Noob Crypto question about sending/receiving fees.

Hello, so as a noob to crypto, I started off with coinbase, which I hear should be shunned, but the question I have is the fees. I wanted to test it out by sending a small amount to my wallet, so I tried to send .50 cents and it wants to charge me $35.00 LOL. What am I missing? Thank you.

a reply to: TheGreatWork

sounds high; you sure it's not 3.50?
that's more in line with what sending to my hardware wallet costs.
there are also mininums for sending on coinbase; not sure about other places

a reply to: TheGreatWork

you may find as I did, that the "gas fees" are high regardless of which exchange you use. The story is, it gets more expensive as traffic increases, and during slow traffic times, it's cheaper.

www.myconstant.com...

What is gas in crypto? Simply put, gas is the computing power needed to validate a particular transaction on Ethereum. On other blockchains like Bitcoin, gas is referred to as “network fees”.

Ethereum happens to be the most popular blockchain in the market right now, hosting over 3,000 DApps (decentralized applications), 4X the number of DApps on most blockchains. Most developers prefer to build their projects on Ethereum because it is feature-rich and easy to use.

Miners on proof of work blockchains like Ethereum validate every transaction using computational power or electricity to mine. You, the user, must pay for this power in the form of gas or network fees.

Depends what coin you are sending.

Etherium gas cost is quite high. Bitcoin low. Not sure in Coinbase fees though.

Never used coinbase. But don't be a retard, specify which crypto you are trying to send. Eth for instance has insane gas fees at times.

It was AMP that I was trying to send. From the coinbase exchange into my coinbase wallet. @acackohfcc no it was 35.00.
Maybe just something funky I will look into it more. Even at 2-3 dollars would be too much for a .50cent test. I will have to toy with bigger amounts too. Thanks!

a reply to: TheGreatWork
Short version: It's because you have to transfer over the blockchain and not exchange internally, this has to be processed by miners and they want to get paid for the hardware and energy used, just like your bank. Coinbase is ripoff anyways.

I used coinbase as a FIAT entry gate, FTX too, bought XLM then transfer with zero fees to Binance and traded for a compatible market pair.

Was it ERC20 chain? I recommend BEP20 whenever possible, it's much cheaper too.

a reply to: acackohfcc

Nope, wanted to send 10€ worth of SHIB to someone as a substrate, before it took off to 00008. The one could not get a BEP20 wallet address. Sending it over ERC20 would have cost me 34€ for sending 10€.

BEP20 takes 100 times less.

a reply to: TheGreatWork

I have a few dollars worth of AMP that I earned for free on Coinbase and I moved them to my hardware wallet. I decided to dump them and the gas fees to send them back to Coinbase were like $35 so there they sit on my wallet like loose change. If I were you I'd convert them to something not BTC/ETH based like XLM and then send, it's way cheaper.

FYI the gas fee for moving XRP is 0.001 cents, but you won't be buying that on Coinbase.

originally posted by: TheGreatWork
Hello, so as a noob to crypto, I started off with coinbase, which I hear should be shunned, but the question I have is the fees. I wanted to test it out by sending a small amount to my wallet, so I tried to send .50 cents and it wants to charge me $35.00 LOL. What am I missing? Thank you.

It shouldn't cost anything to transfer funds between coinbase and your wallets, unless they are charging transaction fees now, but even if so, those should be very low. Trying to transfer such a small amount might be your issue.

Why should Coinbase be shunned?

Coinbase has been outstanding. I trust Coinbase over all other exchanges at this point.

a reply to: underpass61


Ahh okay thanks.

originally posted by: IndieA

originally posted by: TheGreatWork
Hello, so as a noob to crypto, I started off with coinbase, which I hear should be shunned, but the question I have is the fees. I wanted to test it out by sending a small amount to my wallet, so I tried to send .50 cents and it wants to charge me $35.00 LOL. What am I missing? Thank you.

It shouldn't cost anything to transfer funds between coinbase and your wallets, unless they are charging transaction fees now, but even if so, those should be very low. Trying to transfer such a small amount might be your issue.

Why should Coinbase be shunned?

Coinbase has been outstanding. I trust Coinbase over all other exchanges at this point.

I just heard from people who know more than me to stay away from it. I think even Elon said something about any place that wont give you the private keys should be avoided, referring to CoinBase iirc. Not sure how it is now, just what I "heard". Take with a grain of salt.

oops Delete

a reply to: TheGreatWork

This post is going to piss people off to all hell.
(1. There is no such thing as a burn wallet. Just because someone didn't use it in awhile doesn't mean it doesn't exist or can't be created.).


Welcome to the world of truth, all crypto transfer fees are insane.. remember the pipeline hijacking where they paid 150+ mill in crypto and was only able to get 114mil back. (This was Bitcoin btw). That was "gas fees" over 30% of actual transfer. This type of fees make credit card, loan sharks, and any actual banking institution companies blush.

Avoid it.. or you will watch your wealth go down the drain in fees. It's 100% impractical to use, especially if your considering using it for any form of purchases. All it is good for is hiding money like an offshore bank account.

This was why the fed was against it in 2008(first hype wave), and this is why Congress said f that it's not a currency.

Crypto exists for 1 reason and 1 reason only. To help the elite hide their money from prying eyes of the public. (Notice Nancy pilosi's crypto statements are un trackable and she already got grief for her financial statements in bank, (hypothetically: imagine learning she has 200million (stolen taxpayer money from those build back better bills, 2-4trillion spending) in crypto.) GL figuring out which wallet is hers..

Manipulating the public into increasing that value so when they cash out they take more of your money with it. So please keep sending your decentralized fees to the wealthy.. after all it's the wealthy that took over mining. .

(But cashouts and transfers are recorded.). Yes, this is true. However if said Democrat cashed out in Germany, opened a paid for/hidden German bank account. That money would be invisible to the US banking system. (Unless they were dumb enough to report it on their tax returns.)

With crypto money laundering is easy and untrackable.

So continue supporting crypto, your niave as all hell to think your measily amount of income does anything but hide criminal transactions. From those that can afford to spend 1-2million in fees. Ontop of paying them fees to use the criminal network.

Literally a free and overpriced tax on the stupid.

a reply to: BlackArrow

That is hands down, by far, the most absolute unadulterated BS I have ever read in a single post.

Well done!

a reply to: BlackArrow

So continue supporting crypto, your niave as all hell to think your measily amount of income does anything but hide criminal transactions.

Nice rant but wrong conclusion. I started with 35€ and ended up with a Porsche Taycan Turbo S in my garage.

Keep getting angry at crypto and I keep getting into my Taycan every morning with a big smile on my face. I will think of you tomorrow when I pull out of my driveway :-P.

a reply to: TDDAgain

It's okay, stay cocky. The cocky are the ones that grew themselves out of windows during the great recession.

You are all brainwashed Into thinking digital assets are a good thing. You couldn't be further from the truth. It is a means of control.

I hope and pray I am wrong, but I know I am not. I knew about crypto way before you even learned to use a cell phone. There is this grand illusion it's new technology. Which again is far far from truth.

Wait, just wait. The big reveal will be here soon enough.

When they banned crypto in 2008 people lost millions.

a reply to: BlackArrow
Like the guy before me wrote, most unadulterated BS I have read in a long time, too.

If you can't set "measly" 35€ to the side then you are doing something wrong in general.

Remember, you started the big mouth, don't wonder when the success full ones calling BS on you.


Add: Yeah, keep adding line for line after the fact and after I posted. lol. How high is your blood pressure currently

a reply to: TDDAgain


35% is 35c to the dollar. Not 3.5 cents, which would be 3.5%. Do the math.. on the money lost from the pipeline hack that they could NOT recover.

Instead of taking my word or it or these people who intend to steal your money.

This is exactly why Ethereum is garbage. Anything built on ERC20 protocol is suffering from massive staking fees. You have 5 bucks worth of Let's say Chainlink and you want to move it... Nope, 35 bucks in #ing fees.