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Author Topic: bitcoin "Network fees" discrepancy when withdrawing from Coinbase to Ledger  (Read 63 times)
hiker33 (OP)
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September 30, 2020, 09:42:36 PM
 #1

I am relatively new to using bitcoin and making transfers from one wallet to another. In making a transfer out of Coinbase to a cold wallet (Using Ledger Live and a Ledger Nano X), there were added "Network Fees" of "0.00002751 BTC" along with my desired transfer amount showing in Coinbase.  However, when the BTC was deposited in my Ledger Live wallet  I saw that there were "Network fees" of "0.001597". Price was around 10,700 at the time so it was a difference between 29 cents showing for the network fees in Coinbase to the actual cost of around $17 showing in my Ledger wallet. Does anyone have an idea of why the discrepancy?
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LeGaulois
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September 30, 2020, 10:15:32 PM
Last edit: September 30, 2020, 10:31:27 PM by LeGaulois
 #2

Where did you notice it? On an explorer or the device itself?
Probably you misinterpreted the digits, which is more plausible. Because there is no justification to have such a large discrepancy in fees between 0.29 and 17$. Unless the network is super clogged, which is not the case these days.

As stated here:

Quote
Accordingly, Coinbase will charge a fee based on our estimate of the network transaction fees that we anticipate paying for each transaction. In certain circumstances, the fee that Coinbase pays may differ from that estimate. All fees we charge will be disclosed at the time of your transaction.

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TryNinja
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September 30, 2020, 11:31:19 PM
Last edit: September 30, 2020, 11:59:23 PM by TryNinja
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 #3

Did you receive 0.001597 BTC less than you should? Or that's just the value it shows up on the transaction details but you received the correct amount?

Wasn't Coinbase doing batch transactions? In which case they wouldn't just use 0.00002751 BTC for your transaction, but charge that from you and a few other users and send everything at once with a single transaction (which makes sense to cost ~$17).

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BitMaxz
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September 30, 2020, 11:34:19 PM
 #4

They might include other Coinbase user's transactions that is why the transaction fee is different from what you see on the Ledger live.

It won't be a problem if the fee isn't deducted from your Coinbase balance it is just like other exchanges that they include your transaction on the other user's who also withdraw Bitcoin.

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October 01, 2020, 01:11:04 AM
 #5

Coinbase doesn't send funds directly to the address from your wallet, the transaction will be made on batch as mentioned above so the total transaction fee will be set as required for weight of all the addresses not just only for you.

Please post your TXid to give clear explanation about what is happening when you send a transaction from your coinbase to your desired wallet.
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October 01, 2020, 01:31:35 AM
 #6

@hiker33,

Using service and wallet from Coinbase means you are using a non-custodial wallet, by that I meant you don't have full control on your wallet and your transaction parameters (one of them is fee rate). Later on, you should learn and try to switch to non-custodial wallet, like Electrum (do your double-check, don't believe in me without your own check).

For any non-custodial wallets you use, remember to do following things:
  • Download it from official website, never search from app stores because phishing wallets are common on stores and you can be trapped
  • Verify wallet before using it (it help you to avoid risks of fund loss because of using fake wallets).

Anyway, you have to make plans for your transactions. If you are not in hurry with your transactions, please make plans to save transaction fees

Companies do transactions in patch payments and even you don't have control (options to choose) on fee rates if you are using custodial wallets like Coinbase, you can still get cheaper fees if you make it when mempool is empty.

Regarding to weekend effects, you can find difference in 2 images, aims at the total size (in MB) of waiting transactions. Do you see a big difference in total size and size for each range of fee rate?

On last Saturday

As of writing today

Just my guess. Based on your post time, it seems you did that transaction around 4 or 5 hours ago. If you did on that period, you moved your coins when fees hit its latest peak (see second image). It means you would have likely be charged by the fee rate from 60 to 70 satoshi/(v)byte. It is a terrible high fee.


Sources to read:

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