 I thought it would be a cool experiment to buy Bitcoin. Set up an account on Coinbase. Bought me some bitcoin. Spent $10.99 to get $10 Bitcoin. It took a week to verify my purchase and put it in my Coinbase wallet. Today, I got a notification that the money was available. Since last week the value went up to $10.52. Great, right? _*But then:*_ I read somewhere that you shouldn’t store your Bitcoin in a coinbase wallet because It could get hacked. Better to move it to Blockchain Wallet App. I downloaded the app to my phone. I opened my Blockchain wallet to get my receive address. I gave Coinbase the receive address and sent 10.52. Coinbase says there’s a fee of .00087697. I assumed that that was a percentage. That seemed super fair. But it wasn’t it was .00087697 BTC or $2.42. That’s around 23.65% Transaction fee. How do they even look themselves in the mirror! ![IMG_4581[1].PNG](https://steemitimages.com/DQmPNTqDDvJ8WXsAJtCBroqgWuLKAGUYa3PYfD8PeUY6u6t/IMG_4581%5B1%5D.PNG) My Initial $10.99 experiment is now worth $8.17. Can you tell me all the missteps I have taken here? THIS is exactly why I tested it with a small amount of money to begin with. Thank you so much for your help! Looking forward reading your comments! _Maybe this can be a cautionary tale for others travelling this unbeaten path._
| author | silversmyth |
|---|---|
| permlink | a-little-help-please-transferring-bitcoin-from-coinbase-to-blockchain-wallet |
| category | bitcoin |
| json_metadata | {"tags":["bitcoin","coinbase","btc","blockchain","wallet"],"image":["https://steemitimages.com/DQmR882ELq5wSK6f1677hEnPyowjgaPKygf59oMuXGVZWxx/wrong.png","https://steemitimages.com/DQmPNTqDDvJ8WXsAJtCBroqgWuLKAGUYa3PYfD8PeUY6u6t/IMG_4581%5B1%5D.PNG"],"app":"steemit/0.1","format":"markdown"} |
| created | 2017-06-24 01:15:42 |
| last_update | 2017-06-24 16:21:27 |
| depth | 0 |
| children | 7 |
| last_payout | 2017-07-01 01:15:42 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.624 HBD |
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| author_reputation | 182,349,057,563 |
| root_title | "A little help PLEASE... Transferring Bitcoin from Coinbase to Blockchain wallet." |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 HBD |
| percent_hbd | 10,000 |
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| net_rshares | 68,654,434,516 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| sean-king | 0 | 66,495,122,635 | 1% | ||
| chrystaldawn | 0 | 648,879,598 | 100% | ||
| silversmyth | 0 | 1,246,807,793 | 100% | ||
| shauna27 | 0 | 263,624,490 | 100% | ||
| princessperibanu | 0 | 0 | 100% | ||
| carzanian | 0 | 0 | 100% |
Sorry, I don’t know anything about current state of sites like coinbase. That is such an outranges transfer fee from sounds of it. You sure you got your 0’s place right? The image you share the fee is .0008 not .008.
| author | enjar |
|---|---|
| permlink | re-silversmyth-a-little-help-please-transferring-bitcoin-from-coinbase-to-blockchain-wallet-20170624t023501106z |
| category | bitcoin |
| json_metadata | {"tags":["bitcoin"],"app":"steemit/0.1"} |
| created | 2017-06-24 02:35:06 |
| last_update | 2017-06-24 02:35:06 |
| depth | 1 |
| children | 1 |
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| cashout_time | 1969-12-31 23:59:59 |
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| root_title | "A little help PLEASE... Transferring Bitcoin from Coinbase to Blockchain wallet." |
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| percent_hbd | 10,000 |
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| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
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| silversmyth | 0 | 1,213,291,454 | 100% |
Oops... yes .0008 sorry... but still $2.42
| author | silversmyth |
|---|---|
| permlink | re-enjar-re-silversmyth-a-little-help-please-transferring-bitcoin-from-coinbase-to-blockchain-wallet-20170624t030225040z |
| category | bitcoin |
| json_metadata | {"tags":["bitcoin"],"app":"steemit/0.1"} |
| created | 2017-06-24 03:02:24 |
| last_update | 2017-06-24 03:02:24 |
| depth | 2 |
| children | 0 |
| last_payout | 2017-07-01 03:02:24 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.000 HBD |
| curator_payout_value | 0.000 HBD |
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| body_length | 43 |
| author_reputation | 182,349,057,563 |
| root_title | "A little help PLEASE... Transferring Bitcoin from Coinbase to Blockchain wallet." |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 HBD |
| percent_hbd | 10,000 |
| post_id | 5,855,728 |
| net_rshares | 0 |
The fee wasn't charged by Coinbase but rather was Coinbase's recommended fee payable to miners on the Bitcoin network so that they would process your transaction. As you may have heard, the Bitcoin network has become very congested due to a stalemate as to how it should be scaled. This congestion has lead to a bidding war causing fees on the network to skyrocket. Coinbase did you a favor by recommending that fee. Had you not paid it and sent your transaction anyway, it likely would STILL not have been processed by the miners (being stuck in suspense in the mempool until mined).
| author | sean-king |
|---|---|
| permlink | re-silversmyth-a-little-help-please-transferring-bitcoin-from-coinbase-to-blockchain-wallet-20170628t004726097z |
| category | bitcoin |
| json_metadata | {"tags":["bitcoin"],"app":"steemit/0.1"} |
| created | 2017-06-28 00:47:27 |
| last_update | 2017-06-28 00:47:27 |
| depth | 1 |
| children | 4 |
| last_payout | 2017-07-05 00:47:27 |
| cashout_time | 1969-12-31 23:59:59 |
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| root_title | "A little help PLEASE... Transferring Bitcoin from Coinbase to Blockchain wallet." |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 HBD |
| percent_hbd | 10,000 |
| post_id | 6,410,283 |
| net_rshares | 1,222,613,575 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| silversmyth | 0 | 1,222,613,575 | 100% |
Thank you so much! I've been wondering what the heck was going on. I'm going to some reading on this bidding war. I think I'll wait to buy more until this weirdness passes.
| author | silversmyth |
|---|---|
| permlink | re-sean-king-re-silversmyth-a-little-help-please-transferring-bitcoin-from-coinbase-to-blockchain-wallet-20170628t005245607z |
| category | bitcoin |
| json_metadata | {"tags":["bitcoin"],"app":"steemit/0.1"} |
| created | 2017-06-28 00:52:45 |
| last_update | 2017-06-28 00:52:45 |
| depth | 2 |
| children | 3 |
| last_payout | 2017-07-05 00:52:45 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.000 HBD |
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| author_reputation | 182,349,057,563 |
| root_title | "A little help PLEASE... Transferring Bitcoin from Coinbase to Blockchain wallet." |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 HBD |
| percent_hbd | 10,000 |
| post_id | 6,410,756 |
| net_rshares | 0 |
The miner fee doesn't really vary based upon the amount of bitcoin you send. So, had you sent $100 of bitcoin instead of $10, your fee would have only been 2.5%. Had you sent $1000, it would have been .25%. So, large transactions on the network can still be cost effective but small ones definitley are not. Hopefully that will change when the scaling debate resolves.
| author | sean-king |
|---|---|
| permlink | re-silversmyth-re-sean-king-re-silversmyth-a-little-help-please-transferring-bitcoin-from-coinbase-to-blockchain-wallet-20170628t005551509z |
| category | bitcoin |
| json_metadata | {"tags":["bitcoin"],"app":"steemit/0.1"} |
| created | 2017-06-28 00:55:51 |
| last_update | 2017-06-28 00:55:51 |
| depth | 3 |
| children | 2 |
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| cashout_time | 1969-12-31 23:59:59 |
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| author_reputation | 84,123,051,136,467 |
| root_title | "A little help PLEASE... Transferring Bitcoin from Coinbase to Blockchain wallet." |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 HBD |
| percent_hbd | 10,000 |
| post_id | 6,411,019 |
| net_rshares | 1,202,007,728 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| silversmyth | 0 | 1,202,007,728 | 100% |
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