What are the reasons behind the high network fees on Coinbase Wallet?

3 answers

• Dec 17, 2021 · 3 years ago
  Coinbase Wallet charges high network fees because it prioritizes fast transaction confirmations. By setting higher fees, users can ensure that their transactions are included in the next block and confirmed quickly. This is especially important during times of high network congestion when there are many pending transactions waiting to be confirmed. While the fees may be higher compared to other wallets, Coinbase Wallet aims to provide a reliable and efficient service to its users.
  485243
• Dec 17, 2021 · 3 years ago
  The high network fees on Coinbase Wallet can be attributed to the underlying blockchain network. Coinbase Wallet relies on the Ethereum network, which has been experiencing scalability issues due to its increasing popularity. As a result, the network fees have increased to incentivize miners to prioritize transactions. Coinbase Wallet has no control over these fees, as they are determined by the network itself.
  414138
• Dec 17, 2021 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that high network fees are a common issue across many wallets and exchanges. Coinbase Wallet is no exception. The fees are influenced by various factors such as network congestion, transaction volume, and the chosen blockchain network. While Coinbase Wallet strives to keep fees competitive, it also prioritizes transaction speed and security. If you're looking for lower fees, you may consider exploring alternative wallets or using layer 2 solutions like the Lightning Network.
  539135