Think I just learnt the hard way....

[dabblecoin]

Good evening all!

Great to see a thriving community of coiners. This is my first time chatting to people in the know (as Bitcoin still goes over the heads of my friends!)
Apologies if I'm being an utter noob.

I decided to transfer my Bitcoin from the Coinbase exchange to the Coinbase wallet app. First time doing this so was a bit nerve wracking. The exchange gave an estimate miner fee which was 0.00006907 on 27th Oct 2020.

Hit transfer to wallet and started to get the sweats. 10 minutes later it was in. But I fear the miner fee was extortionate in the end (I realise on further research perhaps I should have waited until it was cleared a few weeks later when the miners begun working again....oops)

In my wallet, unusually I have two confirmed instances of the transfer mentioned above. One is a Transfer from and the other is a Payment from - bit weird.

The Transfer from is showing a 0.00006907 miner fee. Ok, no problems there, same as the exchange estimated.

The Payment from shows the same amount of Bitcoin but a miner fee of 0.0037034, which is ££ compared to the pennies it should have cost - this terrified me! And still terrifies me because the figure changes all the time!

So what on earth is this scary figure? And why does it change?

I hope I am right in thinking that the figure in £'s is changing along with the current Bitcoin price (and is not actually what I was charged.) but I still don't know why on earth I need to see this random miner fee figure associated with it? Logically, I still have the right amount of Bitcoin calculated by the Transfer miner fee so I probably just need someone to reassure me. Haha!
Is it just me or is a Coinbase wallet darn confusing?

Thanks all!

[AB de Royse777]

Not sure if I understood your problem. Would you mind sharing the transaction ID so that we can see how much was the tx fees. Lately tx fees are high to get a transaction confirmed in the next block. However, if you pick a good hour then even with 5 sat/B, your tx may get confirmed. I had a tx got confirmed very quick and it was only 5 sat/B

Edit:
I just check the fees calculation and it seems there are not much to pay right now.

[jackg]

Where did you transfer from and to? Did you transfer from Pro.coinbase.com to your exchange wallet? You should've seen a option to "withdraw to coinbase.com" which is fee free because they just transfer it internally.

And yes the miner fee may follow the price, once its confirmed you certainly shouldn't pay a higher fee for it to go through (in btc)...

[dabblecoin]

I don't have a pro coinbase account so I think there was a miner fee associated with the transfer from the Coinbase exchange but yes, I just went to the Coinbase wallet app, into Settings and then Transfer (it's connected to my Coinbase exchange account).

I'll see if I can upload some screenshots to help

[jackg]

But why didn't you just log in to the exchange on the wallet app? And if you did did you not see the funds?

You can try uploading via imgur.com and posting a link to the photo(s) here (should only require one link).

[dabblecoin]

Ok this might help:

Here is the Transaction screen on my Coinbase wallet. Note: I've only done 1 transaction so this is exactly the same transaction. - https://filebin.net/l2mt255xiht8badh/IMG-5059.jpg?t=zvkjieqp

Now when I press the the one with the C in the blue dot, I come to this page. It says Transfer from at the top and the miner fees look fine. Howevr, when I click on view on BTC.com at the bottom it takes me to a 404 page. - https://filebin.net/l2mt255xiht8badh/IMG-5060.jpg?t=zvkjieqp

When I click on the one at the top with the payment ID it takes me to this page. At the top it says Payment from and then the address of my coinbase exchange account. Follow by the huge miner fee. When I clik on view on BTC.com it does work and takes me to a page -https://filebin.net/l2mt255xiht8badh/IMG-5061.jpg?t=zvkjieqp

However, I'm fairly reassured as when I takeaway my original amount of bitcoin from the Exchange compared to the amount on my wallet, I get the small miner fee of 0.00006907. I just wonder why on earth I'm shown the big miner fee? Odd

[dabblecoin]

But why didn't you just log in to the exchange on the wallet app? And if you did did you not see the funds?

You can try uploading via imgur.com and posting a link to the photo(s) here (should only require one link).

Yeah I did exactly that.

See screenshots in post above

[ololajulo]

I dont know when coinbase set their last transaction fee for bitcoin but I think the exchange is big enough to have low transaction fee, secondly the price is likely to be bigger when the price of bitcoin has increase and the transaction has not been reviewed since the pump. Most exchanges will reduce their transaction fee as bitcoin price increases.

[mersal]

Sometimes coinbase showed the same transactions twice until the status gets turns into the confirmed status and I think this is some bug from the wallet but here you are saying that you see two different transactions but for the same amount with different miner fees?

Am I saying things right?

When you transact from coinbase then it will be executed from their hot wallet means your transaction will be batched with multiple withdrawals at the same time so the miner amount you paid them actually will not be the miner fee used.

[dabblecoin]

Sometimes coinbase showed the same transactions twice until the status gets turns into the confirmed status and I think this is some bug from the wallet but here you are saying that you see two different transactions but for the same amount with different miner fees?

Am I saying things right?

When you transact from coinbase then it will be executed from their hot wallet means your transaction will be batched with multiple withdrawals at the same time so the miner amount you paid them actually will not be the miner fee used.

That's right. It's the same transaction with different miner fees. The only difference between one says it's a Transfer from Coinbase and the other says it's a Payment From and then the long address number.