If you are conversant with cryptocurrency, then the recent high gas fees that lurk around trading a crypto coin shouldn’t be new to you. For any newbie, when sending a cryptocurrency using any blockchain, gas fees are attracted. However, a type of gas fee or transaction fee can be chosen by any user; depending on the wallet used, some crypto wallets give their users the possibility of selecting a type of transaction fee.
Although high gas fees result in faster transactions, many holders of cryptocurrencies have been victimized after putting their crypto assets in the wrong spaces. The option of choosing a transaction fee has caused harm in this respect. For instance, a user wants to send 10 ETH, and the gas fee attracted is 0.01 ETH; mistakenly, he places 0.01 ETH in the space for sending, instead of the area that attracts gas fees — sending 0.01 ETH in the process.
Bitcoin and Ethereum high gas fees mistakes
Many crypto traders have voiced their discontent with the current high gas fees. The two most popular cryptocurrencies, particularly Bitcoin, have placed a lot of users in disorder. Several painful reports have surfaced regarding the spike in BTC‘s transaction fees, with the most recent one in December 2020.
According to the report, about 3.49 BTC in gas fees was used to send a fee of 0.0005 BTC. This transaction fee is, of course, very outrageous to send that amount of BTC using any blockchain. Similarly, in November last year, 2.66 BTC gas fees were used to send just 0.01 BTC.
Presently, making transactions on the DeFi market space comes with many risks from customers to the asset itself. The Ethereum blockchain is currently attracting high gas fees. However, these reported mistakes are inevitable, and everyone is urged to be careful when making transactions.