Beware of altering the transaction fee on certain crypto wallets

[BrolySSJ]

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.

 

[giddy]

I use payeer and it has been tranparent
Carrying out individual operations in the Payeer online wallet requires the payment of certain fees. Transferring funds to another user's account is free, but receiving money from another payment processor is charged with the collection of a small part of the entire amount - 0.95 percent.

 

[Ralphjoe]

Nice information, I will be careful with altering the amount from now on, but anyway I don't use bitpay that much. The wallet is a good one and I so much enjoy that feature of being able to reduce the transaction fees, I don't think there is any other wallet that has that feature in their wallet.

 

[ahmedo24]

I don't input the transaction fee my self I make do with the one suggested normal by the network because it might the lowest fee that could make the transaction as fast as possible . Going for lower transactions fee is a surely a waste of time or delayment.

 

[gammarays]

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 . It was a very painful experience then. Thank God for Tron which requires lesser or zero transaction fees.

 

[MastetG]

With Trust Wallet, you can send your funds anywhere they are supported. In principle, a small fee will always be required in one form or another before you can make transactions. Trust Wallet does not charge any fees, this is mandated by the blockchain or the network where a token resides.

 

[Niftyyem]

I hardly bother with tampering with the suggested fee by the wallet. If it is too high, I may just hold off carrying out the transaction at that time and try again some other time or use some other coin.

 

[Sotherefore]

Most of this wallet you are saying I don't even know that they exist because for me I go for popular wallet that are easy to understand example might be the trust wallet the coinbase and so on I don't go for wallet that are difficult with long protocol before you can carry out the simple transaction,for me I think people should just stick to all the simple and the most popular crypto wallet that is available than to go into one you may not know how they work

 

[Aniwhyte]

I would really loved to try out this bit pay that you're talking about as it seems like it is really wonderful. I'm currently tired of using trust wallet as their charges are very high. As for luno that I'm currently using, it's okay but I'm really interested in trying something entirely new.

 

[Goodday]

Bitcoin Blockchain especially is now over loaded with too many transactions and it is very difficult for even normal transactions to go through. If one tries altering transaction fees these days with Bitcoin especially, he or she might be receiving the funds in the next three months lol.

 

[Lagazine]

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.

That's a good development. It's would have been a great thing if all cryptocurrency wallets are ready to follow the same path. Transaction charges, sometimes discourage investors because, its going to affect the planned transfer charges and sometimes affect the amount of transaction on a wallet.

 

[Erik4150]

I like the fact that you can change transaction fees. Sometimes transaction fees are too high and you end up paying more for a transaction to work faster.
I don't see anything wrong with this feature as long as the users are comfortable with it.

 

[BrolySSJ]

That's a good development. It's would have been a great thing if all cryptocurrency wallets are ready to follow the same path. Transaction charges, sometimes discourage investors because, its going to affect the planned transfer charges and sometimes affect the amount of transaction on a wallet.

I think that in time there will be most of the crypto wallets that may adopt this method. However the reason that i think that it is not possible at the moment is that there are some wallets that include a charge in their transaction fees that goes directly to the wallet creators, and is their way of developing an income through the creation of this wallet. Therefore when users get to choose their transaction fees it takes away from their profit and wallets become unprofitable to maintain or manage. However like i said, I do think that if the feature becomes popular enough that more wallets will adopt it in the future.

 

[Ltherman]

Wow. Good Intel, mehn. The main essence of transaction fees is to incentivize the platform to work for you in carrying out your transaction so therefore priority will be given to persons who pay more to have their transaction done
[automerge]1609828405[/automerge]
Wow. Good Intel, mehn. The main essence of transaction fees is to incentivize the platform to work for you in carrying out your transaction so therefore priority will be given to persons who pay more to have their transaction done

 

[BrolySSJ]

Wow. Good Intel, mehn. The main essence of transaction fees is to incentivize the platform to work for you in carrying out your transaction so therefore priority will be given to persons who pay more to have their transaction done
[automerge]1609828405[/automerge]
Wow. Good Intel, mehn. The main essence of transaction fees is to incentivize the platform to work for you in carrying out your transaction so therefore priority will be given to persons who pay more to have their transaction done

Exactly, this is why your transactions fees change depending on the traffic on the network at that time that you are transacting. So in times when thecoin is being used extensively the number of transactions processed every minute is limited, and therefore transactions with the higher transaction fees take priority. In my opinion, to decrease transaction fees the networks need to be upgraded to handle more crypto transactions at any given minute.

 

[GIFTMICHAEL]

The information you shared is very educative I will be very careful not to alter the transaction in my wallet.
Although I am inexperienced in this regard thanks and God bless

 

[Farhan Aslam]

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.

Yes you are right by decreasing the transaction fee our amount will remain in blockchain for a long time. I have been facing this situation. I decreased the transaction fee and my amount remain in a blockchain for a long time.
My suggestion is only that don't alter the transaction fees.

 

[Chumzy]

Transaction fees on crypto wallets most times can't be altered. If it can, most times it is safer to let it be, or not try to outsmart the company. Crypto market is a very delicate market as it has little or no regulations. One should therefore thread carefully.

 

[Ltherman]

Exactly, this is why your transactions fees change depending on the traffic on the network at that time that you are transacting. So in times when thecoin is being used extensively the number of transactions processed every minute is limited, and therefore transactions with the higher transaction fees take priority. In my opinion, to decrease transaction fees the networks need to be upgraded to handle more crypto transactions at any given minute.

Yeah the network need to be scaled to accommodate the number or payload of transactions and see that as one of the main reasons for ethereum upgrade to ethereum 2.0 and several other independent projects on the ethereum network which is meant to scale the speed of the network.

 

[BrolySSJ]

Yeah the network need to be scaled to accommodate the number or payload of transactions and see that as one of the main reasons for ethereum upgrade to ethereum 2.0 and several other independent projects on the ethereum network which is meant to scale the speed of the network.

It is surprising to me, that with so many coins that are out there currently enhancing their abilities to handle more and more transactions, that the main crypto, which is bitcoin, has not changed much in this regard. In my opinion, it will be distinguishing factors such as this one that will determine which currencies will be able to rival bitcoin in the future, not in terms of the single coin market value, but rather in terms of the total market value.