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 Insane fees for bitcoin transfers?
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Joined: Mar 2024
Posts: 159 Likes: 3
JV Squad
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OP
JV Squad
Joined: Mar 2024
Posts: 159 Likes: 3 |
Is it just me or have bitcoin transfer fees gone through the roof? I tend to use Strike but also have an account with Coinbase (I'm admittedly a bit of a novice to bitcoin). The fees on Strike were much higher than usual the last time so I went to Coinbase today. I bought $100 of bitcoin and the fee was just under $5. But when I tried to transfer it to Bovada, the transmission fee was $68! That would have been ridiculous for me to send it at that point so I turned around a cashed it out and unfortunately the total back and forth fees were $11, but would rather get $89 back than to give about $75 in fees to Coinbase and only have $25 credited to my account. If this keeps up, I'll be done with same day transactions (Strike charges no fees if you're willing to wait 24 hours).
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Re: Insane fees for bitcoin transfers?
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Joined: Jun 2022
Posts: 682 Likes: 59
Junior
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Junior
Joined: Jun 2022
Posts: 682 Likes: 59 |
Yeah WTF? Tested a 100$ btc transfer to BOL, and theyre asking 68 bucks for the fee? Surprised no one else talking about this.
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Re: Insane fees for bitcoin transfers?
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Joined: Jun 2022
Posts: 682 Likes: 59
Junior
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Junior
Joined: Jun 2022
Posts: 682 Likes: 59 |
I did another test this weekend, seems fees are back to normal can someone verify? Jeez this chat room is so dead.
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Re: Insane fees for bitcoin transfers?
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Joined: Jul 2024
Posts: 10 Connecticut, United States
JV Squad
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JV Squad
Joined: Jul 2024
Posts: 10 Connecticut, United States |
Bitcoin transaction fees can vary widely depending on several factors, including network congestion, transaction size, and the fee rate chosen by the sender. While it's true that fees can sometimes be high during periods of peak demand, there are also ways to minimize them, such as opting for lower fee rates or using services that aggregate transactions.
It's important to note that Bitcoin transaction fees are paid to miners for their work in validating and securing the network, not to any centralized authority. This decentralized nature is a key feature of Bitcoin.
If you're concerned about high fees, consider the following tips:
1) Wait for lower congestion: If you're not in a rush, you can wait for periods of lower network activity when fees tend to be lower.
2) Adjust your fee rate: Many wallets allow you to customize your fee rate. Choosing a lower rate might mean your transaction takes longer to confirm, but it can save you money.
3) Use batching services: Some services combine multiple transactions into a single one, reducing the overall fee per transaction.
Overall, while Bitcoin transaction fees can be unpredictable, they're a necessary part of the network's security and operation.
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Re: Insane fees for bitcoin transfers?
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Joined: Mar 2024
Posts: 159 Likes: 3
JV Squad
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OP
JV Squad
Joined: Mar 2024
Posts: 159 Likes: 3 |
Yeah WTF? Tested a 100$ btc transfer to BOL, and theyre asking 68 bucks for the fee? Surprised no one else talking about this. Yep, I'm also surprised that I didn't see any comments about this on any of the different sites I look at. I read skyparc's answer but It really doesn't explain why there would be this much of a discrepancy. I've never seen anything like this before. And yes, things seem to be back to normal now.
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Re: Insane fees for bitcoin transfers?
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Joined: Mar 2024
Posts: 159 Likes: 3
JV Squad
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OP
JV Squad
Joined: Mar 2024
Posts: 159 Likes: 3 |
So since posting this, things have taken a turn for the better. It appears that bitcoin lightning is the way to go. There is only a nominal fee and the deposit is instant with my Bovada account.
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Re: Insane fees for bitcoin transfers?
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Joined: Dec 2000
Posts: 282,087 Likes: 3063 Time to play the Game
Owner
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Owner
Joined: Dec 2000
Posts: 282,087 Likes: 3063 Time to play the Game |
Have you tried using Tether aka USDT?
It sells for $1, although some get cute and value the buy at $1.01. The fees tend to be lower and the risk is ultra low. Meaning if you buy BTC at $50,000 and it drops to $45,000 you lose a good portion. With USDT it will transfer out at $1, most sites prefer that than BTC due to the lack of volatility.
A post a day and your access will stay!
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Re: Insane fees for bitcoin transfers?
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Joined: Dec 2000
Posts: 282,087 Likes: 3063 Time to play the Game
Owner
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Owner
Joined: Dec 2000
Posts: 282,087 Likes: 3063 Time to play the Game |
One other thing if you are using Bovada, e-mail me. I'll go over a better way to get funds in your account without the fees.
A post a day and your access will stay!
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Re: Insane fees for bitcoin transfers?
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Joined: Mar 2024
Posts: 159 Likes: 3
JV Squad
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OP
JV Squad
Joined: Mar 2024
Posts: 159 Likes: 3 |
Thanks Freak. I'll hit you up on this next week when I get back from vacation.
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Re: Insane fees for bitcoin transfers?
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Joined: Mar 2024
Posts: 159 Likes: 3
JV Squad
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OP
JV Squad
Joined: Mar 2024
Posts: 159 Likes: 3 |
Hey Freak,
I just tried to email you on this but the site says I don't have permission to do that.
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