I had an experience recently and I want to share it with the whole community to be careful about it, and that’s dealing with high transaction fees. As we may know, when sending any crypto currency transaction, we are always required to pay some amount for processing the transaction. We pay this amount because every crypto currency transaction must be added to the particular blockchain in order to be considered successful.
The duty of executing crypto currency transactions and adding them to the respective crypto currency blockchain is always handled by miners. These miners use very powerful devices and very high amount of electricity to connect to the particular crypto currency network. And because of that they collect their rewards in the transaction fee we pay for renting their services.
WHY CRYPTO CURRENCIES TRANSACTIONS ARE DELAYED SOMETIMES.
There are some technical issues that do affect the speed of our crypto currency transactions in the blockchain but I would like to explain the simplest one. One of the commonest reasons that affects our transaction speed is the congestion in the blockchain and the respective transaction fee offered.
When the network is overloaded with too many transactions at a particular time, people who want their transactions to be confirmed very fast always pay for high transaction fees and miners also select transactions with higher fees for processing in that order until the network congestion reduces and they return to those with the lower transaction fee to process them in the block. So transactions with lower transaction fee do delay in the queue and if you are lucky, it might be confirmed but if the fee is very low, it will fail and your balance will return to your wallet.
THE BEST OPTION WE SHOULD ALWAYS FOLLOW WHEN TRANSACTION FEE OF A PARTICULAR CRYPTO IS HIGH.
If you have followed my write up to this far, you will probably have a hint on what to do when transaction fee of a particular crypto is high.
The transaction fee most at times is determined by network congestion as l said previously, so if you want to send crypto currency, please always use the transaction fee selected by the wallet for the transaction, don’t always be ready to alter anything lower than that because it might cause you problems in sending your crypto. Better still if you cannot afford the transaction fee as at that time, you can also wait and try the transaction later because if the network congestion reduces, the fee for that particular crypto will also reduce and there you can send your crypto without much hustle.
Please note that you can always check the current transaction fee for coins like bitcoin, ethereum, litecoin, bitcoincash, etc from sites like cryptofees.com before placing your transaction.
WHAT I’VE ALWAYS STAYED AWAY FROM WHEN TRANSACTION FEES ARE ABOVE NORMAL.
Decentralized wallets like Metamask, and Trust wallet always give you the chance to set your own transaction fees if you feel the ones suggested are too high for you. I tried setting my own transaction fees once and the transaction remained in blocks for like three days before it finally cancelled. Luckily on my part my crypto was returned to me in full and there l learnt my lesson never to alter any transaction fees even if I can’t afford. I know some pro crypto traders are very familiar with setting their own transaction fees, but please if you always want to be on the safest part, only transact if you feel you can afford the transaction fees at the moment.