When using Coinbase to buy or sell cryptocurrencies, you may notice a small fee attached to your transaction. This is the Coinbase miner fee, and it goes to the miners who confirm transactions on the blockchain.
Coinbase does not charge a fee to send or receive cryptocurrencies from other Coinbase wallets, so if you’re sending crypto to another Coinbase user, you won’t see a miner fee attached. However, if you’re sending crypto to a wallet outside of Coinbase, you will need to pay the miner fee.
The amount of the Coinbase miner fee varies depending on the cryptocurrency being sent and the current network conditions. For example, at the time of writing this article, the miner fee for sending Bitcoin was $0.
There are a few ways to avoid paying Coinbase miner fees. One way is to use a cryptocurrency that doesn’t require miners to confirm transactions.
For example, Ripple (XRP) doesn’t use miners, so there are no fees associated with sending XRP from Coinbase.
Another way to avoid Coinbase miner fees is to transfer your cryptocurrency to a wallet that doesn’t charge fees for outgoing transactions. There are many wallets available that don’t charge fees, so be sure to do your research before selecting one.
Finally, if you’re simply holding onto your cryptocurrency and don’t plan on spending it anytime soon, you can avoid paying any fees by keeping your crypto in your Coinbase account. There are no fees for holding cryptocurrencies in your Coinbase account, so you can save on fees by keeping your crypto there until you’re ready to use it.
In conclusion, there are a few ways to avoid paying Coinbase miner fees. You can use a cryptocurrency that doesn’t require miners to confirm transactions, transfer your cryptocurrency to a wallet that doesn’t charge fees for outgoing transactions, or simply hold onto your cryptocurrency in your Coinbase account until you’re ready to use it.