Reduce Coinbase Fees when sending BitcoinĬoinbase and Coinbase Pro (previously known as GDAX are two of the more popular platforms around the world where people can buy, sell, and trade cryptocurrencies. To find out more about the best Cryptocurrency Exchanges in our Guide. Here are some top tips and hacks to avoid or reduce Coinbase Fees. So with frequent usage of the Exchange, withdrawal fees can certainly add up. Many not only use Coinbase to buy cryptocurrencies, but also to store their cryptocurrencies. Coinbase is the most popular cryptocurrency exchanges in the US and UK due to the ability to directly purchase cryptocurrencies with fiat, as well as being one of the few exchanges that allow US citizens to trade. However there is a neat trick allows you to avoid withdrawal fees. So, around the 74% ( 20727/27982 * 100) of each input value is spent just for paying the fees required to spend itself.Coinbase, like most exchanges charges withdrawal fees. Now, if we check how much we should pay just for including one of our inputs in the best case we get: min_size * fee_ratio = 107 * 141 = 20727 Then, if we check how big was the transaction ( 2093 bytes) and how much was paid as fees ( 408400 Satoshi) we get that the fee ratio paid is around 141 sat/b. If we take the minimum signature size, and compressed public keys, the result is as follow: min_variable_size = 1 + 1 + 71 + 1 + 33 = 107Īnd therefore: min_size = fixed_size + min_variable_size = 147 Signatures can be 71-73 bytes depending on their r and s components, and public keys can be 33/65 bytes, depending whether they are compressed or uncompressed. In the transaction you are referencing, all inputs are P2PKH, which means that the minimum amount of variable_size data that creating an input will contribute to the transaction can be expressed as follows: min_variable_size = scriptSig_len + PUSH signature + signature + PUSH public_key + public_key The fixed_size can be defined as follows: fixed_size = prev_tx_id + prev_out_index + nSequence = 32 + 4 + 4 = 40 This data can be split in two parts, a fixed_size that will be non-dependant of the input type, and a variable_size,that will depend on the input type (and therefore in the utxo type). When a previous transaction output ( utxo) is used to create an input of a new transaction, there is a minimum amount of data that it will add to the transaction. If we put together this two facts, what happens is what you have seen, that the most of the transaction value is spent in fees. And second, the inputs of the transaction hold really low value (Ģ7982 Satoshi each). Two things are happening here, first, the transaction is quite big ( 2903 bytes). In other words, the fees don't match, and I was wondering what is the big discrepancy all about! In that, the fee shows as 0.000316764 where as in the transaction details page via Blockcypher shows the fees as 0.004084. ![]() PS: I am also adding the transaction information from coinbase. ![]() So, can someone kindly explain to me what's happening? Maybe I am missing something (probably I am)! But I didn't get why the transaction went through in the first place if the fees that high, and I didn't pay for them (I think). I understand that the miner fees changes based on the demand and the block space of a transaction takes, and nowadays they are quite high. It went through OK, but later when I looked at the transaction details (via Blockcypher) I noticed that the fee shows up way higher than the actual amount: It was 0.004084 BTC (~16 US dollar as of yesterday). First of all, sorry for the newbie and probably a stupid question, I am so new to the digital currency thing :)Ī day ago, I sent $2.5 worth bitcoin from my coinbase account to the copay wallet for testing.
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