Beware of altering the transaction fee on certain crypto wallets

[Ojonuyo]

As regards to this, I would say all crypto currency wallet have high exchange rate. According to me, none is preferably ranging through bitcoin to ethereum to ripple. Honestly, speaking I wish there other means

 

[BrolySSJ]

As regards to this, I would say all crypto currency wallet have high exchange rate. According to me, none is preferably ranging through bitcoin to ethereum to ripple. Honestly, speaking I wish there other means

What do you mean by this? If you are using ripple for a transaction on any wallet the transaction fees are less than 0.01 USD, possibly even lower than that. This is a relatively good exchange rate and transaction fee for the coin when you compare it to coins like bitcoin and Ethereum who can have in excess of a couple dollars in transaction fees alone.

 

[Akinwale701]

There are some of the wallets, such as the bitpay wallet that allow you to change the transaction fee when you are transaction with a crypto. The wallet will first suggest a fee, and then if you feel that you would like to make a change to that fee then you can do so, however beware of changing it. The transaction fee is a degree of priority to your transaction, and if you make the transaction fee too low it is likely that your transaction will remain in the blockchain for a very long time before it is confirmed, if it is confirmed at all. Therefore whilst this may seem like a good feature to use, i recommend against it if you are inexperienced with the feature.

I seem not to understand what this thread is talking about. is it that we should not go for lowest transactions fee when sending Crypto currency or we should not bypass transactions fee (is this even possible at all). Someone to explain this to me better please.

 

[Josemendez]

I totally agree with you on this because I have once experienced similar situation before. I was trying to send money to another wallet and I changed the gas fee that the wallet gave to something lower , in the end , the transaction lasted for days .

 

[ahmedo24]

I totally agree with you on this because I have once experienced similar situation before. I was trying to send money to another wallet and I changed the gas fee that the wallet gave to something lower , in the end , the transaction lasted for days .

It is better to allow the network give you fee so that the transaction can be concluded as fast possible most of the lower fee get the transaction stucked. I do use network fee not manually generated fee.

 

[Ridorz]

Thank you for the information, it's useful. Though, I do not use the pitpay and I do not decide of fee in my wallet, my wallet do that by itself. As the information you shared I can not make attempt to change it .

 

[Ehizzy1]

Thanks for this and other wallet also like trust wallet do have things regarding that of changing transaction fees and others ,abd that is why i search and use the wallet that have fixed fees i think

 

[Josemendez]

It is better to allow the network give you fee so that the transaction can be concluded as fast possible most of the lower fee get the transaction stucked. I do use network fee not manually generated fee.

Yeah . The best thing to do most times when it seems that the has fee given by the network is quite very high ,is to log out and check back later .
Most times gas fee varies from time to time , depending on the rate if congestion in the coins network .

 

[ahmedo24]

Yeah . The best thing to do most times when it seems that the has fee given by the network is quite very high ,is to log out and check back later .
Most times gas fee varies from time to time , depending on the rate if congestion in the coins network .

Bitcoin has dropped by almost 15% now yet the gas fee is arround $9, this is not a smiling moment it very likely that it will rebounnce because almost all coins are down by 10% and above in the last 12 hours.

 

[BrolySSJ]

I seem not to understand what this thread is talking about. is it that we should not go for lowest transactions fee when sending Crypto currency or we should not bypass transactions fee (is this even possible at all). Someone to explain this to me better please.

It is saying that you should not go for the lowest transaction fee because this fee is what is causing a major delay in transactions. If you change it too low then the priority will be low on the list to confirm the transaction, and as such you will notice that it may take a long time to go through or might never even go through.

 

[Josemendez]

Bitcoin has dropped by almost 15% now yet the gas fee is arround $9, this is not a smiling moment it very likely that it will rebounnce because almost all coins are down by 10% and above in the last 12 hours.

Yeah. I checked the market trend after reading your post ,and I discovered that almost all coins are down from 10% and above , however some of them like Bitcoin have started recovering gradually.
The VOLATILITY seen presently is quite strange.

 

[ahmedo24]

Yeah. I checked the market trend after reading your post ,and I discovered that almost all coins are down from 10% and above , however some of them like Bitcoin have started recovering gradually.
The VOLATILITY seen presently is quite strange.

Yeah , I hope it recover faster, one thing I noticed is that the transaction from coinbase sending to other wallets was less than $3 when trust wallet is $9. I think subsequent use of wallet I will opt for luno or coinbase to cut transactions fee.

 

[Josemendez]

Yeah , I hope it recover faster, one thing I noticed is that the transaction from coinbase sending to other wallets was less than $3 when trust wallet is $9. I think subsequent use of wallet I will opt for luno or coinbase to cut transactions fee.

This is quite strange and new to me . I never knew that transaction fee varries from wallet to wallet . I thought that transaction fees will be almost the same everywhere or with a slight difference ,but it seems that coinbase offers something far lower than that of trust wallet.

 

[Kamon c4]

Normally cryptocurrency transactions takes longer processes before its being confirmed. Reducing the transaction seem more like a bargain to me and the feature is placed there so as for you to bargain. Though I use luno wallet and it’s transaction fee is constant and non-negotiable for all.

 

[Abdulmumeen]

Yes,I'm guilty of that and remember doing that in trust wallet during the forsage Ethereum days. The transaction would take 3 days before going through or I would initiate another to cancel it .

 

[Nomad]

I have used bitpay a couple of times (until my account was locked for forgetting the key phrase), however, I did not know that it has an option to alter the fees.

 

[HayKay]

Of course, this is just the simple truth. I wonder why anyone would want to tamper with something that he doesn't have control over especially things a technical as cryptocurrency that is complex.

 

[BrolySSJ]

Of course, this is just the simple truth. I wonder why anyone would want to tamper with something that he doesn't have control over especially things a technical as cryptocurrency that is complex.

It can be rather complex however if you do not mind waiting a bit for a transaction to be confirmed you can actually help to save some of your money in cryptocurrency and that is very important.

 

[Mayox25]

The transaction fees that has been indicated is what the operator of the wallet believes will facilitate the smooth delivery of the transaction you have initiated so it is wise to stick to it and not make any changes on it.

 

[Sincerem]

I think major crypto currency wallets possesses this feature especially for the peer to peer transactions. So you can be able to make some little profits when buying or selling your crypto on their exchange.