Coinbase Charging a $23.00+ Fee

[Feedbacker]

I was about to transfer BTC to customer and seen that coinbase is charging a $23.91 USD fee for the transfer of $10 USD in BTC!!!  This is outrageous.  The point of bitcoin is so that you do not pay these large fees for simple transfers.  So is coinbase going under???

[1715197931]

1715197931

[1715197931]

1715197931

[MinerHQ]

It is not coinbase issue but due to a lot of pending transactions in bitcoin network, you need to pay a high fee to get transaction confirmation. So most of the exchanges and wallets are charging these high fees and not sure where it will going to end.

If smaller amount then you need to use other altcoins for urgent needs.

[Feedbacker]

It is not coinbase issue but due to a lot of pending transactions in bitcoin network, you need to pay a high fee to get transaction confirmation. So most of the exchanges and wallets are charging these high fees and not sure where it will going to end.

If smaller amount then you need to use other altcoins for urgent needs.

Is there another way to get it out of there?  I am not paying .25% of my money to them when I do not care how long it takes to get where I want it to go.

[harizen]

It is not coinbase issue but due to a lot of pending transactions in bitcoin network, you need to pay a high fee to get transaction confirmation. So most of the exchanges and wallets are charging these high fees and not sure where it will going to end.

If smaller amount then you need to use other altcoins for urgent needs.

Is there another way to get it out of there?  I am not paying .25% of my money to them when I do not care how long it takes to get where I want it to go.

Avoid doing bitcoin micro transaction. It's not a wise thing to do now especially with the current phase (and also in the past). You will really end up paying high fees in the end.

We have nothing to do with that. Coinbase still charged around BTC0.001 as fees and that is a usual fee*. It's just that BTC0.001 in the past doesn't have the same USD value today so really expect a high fees.

[SONG GEET]

Bitcoin current fee is above 100k satoshi for normal transaction of 226 byte size and that will increase if you have received those bitcoin in multiple small transactions. Its not coinbase that will take that fee, its miners who want high fees to include your transaction in blocks. This is actually a type of attack on bitcoin network from bitcoin cash supporters. When hype over bitcoin cash will over bitcoin can be used again for micro transactions.

[magneto]

I was about to transfer BTC to customer and seen that coinbase is charging a $23.91 USD fee for the transfer of $10 USD in BTC!!!  This is outrageous.  The point of bitcoin is so that you do not pay these large fees for simple transfers.  So is coinbase going under???

Coinbase charges what they spend on your transaction in terms of miner fees. Their fees update live as well to reflect the optimal fees to pay for a fast transaction, even though you can't tweak it to your liking if you think the fee is too high either. You'll just have to go with their fees, and sometimes if the network is congested with unconfirmed transactions, fees will be pretty high.

There is nothing you can do to go around this fee, unless you send it to another coinbase customer or send it to a merchant that accepts coinbase transactions/integrates the coinbase API.

In which case, you won't be charged to send the transaction. But it's rare.

[exstasie]

I was about to transfer BTC to customer and seen that coinbase is charging a $23.91 USD fee for the transfer of $10 USD in BTC!!!  This is outrageous.  The point of bitcoin is so that you do not pay these large fees for simple transfers.  So is coinbase going under???

As others have pointed out, this is a Bitcoin network issue. Specifically, I believe there is an ongoing spam attack by a large miner who is artificially driving median fee rates up. Coinbase charges a varying rate based on current congestion.

One way around this is to use GDAX, which is Coinbase's exchange and liquidity provider. They don't charge fees for Bitcoin withdrawals. So you can transfer BTC to your GDAX account for free and then withdraw from there.

Note: GDAX requires ID documents from all customers. So if you aren't verified on Coinbase and want to keep it that way, you can't do this.

[Feedbacker]

I understand what everyone is saying here, but when I look at the transaction on the block chain, how come there are so many transactions at once but the fee shown paid is less than 2 times what I paid for one transaction?

[Thanasis]

I was about to transfer BTC to customer and seen that coinbase is charging a $23.91 USD fee for the transfer of $10 USD in BTC!!!  This is outrageous.  The point of bitcoin is so that you do not pay these large fees for simple transfers.  So is coinbase going under???

They are charging this much fee because of too much traffic in bitcoin network if your transaction have to be confirmed fast then you need to pay this much amount of money.But this makes the bitcoin unusable in recent times I want to send bitcoin to someone but fee is too much expensive so I am waiting for to get lowerd.I hope this problem will be resolved soon.
Bitcoin community need to find permanent solution for this problem otherwise it will affect the future of bitcoin,Bitcoin wad found to be used as currency so people don't want to wait for in days to make a payment.
Implementing lightning network will solve this problem so we have to implement that as soon as possible.

[MinerHQ]

It is not coinbase issue but due to a lot of pending transactions in bitcoin network, you need to pay a high fee to get transaction confirmation. So most of the exchanges and wallets are charging these high fees and not sure where it will going to end.

If smaller amount then you need to use other altcoins for urgent needs.

Is there another way to get it out of there?  I am not paying .25% of my money to them when I do not care how long it takes to get where I want it to go.

I don't use coinbase account but using XAPO account. In XAPO they allow sending another XAPO account without any fee. If that works same in coinbase then you can request any other member on this forum can help you on this matter with smaller fee amount.

Good luck to you...

[magneto]

I understand what everyone is saying here, but when I look at the transaction on the block chain, how come there are so many transactions at once but the fee shown paid is less than 2 times what I paid for one transaction?

These transactions do not get confirmed as fast as the transactions that you send from coinbase if they were indeed 2x less the fees paid. Coinbase uses whatever fee feed they use that is suitable for the current time. And you cannot change that.

The transactions that you've seen are probably going to be stuck pending for hours or sometimes even days, as a matter of fact.

It is not coinbase issue but due to a lot of pending transactions in bitcoin network, you need to pay a high fee to get transaction confirmation. So most of the exchanges and wallets are charging these high fees and not sure where it will going to end.

If smaller amount then you need to use other altcoins for urgent needs.

Is there another way to get it out of there?  I am not paying .25% of my money to them when I do not care how long it takes to get where I want it to go.

I don't use coinbase account but using XAPO account. In XAPO they allow sending another XAPO account without any fee. If that works same in coinbase then you can request any other member on this forum can help you on this matter with smaller fee amount.

Good luck to you...

That was what i've suggested as well. If he really wants to avoid this fee then go ahead and send the bitcoins to another coinbase user, that way he can avoid it completely. However, it is definitely not guaranteed that someone would be interested in receiving funds into their coinbase account.

[exstasie]

Is there another way to get it out of there?  I am not paying .25% of my money to them when I do not care how long it takes to get where I want it to go.

You could wait until the network congestion dies down. It might be a while, but fees will likely drop considerably in the coming days and weeks. That's usually what happens.

And as mentioned, you can transfer between Coinbase and GDAX for free if you are verified (or willing to verify). There are no withdrawal fees on GDAX.

One way around this is to use GDAX, which is Coinbase's exchange and liquidity provider. They don't charge fees for Bitcoin withdrawals. So you can transfer BTC to your GDAX account for free and then withdraw from there.

Note: GDAX requires ID documents from all customers. So if you aren't verified on Coinbase and want to keep it that way, you can't do this.

I understand what everyone is saying here, but when I look at the transaction on the block chain, how come there are so many transactions at once but the fee shown paid is less than 2 times what I paid for one transaction?

That's just the outgoing transaction batch. There are a lot of internal transactions that Coinbase must perform that you aren't seeing. People send them thousands and thousands of small inputs, which they have to consolidate on-chain. They are compensating for that by charging you more for withdrawal fees. This is the same thing that BitPay is doing with their 0.0006+ BTC network fee tacked on.

[carlfebz2]

I understand what everyone is saying here, but when I look at the transaction on the block chain, how come there are so many transactions at once but the fee shown paid is less than 2 times what I paid for one transaction?

These transactions do not get confirmed as fast as the transactions that you send from coinbase if they were indeed 2x less the fees paid. Coinbase uses whatever fee feed they use that is suitable for the current time. And you cannot change that.

The transactions that you've seen are probably going to be stuck pending for hours or sometimes even days, as a matter of fact.

It is not coinbase issue but due to a lot of pending transactions in bitcoin network, you need to pay a high fee to get transaction confirmation. So most of the exchanges and wallets are charging these high fees and not sure where it will going to end.

If smaller amount then you need to use other altcoins for urgent needs.

Is there another way to get it out of there?  I am not paying .25% of my money to them when I do not care how long it takes to get where I want it to go.

I don't use coinbase account but using XAPO account. In XAPO they allow sending another XAPO account without any fee. If that works same in coinbase then you can request any other member on this forum can help you on this matter with smaller fee amount.

Good luck to you...

That was what i've suggested as well. If he really wants to avoid this fee then go ahead and send the bitcoins to another coinbase user, that way he can avoid it completely. However, it is definitely not guaranteed that someone would be interested in receiving funds into their coinbase account.

That's only the possible way to escape from fees which we would really seek out another user that do make use of the same wallet but this thing would really depend because not all would tend to make use of the same wallet which means we don't have any choice but to feel the pain of those high tx fees for you to transfer such amount. If its not really necessary to make such transfer then we can anytime wait for decrease when theres no already congestion into the network.