fee transfer too high?

[dunfida]

Hi all, i'm new to trading and i made my first wallet of bitcoin in CoinBase...now i would like to buy some altcoin but if i would like to transfer bitcoin to exchange like bittrex or other they ask me an high fee for tranfer like 12$ for transfer 100$ of BTC....is it possible? How can you  make good trading if everytime you have to transfer money from wallet you have to pay so high fee?  I did mistake something? thanks

You did nothing wrong since coinbase do have a default set up on the fees which is incredibly high this is why i dont make any trades or transfers using them since you cant really change up the fees and i cant afford to pay up such big amount.Better to wait than on wasting up money on just on fees. For now i am using electrum which i can set out fees even more lower on most exchanges do suggest.
It would really be more worth of but you would really need to wait up because if you do see the entire network is already congested as of now.

[1714051697]

1714051697

[dark08]

Nothing to do at this time.Because bitcoin rate is so big.then transaction fee is big.Yet I think, eth transaction fee is small.if you want then buy some eth and deposit on exchange site.

This is the one that you can hate to bitcoin the transaction fee are too high  compare to ethereum that only a cent fee transantion.
If you cutomize the transaction fee it take a long long long time before the miner confirm your transaction so you have no chooce to put into higher transaction fee. XD

[okala]

I experienced this same thing yesterday and I was very sad about it. My friend who is a local bitcoin trader ask me to sell some coins to him and I was to send $1,000 but I end up paying  $120 a's fees. This network fees is too high that online stores and gaming sites may find it difficult to cope with. Some things has to be do about this if not bitcoin transactions fee will be higher than bank as no bank will collect  $100 for a $1,000 transfer.

[Attilaloe]

$100 is exagerating it. Still, $20 fees are a reality now. I guess Bitcoin will be what is called "slow money", intended for huge transfers and not day to day payments.

[AngelSky]

I experienced this same thing yesterday and I was very sad about it. My friend who is a local bitcoin trader ask me to sell some coins to him and I was to send $1,000 but I end up paying  $120 a's fees. This network fees is too high that online stores and gaming sites may find it difficult to cope with. Some things has to be do about this if not bitcoin transactions fee will be higher than bank as no bank will collect  $100 for a $1,000 transfer.

You are providing wrong information at here. I too use to sell the bitcoin for fiat cash in localbitcoins site bro. I see two days before deposit fee as the 0.0006 to receive the bitcoin to the LBC wallet and you will have to accept the transaction fees from you online or desktop wallet.
To calculate it both the amount it is comes around 20$ but you are mentioning the 120 USD here. You are not true in your quote here. I would like to know whether you have used the localbitcoins or not tell that first.

[rudox]

There is no mistake that was done by you. The owners of the exchanges are smiling to their banks at our expense. You can still search for some exchanges that have human feeling whose fees are still considerate.

[katrimans]

Hi all, i'm new to trading and i made my first wallet of bitcoin in CoinBase...now i would like to buy some altcoin but if i would like to transfer bitcoin to exchange like bittrex or other they ask me an high fee for tranfer like 12$ for transfer 100$ of BTC....is it possible? How can you  make good trading if everytime you have to transfer money from wallet you have to pay so high fee?  I did mistake something? thanks

You did nothing wrong since coinbase do have a default set up on the fees which is incredibly high this is why i dont make any trades or transfers using them since you cant really change up the fees and i cant afford to pay up such big amount.Better to wait than on wasting up money on just on fees. For now i am using electrum which i can set out fees even more lower on most exchanges do suggest.
It would really be more worth of but you would really need to wait up because if you do see the entire network is already congested as of now.

These high rates are often not entirely the fault of the exchanges but rather of the congested network of btc followed by their inflation, but the values presented in the topic are distorted and do not match the truth .. The price lately of btc is in the heights and to maintain a certain speed in the transactions exchanges have chosen to significantly increase this amount that is paid, in addition they still charge an extra fee that would be the gain that the company receives to provide this type of service to the user....

[GreatArkansas]

Hi all, i'm new to trading and i made my first wallet of bitcoin in CoinBase...now i would like to buy some altcoin but if i would like to transfer bitcoin to exchange like bittrex or other they ask me an high fee for tranfer like 12$ for transfer 100$ of BTC....is it possible? How can you  make good trading if everytime you have to transfer money from wallet you have to pay so high fee?  I did mistake something? thanks

The fee now is really high because of the demand of bitcoin. My advice to you is just wait the time when the fees are already lower. And my advice to you is you can transfer all your funds in one exchange only in one transaction to lessen the transaction fees.

[nl247]

Bitcoin transfer fees are crazy high, it's practically unusable except as a store of value. I've seen it as high as $25, and it'll probably only get worse when CME launches, leading to better returns on altcoins.

And that feelings of having to pay such a huge amount can be so devastating sometime when trying to make a transaction. It is something we just have to bear with for now, and hopefully in the next few months, a proper scaling solution will be found. So far, LN deployment is expected to solve that, but until then, we just have to keep our fingers crossed and deal with the present one even though it is pretty annoying.

[stefanionut99]

The fee transfer is to gurantee that your transaction will be processed by the miner, high fee transfer means high speed on confirming the transaction.

[napi]

Hi all, i'm new to trading and i made my first wallet of bitcoin in CoinBase...now i would like to buy some altcoin but if i would like to transfer bitcoin to exchange like bittrex or other they ask me an high fee for tranfer like 12$ for transfer 100$ of BTC....is it possible? How can you  make good trading if everytime you have to transfer money from wallet you have to pay so high fee?  I did mistake something? thanks

yes this is one of the weaknesses of bitcoin, the more expensive bitcoin price the greater the bitcoin delivery cost, we can outsmart it by buying altcoin and do the delivery using altcoin to make it faster and not too high its shipping cost.

[jazmuzika217]

Thats what scares most of newbies from trading. The amount of transfer fees are not considerate. Ive heard that COINBASE has fixed fee for transactions. As for your case, you got it all right. You didnt missed a move. From a friend of mine, he said that converting your BTC into some altcoin would be great idea. Some altcoins have cheaper transfer fee. Maybe you can consider that move. And he also said that you should find a bank that accepts BTC. Were lucky here in the Philippines coz we got a bank that accepts BTC in that case the fee for transfer is minimal compare to the others. Dont be discourage by that. Goodluck!

[cynical]

Hi all, i'm new to trading and i made my first wallet of bitcoin in CoinBase...now i would like to buy some altcoin but if i would like to transfer bitcoin to exchange like bittrex or other they ask me an high fee for tranfer like 12$ for transfer 100$ of BTC....is it possible? How can you  make good trading if everytime you have to transfer money from wallet you have to pay so high fee?  I did mistake something? thanks

Coinbase have an exchange called GDAX.
whatever login details you have for coinbase also works for GDAX.
if you had just transfered your bitcoin to GDAX and you could have got zero fees for transferring to another address.

[TorbiK]

You are not mistaken. Indeed, because of the huge rush and congestion of the network, transaction prices are so high. Most likely they will remain so for a long time.

[kryptqnick]

Hi all, i'm new to trading and i made my first wallet of bitcoin in CoinBase...now i would like to buy some altcoin but if i would like to transfer bitcoin to exchange like bittrex or other they ask me an high fee for tranfer like 12$ for transfer 100$ of BTC....is it possible? How can you  make good trading if everytime you have to transfer money from wallet you have to pay so high fee?  I did mistake something? thanks

You can try to deposit other coin like ether or litecoin then convert it to btc when you already sent it to exchange . that's the best thing to do  if you want to pay  lower fees than BTC fees.

That's a very good advice for trading, because the fees are truly crazy for now. I believe litecoin is now a lot better for those purposes. I've recently sold some and I was amazed by the time it took for the transaction to proceed, and the fee was so insignificant that I didn't even notice it being withdrawn!
I guess it's time to turn to litecoin in general. If sig campaigns payed in it, it would be a lot better both for managers (who also pay these huge fees) and participants (since it's really hard to do anything with btc after you received it). If nothing can be done about btc's fees then it's a huge problem. I thought segwit was supposed to fix things.

[Shenzou]

Hi all, i'm new to trading and i made my first wallet of bitcoin in CoinBase...now i would like to buy some altcoin but if i would like to transfer bitcoin to exchange like bittrex or other they ask me an high fee for tranfer like 12$ for transfer 100$ of BTC....is it possible? How can you  make good trading if everytime you have to transfer money from wallet you have to pay so high fee?  I did mistake something? thanks

The transaction fees and transaction time have been a major issue conserning trading bitcoin since it became so popular, the amount of transactions that hit the network this year is way higher than anyone expected due to how bitcoin increased in terms of price which made it so popular, and this has put us traders at a disadvantge because when it comes to selling and exchanging every moment cost us money, because if you send your coins at 10k a few hours later when your transaction reaches its destination it could become 9k, so i hope that in the future this issue will be solved and fess won't be high as they are now and transaction go faster.

[X7]

Getting a bit out of hand tbh

[Lhaine]

You are not mistaken. Indeed, because of the huge rush and congestion of the network, transaction prices are so high. Most likely they will remain so for a long time.

The transaction was so high so because the price of bitcoin is so big,  well we don't have nothing to do but to pay the fee, maybe you send a large amount so that the fee will not be noticeable as much as it is.

[rose9696]

If you participate in the exchange, the fee will be the thing that you feel most upset because now all the exchanges use the fee of 0.001BTC and this is not good because Bitcoin prices have increased sharply in time recently

[waitforme]

I think the fee too high is not a problem. Bitcoin prices are currently too high for the cost of online wallets and high transaction floors to avoid users taking advantage of the price difference for sale.