September 26, 2021

Blockchain mysteries: Biggest crypto transaction fee oddities

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Users can send cryptocurrencies virtually anywhere globally via the blockchains on which they are based. By sending crypto assets, however, fees are incurred. Transactions may take longer for certain assets, depending on their related blockchains. Certain crypto wallets and platforms give users the option to choose a transaction fee. Higher fees typically result in faster transactions. 

Over the years, however, some asset holders have put their coin or token values into the wrong fields, resulting in exorbitant, albeit accidental, fee payments. For example, a holder might intend to send 12 Bitcoin (BTC) at a fee of 0.01 BTC, although they might accidentally put 12 BTC into the fee box, spending 12 BTC on fees while sending just 0.01 BTC to the intended destination.

A number of fee mishaps have occurred involving Ether (ETH) and Bitcoin. Here are a few painful fee stories.

Enough Ether to pay out $1,000 per day for a year

In February 2019, one industry participant mistakenly paid a grand sum of 2,730 ETH for fees as part of three Ethereum-based transactions. The sender paid fees of 420, 210 and 2,100 ETH in the triad of transactions. According to ETH prices Title: Blockchain mysteries: Biggest crypto transaction fee oddities
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Published Date: Sun, 14 Feb 2021 08:27:00 +0000