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Withdrawal charges Coinbase —> Electrum

I’m new to having a pockets with my very own keys. Simply transferred a bit (as a attempt to see all the pieces goes by as anticipated) from Coinbase Professional to an electrum pockets.
Coinbase talked about the community payment is a certain quantity, and I imagine there are not any charges Coinbase itself is taking along with that, and likewise if I perceive appropriately there are not any receiving charges.
Nevertheless, Electrum confirmed me a payment that was about 4x increased on the transaction.
It was a comparatively small quantity (~$160 price) and about 8% of it was misplaced within the course of.
Is that cheap? Are charges extra so per transaction reasonably than a % of the general quantity? If I have been to make a much bigger withdraw of all the pieces I personal (nonetheless not that a lot sadly) I ought to (hopefully) count on a a lot decrease payment as a p.c, is that appropriate or am I doing one thing very fallacious?

Thanks prematurely for the assistance!

8 thoughts on “Withdrawal charges Coinbase —> Electrum”

  1. WassaWassaWassup! Scam Alert! Scammers are particularly active on this sub. They operate via private messages and private chat. If you receive private messages, be extremely careful. Use the **report** link to report any suspicious private message to Reddit.

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  2. I’m not sure how Coinbase handles fees so I’m just going to assume the fees were high because the mempool has been relatively congested lately and they wanted to guarantee it’d be in the next block. You can try again when the mempool is less congested which is usually on Sundays. You can keep an eye on the mempool [here](https://mempool.space/).

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  3. Coinbase batch withdrawals from multiple customers into a single, large transaction since this is more efficient. Electrum shows you the real network fee for the whole transaction. If you inspect that transaction on the blockchain you’ll find there are many different inputs and outputs…not just the one to your wallet.

    The fee Coinbase charge you for a withdrawal is whatever they choose to charge you, and is separate from the network fee which they paid.

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  4. I saw the same thing dumping to my ledger. But I believe the transaction fee quoted by Coinbase was correct. I counted up the sats and they were not $8 to move +$150 of btc. So I can only speculate. But if Coinbase bundles withdrawals perhaps that’s what the total withdrawal cost
    And your portion was paid in sats. But I am no expert. And can only count the sats. So please feel free to correct me if I am wrong.

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  5. Exchanges will often charge a withdrawal fee. Many will call it something different to hide that fact. They might call it a transaction fee, or a network fee, or anything else they can.

    The only way to see the *actual* transaction fee is to look up the transaction on the blockchain. Depending on which blockchain explorer you use, you can see what the fee is, both sats/b and total fee. $12 is a pretty huge fee.

    Was that the fee you saw on the transaction, or are you just subtracting what you sent vs what arrived? Most exchanges will claim an amount is the transaction fee, when it’s actually much higher than the actual transaction fee on the network.

    The real fee for sending BTC depends on how busy the network is. Less busy network = lower fees. But even with a busy network $12 sounds very high. It could have been a large transaction involving many people though, which would make that fee possible. If that is the case, then that fee wouldn’t have been paid just by you.

    If a person wanted to send a transaction right now they could get it included in the next block for about $1. Most of the time the transaction fee is much less than that.

    I kind of went all over the place with my answer, so if there is anything more specific you want to ask or anything that didn’t make sense, let me know.

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  6. Transaction fees are per byte. Coinbase withdrawal fees are calculated to be close to the actual transaction fee they’re paying

    A transaction can serve many payments, which reduces the number of bytes. The transaction is sending withdrawals to hundreds of Coinbase customers. The transaction fee is paid by the transaction sender, Coinbase in this case. Withdrawal fees are paid to Coinbase by the Coinbase customers

    > Electrum showed me a fee

    If Electrum can display the fee, it can display the entire transaction, all the transaction outputs being sent to all those Coinbase customers. Take a closer look

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  7. Lol I always thought the warnings about scammers in DMs are exaggerated but my inbox was flooded with attempts to “help” me out. Thank you all for the answers and the constant warnings to make Bitcoin holding a safer endeavor to this community!

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