Bitcoin transfer fee

[coly20032003]

I am using Coinbase now but seems the fee is pretty high. Is there any other platform with less fee?

[1713976700]

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[1713976700]

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[mk4]

Most online wallets like Coinbase and Xapo doesn't allow you to choose your own fee, that's why it's always suggested to use local wallets like Electrum[1] and Copay[2] instead. That way, you can set your fees to a low price ($1-$3) if you're not in a rush of moving your funds.

[1] https://electrum.org/
[2] https://copay.io/

[coly20032003]

So for local wallet, I need to download some software to my computer? Can I still connect it to Coinbase somehow? Thanks

[teo220]

I would use ETH instead of Btc if I in ur shoes. There is almost 20 Cent fee and fast transactions.
Then you can easily exchange to Btc.

[coly20032003]

I would use ETH instead of Btc if I in ur shoes. There is almost 20 Cent fee and fast transactions.
Then you can easily exchange to Btc.

Sounds like a good idea. Thanks.

[javerzky]

I would use ETH instead of Btc if I in ur shoes. There is almost 20 Cent fee and fast transactions.
Then you can easily exchange to Btc.

i didnt use coinbase for wallet... is that true you can use eth to cover the fee??

[Vik_the_Carpentner]

I would use ETH instead of Btc if I in ur shoes. There is almost 20 Cent fee and fast transactions.
Then you can easily exchange to Btc.

I've heard you can point the transfer fee by yourself but if you put a 0 fee the transaction may be going so slowly that it's never happend. And if you'll rise a fee the transaction would be faster than average. Is it true?

[NutellaboY]

The current bitcoin is too high and the transfer fee will be very high if you do not let the high transfer fee you can get money in another wallet will take quite some time. I recommend switching to eth or other coin for faster transfer.

And I heard if you are buying but not transferring BTC, then it costs a little bit, not too much.

[exstasie]

I am using Coinbase now but seems the fee is pretty high. Is there any other platform with less fee?

You're going to find that many services have this problem. Bitmex and 1broker are both charging well above 0.001 BTC per withdrawal at this time. As a web wallet/exchange, Coinbase has to deal with lots and lots of small outputs. Fees are determined by transaction size, so the fees they charge you are higher than the cost to send a single output from your own wallet. One exception seems to be Poloniex; they are still only charging 0.0002 BTC per withdrawal, which is significantly cheaper than most others.

The best option is to migrate to a wallet you control where you can set the fees, like Electrum.

[iamaruf]

So for local wallet, I need to download some software to my computer? Can I still connect it to Coinbase somehow? Thanks

You need to download electrum wallet on your pc.You can not connect it to your coinbase wallet. Coinbase is exchanger and electrum is desktop wallet.

[exstasie]

I would use ETH instead of Btc if I in ur shoes. There is almost 20 Cent fee and fast transactions.
Then you can easily exchange to Btc.

It's definitely cheaper to send ETH transactions right now. But you also need to consider the cost of conversion. You need to pay commissions to the exchange (0.15-0.3%) and then pay miner's fees on both sides of that transaction. And if the recipient needs Bitcoin instead of Ether, they will have to incur the same costs to convert back.

I've heard you can point the transfer fee by yourself but if you put a 0 fee the transaction may be going so slowly that it's never happend. And if you'll rise a fee the transaction would be faster than average. Is it true?

Indeed, a zero-fee transaction may never confirm. The best way to determine the cost of a standard transaction is to check https://bitcoinfees.earn.com. You can decide how urgent your transaction is and pay accordingly.

For example, if you are willing to wait ~6 hours for transaction confirmation, you can pay 120 satoshis/byte right now. If you need confirmation in the next block, you need to pay over 800 satoshis/byte. That's a huge difference. If it's not urgent, don't pay for instant confirmation!

[BenAlexanders]

So for local wallet, I need to download some software to my computer? Can I still connect it to Coinbase somehow? Thanks

Yes - One is your wallet, the other is their wallet holding your coins.

[nor9847]

I do not recommend to use btc if you want to transfer it. The fee so high and you may try to exchange your btc to eth as alternative way.

[coly20032003]

So for local wallet, I need to download some software to my computer? Can I still connect it to Coinbase somehow? Thanks

Yes - One is your wallet, the other is their wallet holding your coins.

I see. Will try the local wallet. Thanks.

[coly20032003]

Most online wallets like Coinbase and Xapo doesn't allow you to choose your own fee, that's why it's always suggested to use local wallets like Electrum[1] and Copay[2] instead. That way, you can set your fees to a low price ($1-$3) if you're not in a rush of moving your funds.

[1] https://electrum.org/
[2] https://copay.io/

Thanks for providing the two websites. Will give it a try.

[Midoucha]

I wonder if it's so risky to setup a minimum fee on Electrum withdraw 

[efey39]

The new bitcoin fee estimator in Blockchain has gained industry favor. The forecasting tool works with the "satoshi per byte" sense to make a more accurate estimate of wages. According to this, under the 1 hour period of approval, the transaction can be done with a fee of 0.19 dollars.

[shadowhnter]

fee tx of Bitcoin is very expensive. I ussually exchange to lite for withdraw. Bitcoin not good but it is a gold 2.0