How would COINBASE customers know how to send a payment using the CHEAP OPTION....Do I have to contact their customer service (LOL) & ask them about it again.... Coinbase has never offered me any cheap option when asked ?...And wouldn't your order just expire if payment is not received after 24 hours?
@Katy See below straight from coinbase instructions to change the speed. It asks you as one of the last steps. The default is normally fast but there are others that cost less as noted below and the reason they cost less is also listed. Hope this helps!
COINBASE WALLET
Adjusting network fees
What are network fees?
Network fees, also referred to as miner fees, are paid to the miner for processing crypto transactions and securing the respective network. These fees do not go to Coinbase.
What's a miner?
A miner is an individual or entity that manages a node (or group of nodes) which are responsible for adding new transactions to blocks and verifying blocks created by other miners.
Adjusting your transaction speed
Coinbase Wallet allows you to adjust the network fee when you make a transaction. If you adjust the network fee, you’ll be presented with the option to select the speed at which your transaction will be picked up and confirmed by the network.
Transaction speeds
Slow: Transaction is less expensive and will take longer to confirm.
Normal: Transaction is priced at an average rate and will take an average time to confirm.
Fast: Transaction is the most expensive but the transaction will also confirm the quickest.
Miners prioritize transactions with the highest paid miner fees. So if your transaction has a lower paid miner fee, then your transaction confirmation on the blockchain gets pushed to the bottom of the queue. As a result, your transaction may become “stuck” as more transactions with higher paid miner fees are added to the network pool.
You can also customize the network fee. Selecting this option will allow you to manually enter the max fee, max priority fee and gas limit of the transaction.
Thank you for the procedure....I try to keep a low Coinbase balance to just cover the payment ...If the network fee is TOO HIGH I am unable to even PREVIEW SEND due to my low acct balance....When you say "Tap Migrated" I assume that is some kind of Prompt into the system to change the settings using Commands...I am not sure this is worth the trouble.
Tap migrated from: is a link to coinbase for the explanation and process to change your transaction speed, this is where you can adjust the network speed and how much you pay for the actual transfer from coinbase to the other parties wallet. This is done by someone outside of coinbase and this is how much they get paid to do so. Some links are blocked but should be able to copy and paste into your browser and it will take you straight to coinbase to show you how to perform this change.
It's the last step before you send any type of crypto, the miners prioritize the higher paying jobs so if you have a high priority the miners will do your transaction first. The lower the paying job the longer it takes to get a miner to perform the transfer and put into the blockchain.
Comments
We're testing out a new system where only one confirmation needed. We'll change the wording on the site after a few more days of testing it.
Basically if you see your payment on the blockchain you are set.
Coin bases cheap option took about 24 hours this time but it was practically free.
How would COINBASE customers know how to send a payment using the CHEAP OPTION....Do I have to contact their customer service (LOL) & ask them about it again.... Coinbase has never offered me any cheap option when asked ?...And wouldn't your order just expire if payment is not received after 24 hours?
@Katy See below straight from coinbase instructions to change the speed. It asks you as one of the last steps. The default is normally fast but there are others that cost less as noted below and the reason they cost less is also listed. Hope this helps!
COINBASE WALLET
Adjusting network fees
What are network fees?
Network fees, also referred to as miner fees, are paid to the miner for processing crypto transactions and securing the respective network. These fees do not go to Coinbase.
What's a miner?
A miner is an individual or entity that manages a node (or group of nodes) which are responsible for adding new transactions to blocks and verifying blocks created by other miners.
Adjusting your transaction speed
Coinbase Wallet allows you to adjust the network fee when you make a transaction. If you adjust the network fee, you’ll be presented with the option to select the speed at which your transaction will be picked up and confirmed by the network.
Transaction speeds
Slow: Transaction is less expensive and will take longer to confirm.
Normal: Transaction is priced at an average rate and will take an average time to confirm.
Fast: Transaction is the most expensive but the transaction will also confirm the quickest.
Miners prioritize transactions with the highest paid miner fees. So if your transaction has a lower paid miner fee, then your transaction confirmation on the blockchain gets pushed to the bottom of the queue. As a result, your transaction may become “stuck” as more transactions with higher paid miner fees are added to the network pool.
Steps to adjust your transaction speed
Tap Migrated from https://help.coinbase.com/content/dam/help/articles/wallet/icons/Settings Tab.png, updated at Mon Apr 11 2022 12:52:36 GMT-0700 (Pacific Daylight Time) at the right of the network fee amount.
Select your speed.
You can also customize the network fee. Selecting this option will allow you to manually enter the max fee, max priority fee and gas limit of the transaction.
Thank you for the procedure....I try to keep a low Coinbase balance to just cover the payment ...If the network fee is TOO HIGH I am unable to even PREVIEW SEND due to my low acct balance....When you say "Tap Migrated" I assume that is some kind of Prompt into the system to change the settings using Commands...I am not sure this is worth the trouble.
Tap migrated from: is a link to coinbase for the explanation and process to change your transaction speed, this is where you can adjust the network speed and how much you pay for the actual transfer from coinbase to the other parties wallet. This is done by someone outside of coinbase and this is how much they get paid to do so. Some links are blocked but should be able to copy and paste into your browser and it will take you straight to coinbase to show you how to perform this change.
It's the last step before you send any type of crypto, the miners prioritize the higher paying jobs so if you have a high priority the miners will do your transaction first. The lower the paying job the longer it takes to get a miner to perform the transfer and put into the blockchain.