Bitcoin transaction fees have always been problematic. This situation has only escalated as more time progressed. Sending money from GDAX to your regular wallet can be quite expensive. It all depends on when you ask for the withdrawal, though. Plus, it seems there is a workaround available which involves Coinbase. Creative solutions are in high demand until the network fees effectively lower automatically.
A lot of people are unhappy about the current Bitcoin transaction fees. That is only normal, as no one wants to pay a few dollars in costs. Bitcoin was originally designed to be faster and cheaper at the same time. Right now, it is still faster, but the “cheap” aspect has not been present all that much. More specifically, BTC transaction fees can be as high as $5 right now. An unacceptable number, but it seems there is a workaround for GDAX users.
Bypassing High GDAX Fees
More specifically, withdrawing money from the platform directly will always remain expensive. Right now, GDAX charges anywhere from $3.5 to $5 for most people. It is possible to pay no fees whatsoever, but that will usually result in big delays. Then again, some reports indicate this works just fine right now. For those looking to avoid fees otherwise, moving BTC to Coinbase first is a smart idea. Both platforms are operated by the same company, after all.
Transferring BTC from GDAX to Coinbase costs nothing. Withdrawing funds from Coinbase can be done free of charge as well. It is a workaround people shouldn’t even need in the first place. Then again, given the current transaction fees, something will have to change in the near future. SegWit was designed to alleviate these fees first and foremost. So far, that hasn’t happened just yet. Until SegWit capability becomes the norm among services and wallets, no real changes will occur.
For the foreseeable future, Bitcoin transaction fees will always be controversial. It is evident people are looking to avoid these issues right now. Converting BTC to Ethereum and using that to transfer money across exchanges works quite well. Again, it is a workaround that shouldn’t be needed, but it is what we have to deal with right now. Something has to change in the Bitcoin world to make things more appealing. Right now, there is no real progress in this regard. Quite problematic, to say the very least.
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