How can I avoid fees when sending Bitcoin through Coinbase?

3 answers

• Dec 15, 2021 · 3 years ago
  One strategy to avoid fees when sending Bitcoin through Coinbase is to use Coinbase Pro. Coinbase Pro offers lower fees compared to Coinbase. By transferring your Bitcoin to Coinbase Pro and then sending it from there, you can save on fees. Another strategy is to wait for low network congestion. Bitcoin transaction fees are determined by network demand. When the network is congested, fees tend to be higher. By waiting for a period of low network congestion, you can potentially save on fees. Additionally, you can consider using other cryptocurrency exchanges that offer lower fees for Bitcoin transactions. However, it's important to do your research and choose a reputable exchange. Remember to always double-check the fees and terms before making any transactions.
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• Dec 15, 2021 · 3 years ago
  Avoiding fees when sending Bitcoin through Coinbase can be achieved by using a Bitcoin wallet that allows you to set your own transaction fees. By manually setting a lower fee, you can potentially save on fees. Another option is to use a Bitcoin debit card. These cards allow you to spend your Bitcoin directly without the need for a traditional bank account. Some Bitcoin debit cards offer lower fees compared to Coinbase. Additionally, you can explore peer-to-peer trading platforms where you can find individuals willing to trade Bitcoin without any fees. However, be cautious and ensure that you are dealing with trustworthy individuals. It's always important to prioritize security when transacting with Bitcoin.
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• Dec 15, 2021 · 3 years ago
  At BYDFi, we recommend using a technique called transaction batching to avoid fees when sending Bitcoin through Coinbase. Transaction batching involves combining multiple Bitcoin transactions into a single transaction. By doing so, you can reduce the number of transactions and save on fees. Coinbase does not currently support transaction batching, but there are other wallets and exchanges that do. It's worth exploring these options to minimize fees. Additionally, you can consider using the Lightning Network, a layer 2 scaling solution for Bitcoin. The Lightning Network allows for faster and cheaper transactions. However, it's important to note that not all wallets and exchanges support the Lightning Network. Make sure to choose a compatible wallet or exchange if you decide to use this solution.
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