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I just bought Bitcoins with Coinbase site, and as I read about bitcoin, everybody say I shouldn't let my bitcoins in Coinbase, as I don't have the private keys.

So I opened a bitGo Wallet, and try to send some bitcoins there, but If I want to send 10 euros, it cost me 31.22 euros to send it...

I don't understand it. Can anyone help me understand why ?

Juliatzin del Toro
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  • Well you don't have full control of you funds on BitGo. ["BitGo Instant wallets consist of 3 keys: one held by BitGo, one held by the user, and one held on behalf of the user by a third-party Key Recovery Service (KRS)."](https://www.bitgo.com/solutions#wallet) – Chak Dec 23 '17 at 18:31
  • Anyway, your question is to avoid the high transaction fee. The best solution is to transfer your BTC from Coinbase to GDAX(Coinbase's dedicated exchange), then send from GDAX to your own wallet. The whole process is free from fees. – Chak Dec 23 '17 at 18:33
  • I vote to close because of "primarily opinion based answers". – Chak Dec 23 '17 at 18:34
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    I would tell "experienced based" :) – Juliatzin del Toro Dec 23 '17 at 18:41
  • By the way, if BitGo is not the one, do you know any recommandable web wallet ? – Juliatzin del Toro Dec 23 '17 at 18:53
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    I only know of one Bitcoin web wallet provider/exchange that allow their customers full control of their private key(s). Blockchain.info is the one. If you ask my recommendation, I would say go for a SPV wallet like Electrum. Also you can use GDAX to send to your chosen btc wallet, if you want to avoid fees. – Chak Dec 23 '17 at 19:06

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If you only have 10 euros in Bitcoin, it is currently not worth sending to your wallet. The current Bitcoin transaction fees average around $50 USD today. You can see the chart here. This is because there is an enormous amount of Bitcoin transaction, but only a few transactions can fit in the 1mb block.

If you had much more money, you should definitely send them in a wallet you own the private keys. Some exchanges like Mt. Gox closed and millions worth of Bitcoins were lost. There's a lot of fire right now in the Bitcoin community, so owning your coins is a good start.

anion
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Cedric Martens
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  • Well, 10 euros is for testing, I bought 200 euros – Juliatzin del Toro Dec 23 '17 at 18:39
  • The current state of Bitcoin could not be described otherwise as unusable for small transactions due to the massive influx of new buyers. If you want to transfer your coins while minimizing fees you should look at Bitcoin Cash (Cheapest transaction fees on Coinbase) or Ethereum (Fastest on Coinbase). But transferring Bitcoins will cost you atleast $50 USD today if you want it transferred fast. – Cedric Martens Dec 23 '17 at 18:44
  • Right now, I can t buy bitcoin cash with Coinbase. But so, if I can't transfer them, I can't own them... I dont understand the logic... – Juliatzin del Toro Dec 23 '17 at 18:49
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    Coinbase owns the private keys associated with your Bitcoins, if someone seizes them, they are lost. As said earlier, you can still transfer you Bitcoins but you will pay high mining fees due to a clogged network – Cedric Martens Dec 23 '17 at 18:51