0

I am trying a mobile wallet, so that I keep some bitcoin on my mobile phone. So I downloaded Coinbase wallet, and tried to transfer 0.001 bitcoins from my Coinbase or Coinbase Pro to the Coinbase wallet.

However, the bitcoin is worth about $35, and the Network fee is about $1.40, so I am paying 5% fees right there? There's more than an ATM that takes 3% of my hard earned cash. The money deposited in the bank for a whole year does not even get 2% interest.

Is there a way to transfer the money to my mobile wallet at a much lower fee? A fee that is lower than 1% is more acceptable.

P.S. I finally got more deposit already settled, so I can transfer about 0.009 bitcoins away, and the fee still seem to be $1.60 or so, so that is a lot more reasonable, at about 0.45%

I also was able to transfer 0.03 bitcoins out of my account, and the fee is 0.00005619 bitcoins. So the value of the transfer is $1,422.49 and the fee is $2.66, which is much more reasonable, at 0.187%

1

So I downloaded Coinbase wallet, and tried to transfer 0.001 bitcoins from my Coinbase or Coinbase Pro to the Coinbase wallet

This fees is decided by Coinbase.

Is there a way to transfer the money to my mobile wallet at a much lower fee? A fee that is lower than 1% is more acceptable.

  1. Use DEX or P2P exchanges like Bisq, HodlHodl, Localcryptos etc. and decide the fees yourself for on-chain bitcoin transactions.

  2. Use open source wallets that support segwit. For mobile: Bluewallet and Samourai are good enough

  3. Use layer 2 solutions like LN and Liquid if you need to make multiple transfers involving small amounts with no time to wait for confirmations.

Wallets for LN: https://link.medium.com/ltyID21izdb

Wallets for assets issued on Liquid including LBTC: Aqua, Green, Jade

Exchanges for LN: Bitfinex, Okex, Fixedfloat, Sideshift, Lnmarkets

Exchanges for Liquid: Bitfinex, BTSE, HodlHodl, Sideshift, Liquiditi

DEX: Bisq (Supports Liquid), OpenDEX (Supports LN), Sovryn (rBTC)

4
  • you mean I need to do all #1 - #3 above, or is each one already a solution by itself? Feb 3 at 8:23
  • On-chain fee rate is decided by users. You can pay anything if using 1, if the mobile wallet used for receiving BTC doesn't support segwit you will pay more fees for same transaction so 2 and layer 2 works better for small amounts so 3 when you need to transfer BTC worth $35 often
    – Prayank
    Feb 3 at 10:45
  • do you know, if the amount to transfer is 0.01 bitcoins or 0.1 bitcoins, then is there fee percentage a lot better? Right now my cash is still pending transfer, so I can't transfer more than 0.001 bitcoins so I cannot see the case for 0.01 or 0.1 bitcoins Feb 4 at 16:25
  • I finally got more deposit already settled, so I can transfer about 0.009 bitcoins away, and the fee still seem to be $1.60 or so, so that is a lot more reasonable, at about 0.45% Feb 6 at 3:00
-2

Indeed. Coinbase Pro has much lower fees. It is a more advanced platform for traders so the user interface is not as user friendly.

8
  • The question is not about trading fees, but network transaction fees. Feb 3 at 0:47
  • I see... The transaction fee rate cannot be changed on Coinbase or practically any of the exchanges. Some wallets, like BRD allow u to select the network fee.
    – Ason
    Feb 3 at 1:06
  • Is the network fee the same as "transaction fee", something that is given to the "winning" miner (besides the 6.25 bitcoins)? Feb 3 at 1:19
  • so I heard some app "suggest" a fee so that it will go through fast. But it is said that you can change it, but it may just take 10 hours... in my case I don't care if it is 10 hours Feb 3 at 1:20
  • 1
    Welcome to Bitcoin.stackexchange.com. You might like to take the tour. These Q&A websites are intended to have longer, more explanatory answers. This site isn't intended to be used for discussion. It is OK to write multiple answers but normally you'd edit one answer to develop it into a good answer for other people searching for answers to the same problem in future. Feb 3 at 11:05

Not the answer you're looking for? Browse other questions tagged or ask your own question.