A method to speed up transaction on Metamask wallet

[Whited35 15285]

For the past 2 weeks, the Ethereum blockchain network is looking busiest ever to process a tremendous amount of transactions. If you have sent ETH or ERC-20 Tokens with lower Gwei or nonce(Below the standard gas price), maybe you have been waiting for a long time to get your transaction to be confirmed. If you are Metamask wallet user, you should have a chance to speed up or cancel your transactions(Metamask attempts to cancel transaction if it is in pending state.Transaction can still be canceled if it is not included for the block confirmation and it can be done by sending another transaction with the same nonce, but the gas fee should be higher). If you want to speed up transactions, click on the "Speed up" option, and select the standard gas price.  Sometimes a faster transaction does really matter if we are on the way to meet a real-time market momentum to get benefits. 

 

[BTC Future 3946]

I've replaced many times transactions with higher fees in cases where suddenly fees spiked and I would have to wait for days otherwise. I don't actually use metamask though, as I had some bad experiences with using speed up and cancel. I use MEW and just send the same amount with higher fees.

Another tip on ETH fees for anyone that does not know it: Usually Ethereum fees are way lower after midnight in the EU. It seems that during this time the network is not used a lot and fees usually go down. During the last three months it gets down by half.

[Whited35 15285]

27 minutes ago, BTC Future said:

Another tip on ETH fees for anyone that does not know it: Usually Ethereum fees are way lower after midnight in the EU. It seems that during this time the network is not used a lot and fees usually go down. During the last three months it gets down by half.

@BTC Future I also have not known about this fact yet 😜! Looking like I have to proceed transactions after mid-night here. Nowadays, I have lost at least $20 worth of ETH just to pay the fees. Some of exchange sites like Kucoin have also increased withdraw fees for ERC tokens. Yes, here are some issues with Metamask wallet but they are also improving their services.The most common issue has always been its slower performance.

[Tunuu 2235]

Thank you for inform this. I am not using Metamask wallet but if there is an option to speed up my transaction i think i should use it now. It is very unsafe for a transaction to stay in block for more than 2 hours so i will try metamask.

[Whited35 15285]

18 minutes ago, Tunuu said:

Thank you for inform this. I am not using Metamask wallet but if there is an option to speed up my transaction i think i should use it now. It is very unsafe for a transaction to stay in block for more than 2 hours so i will try metamask.

So many users still have not known about this feature. So I thought to create this post on this forum. While speeding up your transactions, you are advised to prefer the standard gas price. In order to cancel transaction, have a look at above mentioned points in the topic. 

[Raqeebzy 6456]

I believe the only way to speed up transactions on the ethereum blockchain nowadays is to increase the fee of the transaction, I had to wait for 15 hours before my last transaction on the network was confirmed. I don't use offline all the time, I use online wallet mostly where I the fee is determined by the network rather than the user. I only use hardware when I need to alter the transaction fee and I had a bad experience the last time though I expected it.

[Whited35 15285]

2 hours ago, Raqeebzy said:

 I use online wallet mostly where I the fee is determined by the network rather than the user. I only use hardware when I need to alter the transaction fee and I had a bad experience the last time though I expected it.

@Raqeebzy I barely use any sort of online wallet for long term holding purpose or to make so many transactions because I never want to let third party to control over my funds and private key. Most of online wallets have the fixed withdraw fees which will be always more than standard fees specified by the network. 

[Raqeebzy 6456]

On 8/3/2020 at 5:41 PM, Whited35 said:

@Raqeebzy I barely use any sort of online wallet for long term holding purpose or to make so many transactions because I never want to let third party to control over my funds and private key. Most of online wallets have the fixed withdraw fees which will be always more than standard fees specified by the network. 

I agree with you mate. But I must tell you, the transactions I make on online wallet are always small < 0.1ETH as I have set the standard for myself, any higher transaction is made with offline wallet. I have two wallets I keep my ETH, one a offline and second an online. So most big transactions (sending and receiving) will be done through offline wallet for safety and as well as reduced gas fee. Thanks.

[Whited35 15285]

43 minutes ago, Raqeebzy said:

So most big transactions (sending and receiving) will be done through offline wallet for safety and as well as reduced gas fee. Thanks.

Smart idea. If you have enough time to wait while sending fund to your offline wallet, you can still customize gwei and nonce value. I have shared this idea thinking like it will be helpful for those who want to meet a real time price momentum on the exchange sites by sending fund quickly. 

[Swapzone 174]

This is a very interesting feature kinda similar to double spending! Although, I don't use metamask. What I do is simply initiate a new transaction with higher fees and same nonce value.

[Whited35 15285]

4 hours ago, taylorzed1 said:

This is very interesting, we cannot doubt the ethereum, but for me the ethereum network transactions are already very fast even those with low gas

Not exactly ! Ethereum network can process 3-15 transactions per second which is really a lowest transactions numbers in a comparison with Ripple and Stellar networks. Miners do not include your transaction in their block so quickly if there is lower gas fee. 

[Yomose 3704]

On 8/3/2020 at 5:41 PM, Whited35 said:

@Raqeebzy I barely use any sort of online wallet for long term holding purpose or to make so many transactions because I never want to let third party to control over my funds and private key. Most of online wallets have the fixed withdraw fees which will be always more than standard fees specified by the network. 

@Whited35 there are many online wallets you can have your private keys and control tour cryptocurrencies  100% by you. 

Also there are many online wallets that have feelings control features. 

[gourav789 2834]

yea , yesterday my transcation also struck . I also see a option of speed up my transcation then I was edit gas fees for a fast Transaction as a result I git my transcation within some minute . this is really a great features available there .

[Whited35 15285]

2 hours ago, gourav789 said:

yea , yesterday my transcation also struck . I also see a option of speed up my transcation then I was edit gas fees for a fast Transaction as a result I git my transcation within some minute . this is really a great features available there .

Glad to know, you were able to speed up transactions but if you have plenty of time to wait, I recommend you to edit gas fee to lower mark. Now Ethereum network fee is decreasing and let's hope it will no longer clogged. 

[DiamondBit 720]

On 8/7/2020 at 3:15 AM, Swapzone said:

This is a very interesting feature kinda similar to double spending! Although, I don't use metamask. What I do is simply initiate a new transaction with higher fees and same nonce value.

I do not get this, this I not double spending at all. Or, you do you understand about double spending?

This is about increasing transaction fee to make the transaction ones propagated not yet confirmed to be confirms fast. 

16 hours ago, Yomose said:

@Whited35 there are many online wallets you can have your private keys and control tour cryptocurrencies  100% by you. 

Also there are many online wallets that have feelings control features. 

Fee control, not feeling. 

[Yomose 3704]

On 8/7/2020 at 1:09 AM, taylorzed1 said:

This is very interesting, we cannot doubt the ethereum, but for me the ethereum network transactions are already very fast even those with low gas so I think I would only use it in case of urgency, but it is still a beautiful information

Fast or not fast, I think no matter how fast ethereum transaction can be, I think it takes 10 minutes before a transaction can be completed. But I could be wrong. Just a question I will want you to answer. 

[BrolySSJ 7899]

This is very similar to speeding up a transaction in a bitcoin wallet as well. Generally if you increase the transaction fee that you are including with the transaction then you are able to increase the speed as well because the fee is linked to the priority of your transaction and how quickly it is confirmed. Granted that this can sometimes be hard for those that do not have a lot of crypto and therefore in those cases it is advisable to wait for the confirmation. Thank you for sharing this on metamask. 

[malik6314193 5449]

Yes i agree with you last few couple of weeks etherum network is not doing good. Their transaction fee is high. But as you says then it will taie high fee which many users can't afford. 

[Whited35 15285]

12 minutes ago, malik6314193 said:

Yes i agree with you last few couple of weeks etherum network is not doing good. Their transaction fee is high. But as you says then it will taie high fee which many users can't afford. 

If you are about to catch the real time market momentum by sending tokens to the exchange from your own wallet, you will have two options if you have already placed the transactions request, either speed up the transaction or attempt to cancel on Metamask wallet. 

[Yomose 3704]

On 8/26/2020 at 6:47 PM, malik6314193 said:

Yes i agree with you last few couple of weeks etherum network is not doing good. Their transaction fee is high. But as you says then it will taie high fee which many users can't afford. 

It depends, at the time, the ethereum blockchain was congested, that was why the price of whether was also increasing, many people were transacting ether to another addresses, miners will only take the transactions that have higher fee at the time. But recently, the blockchain is not congested as it is always. 

[Whited35 15285]

26 minutes ago, Ertugrul4388428 said:

Then edit gas fees to get fast transaction results. You can get your transaction within few minutes.

The simple concept is, higher the gas fee, faster will be the transaction because miners will be always eyeing on the transactions with higher fee to involve in their block. Nowadays, you have to pay really high gas fee on the ethereum blockchain network if you wish to get your transaction completed within a few minutes. 

[Yomose 3704]

15 hours ago, Whited35 said:

The simple concept is, higher the gas fee, faster will be the transaction because miners will be always eyeing on the transactions with higher fee to involve in their block. Nowadays, you have to pay really high gas fee on the ethereum blockchain network if you wish to get your transaction completed within a few minutes. 

You are right, at times, it is very possible that the ether transaction fee is higher, but this is not often, it only occurs when the network is congested. The time ethereum network are congested not too often, transactions are of lower fees. 

[Whited35 15285]

2 hours ago, Yomose said:

The time ethereum network are congested not too often, transactions are of lower fees. 

@Yomose I have heard like Ethereum gas fee go down after mid-night in Europe due to the less transaction load on the network. Do you have any idea about that ? When is the best time to make transaction on the ethereum blockchain network with a less fee in your experience(if any)?

[Whited35 15285]

1 hour ago, rachid2003 said:

Ethereum network transactions are really very fast even those with low gas so

No, your transaction will be remained unconfirmed for a long time if you opt out to pay the low gas fee. Nowadays, network fee is really high on the Ethereum blockchain network. Ethereum blockchain network can process just 3-15 transactions per second. 

[Yomose 3704]

15 hours ago, Whited35 said:

No, your transaction will be remained unconfirmed for a long time if you opt out to pay the low gas fee. Nowadays, network fee is really high on the Ethereum blockchain network. Ethereum blockchain network can process just 3-15 transactions per second. 

But, I think the ethereum blockchain congestion also matters. Maybe you tried to make transaction in the last short bill run, now that the network is not that congested, the feeling will be low. You can try it.