay the high fee then they're not in the right mind.

imagine if VISA charged an average of $5 per transaction instead of like 5 cents it is now. 95% of the people using it would find it to not be feasible for small purchases, and it would affect them so much theyd no longer be in business. bitcoin will never be mainstream, except for high stakes transactions until this is fixed.

[richardsNY]

bitcoin will never be mainstream, except for high stakes transactions until this is fixed.

That's not true. Lightning Network will make Bitcoin far more effective and cost efficient than all other old fashion fiat payment services. It will give people the incentive they so badly need to use Bitcoin more as a currency than is the case right now. Instant and low cost transactions, who doesn't want this? It will even help gaining Bitcoin far more popularity in Africa and other places where micro transactions are a necessity for the majority of the people there. Currently we're far away from mainstream adoption, but slowly but surely we'll get there, that I am absolutely sure of.

[Oceat]

bitcoin will never be mainstream, except for high stakes transactions until this is fixed.

That's not true. Lightning Network will make Bitcoin far more effective and cost efficient than all other old fashion fiat payment services. It will give people the incentive they so badly need to use Bitcoin more as a currency than is the case right now. Instant and low cost transactions, who doesn't want this? It will even help gaining Bitcoin far more popularity in Africa and other places where micro transactions are a necessity for the majority of the people there. Currently we're far away from mainstream adoption, but slowly but surely we'll get there, that I am absolutely sure of.

Though every transactions with low network fees are too slow and is stacking that sometimes takes more than a week before it is processed because they have to process those high network fees first before the low network fees. And more miners are working together to process those transactions but the block size limit of Bitcoin is only 1MB every 10 minutes that's why it takes too much of time before the miner process everything.
If you want an advance bitcoin why not choose those altcoins with an advance features compared to bitcoin.

[Westingcote]

Coinbase is a reputable service and you are expected to pay a little more for services which are quick and responsive. A lot of the lower fee services aren't as user friendly or as quick to use.