Blockchain shows a 0.0213 Fee (approx. $26 US) on a .25 BTC transfer from Coinbase to my Copay Wallet. Can this be correct?


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Hello,

Since I am relatively new to Bitcoin, I was wondering if someone could help me understand a situation I had today regarding my BTC transfer.

I transferred .25 BTC from my Coinbase account to my Copay wallet. Coinbase shows that 0.2504972 BTC was taken out of my account, which would seem about right (.25 BTC + .0004972 for the fee), and my Copay wallet shows that I received .25 BTC into my account. However, according to the Blockchain, the transaction shows that the file size was 9660 bytes and the fee was 0.0213356 BTC (approx. $26 US).

The transaction ID is: 29c2e25e588b8ca63d72c3e282256b624d1f890b324c9ba1729dbff1a0fa063e. The link can be found at: https://blockchain.info/tx/29c2e25e588b8ca63d72c3e282256b624d1f890b324c9ba1729dbff1a0fa063e

What I do not understand is that it looks like there are approximately 70 or so inputs on the left side (at least I am assuming these are inputs?). If this is the case, then this does not make any sense to me. I just recently set up my Coinbase wallet. Other than one very small transaction that was sent to my Coinbase wallet, all other money in my Coinbase wallet has come from BTC purchases I made on the Coinbase site. And since I have made only around 10 purchases in total at no less than $50 per purchase, sending .25 BTC (around $300) today should not have pulled from more than than 5 or 6 of these purchases at most. So I am very confused at where these 70 or so inputs are coming from.

I contacted Coinbase support and they told me that the fee and total amount that I was seeing is for the entire block that my transaction was included on. They said that there were several other transactions included in that block, and that the total fee for all transactions was .25 BTC.

Can someone help me understand what they are referring to? The amount I sent was .25 BTC, but I do not see where it shows the total transaction fee was .25 BTC. From what I can see, the fee shows 0.0213356 BTC. And wouldn't this 0.0213356 fee apply to just my transaction, or is it possible that Coinbase groups several transactions together and this was the total for all of them? On a transaction I did a few days ago from Coinbase, there was only 1 input on the left side and 2 outputs, with a fee of approx. 0.00049 BTC which made complete sense. So seeing all of these 70 or so inputs with a fee of 0.0213356 BTC has me very confused.

Since my Coinbase wallet shows that 0.2504972 BTC was taken out, and my CoPay wallet shows .25 BTC was received, that would only leave 0.0004972 BTC left (around 60 cents). If this is the case, I am not sure how there could have even been a transaction fee of 0.0213356 BTC ($26) unless someone else paid for most of this?

Any help is greatly appreciated.

submitted by /u/letitbegood
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