Quote from: milewilda on January 20, 2018, 07:48:33 PM

Quote from: MikeSD on December 10, 2017, 08:29:55 PM

This can't be right. I mean all the time. Fees seem very high.

I put just $50 into bitcoins using Coinbase, just to see how it works.

Then, I created a software wallet on my computer (Electrum) and generated an address. Wanted to see how a transfer might go.

Went back to Coinbase to initiate a small $5 transfer, to the address. I was presented with a summary of the transaction and it said the Network Fees were going to be $14. Wow! Needless to say I didn't proceed. Then I tried many other values to see if it was value dependent and it wasn't. Are all fees typically in that range? I was expecting a few sends. Surely much less than a buck.

What are the typical transfer fee magnitude? I know it fluctuates but I can't imagine why anyone would use this, if fees are larger than the transfer amount. I must be doing something wrong.

Is there a way to get lower fees? I didn't see any options that might make them lower, in creating the address.

Before putting up some funds into coinbase you should check first on how much fees would be required for having a transfer into another coin. Im using coinbase for now which its not really worth it when you do make transactions on low volumes.It wont really be worth on the fees being charged up and as far as i remember it do required 0.00098 for every tx you would made. if you have $50 then that would really be over 20%. I would rather prefer using electrum since you can adjust the fees according to your preference.

I have a coinbase account, but I haven't bought any BTC simply because I am not sure how much it costs to send it out. I am not so interested at how much it costs to send out BTC in DOLLAR terms, but can you help confirm that the transfer fee is 0.00098 in BTC/SATS terms?

Thanks, much appreciated!