Users can send cryptocurrencies to almost anywhere in the world through the blockchain they depend on. There is a fee for sending crypto assets. For some assets, transactions may take longer, depending on related blockchains. Some wallets and cryptosystems allow users to choose a transaction fee. Usually, higher fees lead to faster transactions.
Over the years, however, some asset owners have entered the currency or symbol values in the wrong field, resulting in exorbitant, albeit random, payments. For example, an owner may intend to send 12 BTC for a 0.01 BTC commission, even though he may accidentally put 12 BTC in the commission box, spend 12 BTC on commission, and send only 0.01 BTC to the destination.
There have been a number of frustrating commission events involving ETH and Bitcoin. Here are some exciting cartoon stories.
Enough ether to pay you $ 1,000 a day for a year
In February 2019, an industry member erroneously paid a lump sum of 2,730 ETH for a fee across three Ethereum-based transactions. The sender paid a commission of 420, 210 and 2100 ETH in the transaction triad. Based on ETH prices when the report was published in March 2019, the total transaction costs were around $ 365,800.
Fortunately, this dutiful transmitter got it from SparkPool, the mining dam at the other end of the deal. “Thanks to SparkPool and the miners for helping us recover the losses,” a casual ETH trader remarked in a blockchain post. The trader added: “We are ready to share half of 2100 ETH with miners thanks to the integration.”
Ether is now priced at $ 1850 per coin at the time of release, for a total of just over $ 5 million.
Epic comics with millions
In the summer of 2020, three Ethereum transactions were discovered, which spent over $ 5 million in fees based on the ETH exchange rate at the time. Someone sent 0.55 ETH for a total of $ 134 in an agreement on June 10, 2020, and spent $ 2.6 million ETH on gas – an industry term for money paid for transactions on the Ethereum network.
Following the multi-million dollar commission, two major transactions arose. Someone saw an additional $ 2.6 million paid to ship 350 ETH. Another converted 3221 ETH, a figure close to the amount of gas – 2310 ETH to be precise. All three moves took place from 10 to 11 June 2020.
However, this story cannot be a summary of any mistakes. Later reports revealed that the third transaction, which cost 2,310 ETH to transport 3,221 ETH, was the result of a “malicious attack” involving the victim’s wallet.
The $ 2 million gas leak remains unexplained, although the theories have included minor user errors, piracy attempts and the alleged loss of the Ponzi scheme. However, the value of three transactions in today’s market exceeds $ 43.6 million.
DeFi comes with risk
The decentralized fiscal boom in 2020 was accompanied by stories of large profits, but it also brought with it at least one payment disruption. DeFi has become another potential bubble in the cryptocurrency industry with sky-high prices, shady venture capital and other dramas. The DeFi sector, which is heavily dependent on the Ethereum blockchain, is starting to see high transaction fees.
Despite higher fees, a user paid a lot to send one of their traders through Uniswap, a popular exchange in the DeFi niche. As reported in November 2020, this trader wrote out the gas volumes in the wrong places in the MetaMask wallet and paid for the $ 120 deal and spent $ 9,500 on gasoline.
“I thought this was happening to others,” the seller told Reddit, “but I was wrong.”
He explained that “Metamask did not fill the gas limit field with the correct amount in my previous transaction, and this transaction failed, so I decided to change it manually in the next transaction.” “But instead of putting 200,000 in the gas limit intake box, I wrote it in the gas price intake box, so I paid 200,000 GWEI for this transaction, and it ruined my life.”
Bitcoin transactions are usually not very expensive
While there have been several issues with Ethereum fees, crypto contributors have also encountered issues with Bitcoin fees. A certain upsetting transaction appeared in the Bitcoin blockchain in December 2020. The transaction shows that about 3.49 BTC was paid to send only 0.00005 BTC – a much higher fee than what was needed to send so many bitcoins.
The Bitcoin price fluctuated between about $ 22,765 and $ 24,205 on December 19, the day of the transaction, according to TradingView, resulting in a fee of at least CU79,000 at the time.