transactions Important things to know about Cryptocurrency transactions

[Calvinpriva 17296]

When it comes to cryptocurrency transactions, there are a few things to consider for the safety of your currencies and for better services as well. Let's look at some of those important things;

• Transfer fee
• Transaction time
• Wallet re-check

Normally, those three things seem to be very common but in-depth they are very important to consider.
 

 

1. Transfer fee.
There are many wallets that enable us to make cryptocurrencies transactions easily, but each wallet has its own set of transaction fees. Here I am talking about the wallets that allow you to choose your own transaction fee, you can choose a small or large fee for your transaction. In this regard, we must be very careful, because your transaction will be sent and verified in advance based on the fee you have chosen. If you have chosen a large fee, your transaction will be verified and completed within a few minutes, but if you have chosen a small fee, your transaction may take many hours or even days to complete! So we have to be very careful about this, it is not good for your transaction to stay unchecked for a long time on the block because it will be public and anyone can see it, even hackers! So it is better to pay a high fee but to protect your transaction than to pay a small fee but to risk your transaction.

 

2. Transaction time.
This is another important thing when making transactions because there are manual transactions and there are direct transactions. Manual transactions usually take a long time to be completed and confirmed, but automatic transactions are done very quickly even if there are many transactions at the same time on one wallet. So we have to be very careful when choosing a wallet to store and make transactions of our coins.

 

3. Wallet re-check.
This is the most important thing to check, we know that if you make a cryptocurrency transaction to a wrong wallet address you will not be able to return it, your money will be gone! So, no matter what wallet you use for transactions, we must be very careful to double-check the wallet address that we want to send our coins! Otherwise, you will lose your coins!

 

These are just a few of the important things that you need to check when making crypto transactions.

[Dorjoy12 8962]

@Calvinpriva without any doubt you have made up a good topic about crypto currency related transaction.. Your first point is About transaction fee but unfortunately this feature only available some top exchange site.. Like Binance but if you look to yobit then there has no feature like this Which is frustrated for its user.. Secondly transaction time depends on our transaction fee as you said so that yobit transaction fee always high than another exchange too             

[Calvinpriva 17296]

3 hours ago, Dorjoy12 said:

without any doubt you have made up a good topic about crypto currency related transaction .. Your first point is About transaction fee but unfortunately this feature only available some top exchange site .. Like Binance but if you look to yobit then there has no feature like this Which is frustrated for its user ..

@Dorjoy12 Yep, this feature is not in all exchanges or wallets. It's somehow helpful to some people because there are currencies which costs high transaction fee. Maybe yobit will have this feature later.

 

3 hours ago, Dorjoy12 said:

Secondly transaction time depends on our transaction fee as you said so that yobit transaction fee always high than another exchange too       

Yes, transaction time depends on fee, currency and exchange that you use. Of course, there are some exchanges with lower fees compared to yobit.

[Calvinpriva 17296]

11 minutes ago, eliottalderosn said:

so we don't end up putting wrong values in each of them just like the one who put more than 10000 ETH as a transaction fee to move 50$ worth of money 😅😅

@eliottalderosn Lol! That was a very bad day for that trader 😂. In past days I sent 0.3 ETH from coinbase to a wrong wallet address and it was really painful to me, I don't know how that person felt to pay 10,000 ETH as a fee to transfer $50 😂

 

10 minutes ago, Jacobabram said:

It is good to focus on these points because they are the most important components of investing and trading in cryptocurrencies
Yes, we have to choose a trading platform that takes the lowest fees, and we have to wait for the best suitable timing to conduct the transaction to achieve the largest possible profit rate.

Of course @Jacobabram these points are very important when making transactions. We should also make a research to find the best exchange which has good features for any trader/ investor.

[Oxygen99 1930]

This is a well constructed topic my friend because these are the major things we need to know to accomplish a transaction in cryptoworld and since that is the case i will like to add by listing some coins that have low transaction fees compared to the likes of bitcoin which has a transaction fee of 0.0012 BTC which i think is too high for small traders. We have the likes of litecoin, xrp and ethereum which we popular in every exchanger you visit and they have low transaction which most of the traders can afford, so let's check them out.

[Calvinpriva 17296]

22 minutes ago, Oxygen99 said:

This is a well constructed topic my friend because these are the major things we need to know to accomplish a transaction in cryptoworld and since that is the case i will like to add by listing some coins that have low transaction fees compared to the likes of bitcoin which has a transaction fee of 0.0012 BTC which i think is too high for small traders. We have the likes of litecoin, xrp and ethereum which we popular in every exchanger you visit and they have low transaction which most of the traders can afford, so let's check them out.

Thank you friend @Oxygen99 yes, we this are important things that we should remember them when transferring our coins from one wallet to another. Of course, we should make transactions using altcoins because BTC has a high fees. By the way, if you need to exchange ltc, bch, dash, tron, doge, to BTC and receive in any wallet, i can help for a fee of only 0.00035 BTC ☺️.

 

18 minutes ago, eliottalderosn said:

@Calvinpriva 

sad to hear about it mate 😕

Am sure he had a heart attack when he clicked it and then realized he mixed between fields !

the moral of this is to always double check your fields, amount of money/ wallet address... etc

So we don't face the same situation which that trader did

@eliottalderosn Heart attack is a must, 10,000 ETH is a big amount. Yep, it's very important to re-check everything in our transactions before we click the button so that we can not lose our coins.

[Oxygen99 1930]

12 minutes ago, Calvinpriva said:

By the way, if you need to exchange ltc, bch, dash, tron, doge, to BTC and receive in any wallet, i can help for a fee of only 0.00035 BTC ☺️.

I think this is fair compared to the amount 0.0012 which is almost $16 and for someone like me who only earn from this forum this amount is too much for me to pay. I wish the transaction fee of bitcoin can come down but due to one reason or the other it won't which is why i prefer altcoins for accomplishing transactions.

[Dark Shadow 295]

This is a very informative topic that you have created @Calvinpriva. I am sure that many people will benefit from this. We should all keep in mint these three points when making a transaction otherwise we will have to face a lot of problems. Wallet rechecking is the most essential thing to do. If we send our crypto to a wrong wallet then its over for us.

[Flying11Horse 45]

Thanks @Calvinpriva for illustrating  this topic to us.It is a very important topic if we look in it deeply.Withdrawals are very important in transferring our money from our digital wallets to our hands.So we need to be extra careful and read all about the withdrawal process before making a withdrawal.I thought that I knew all about transaction but after reading your post i have come to know that I didn't had much information of the first point of your topic "Transaction fee" So your topic was really helpful for me.

[Gluttony 1775]

I would say that I am more concern about the thing you said about the fee. I still think that there is no such free when it comes to transaction since you would be in need of paying the services that the system have made or else the transfer would not happen. I am curious on which this kind of thing could be find so that if ever I would have to cash out some of my assets in this crypto currency industry, I would be able to have most of the assets that I have wanted to withdraw from the platform.

[Calvinpriva 17296]

@Dark Shadow & @Flying11Horse You are right guys, we should be careful to re-check the wallet address that we want to transfer our coins, because in one wrong click we can cry! Also about the fee is important as well, sometimes it's better to pay for the priority withdrawals than paying for normal withdrawals because it's risky!

[malik6314193 5449]

@Calvinpriva I think there is one other factor which affect the transaction time of is type of crypto coin. For example transaction time of xrp and trx is very low as compared to transaction time of btc and eth. 

Transaction time of LTC is too much. It take about 2 hours to take place sometime. 

[Calvinpriva 17296]

2 hours ago, malik6314193 said:

@Calvinpriva I think there is one other factor which affect the transaction time of is type of crypto coin. For example transaction time of xrp and trx is very low as compared to transaction time of btc and eth. 

Transaction time of LTC is too much. It take about 2 hours to take place sometime. 

True @malik6314193 there are coins which are taking long time in transactions, i hate those coins because sometimes they can make you to miss a profit due to a price change while you have not yet receive the coin to your wallet.

[Syedbesharat 5423]

These are most important things to consider for transaction where the address must be check thoroughly before final  ok. Which some time  goes wrong  and the sender  face the losses. Where the transactions can't be return after sending to wrong address at blockchain. Always double check all things before transaction submission. Where doing fastly cause problem.

[Dorjoy12 8962]

17 hours ago, Calvinpriva said:

Of course, there are some exchanges with lower fees compared to yobit.

@Calvinpriva yah yobit provide some coin with lower transaction fee but those coin is not demand able for every one.. Because every one want to buy btc and eth in crypto market not ltc but they made btc transaction almost 12 usd and eth 7 usd while litecoin only 8 cent😆😆.. Yobit actually amazing for litecoin lover, xrp lover though i love litecoin but when we going to sell our btc then it has more demand than ltc..     

[Cryptic 0]

I think it has a huge advantage if we chose the high fee, in that way, our transaction will be highly prioritized by the network and your transaction will be completed instantly without worrying whether it will be cancelled or not. But it is up to you, if the transaction you have made was not that important then choose the low fee. The third one is the most important among all, since you can't retrieve it once you have accidentally sent it to the wrong wallet address.

[Ridam 7455]

Exactly and before doing any transaction we should look into the running gas fee of ethereum at Eth Gas Station so that we get idea we are entering the enough gas fee or not. @Calvinpriva And most important is the third one , if wallet adress get single characters mistake there would be huge problem. So I always double check the address as I have seen news of Viruses that attacks the clipboard and change the wallet adress that was copied.

[Calvinpriva 17296]

7 hours ago, Ridam said:

So I always double check the address as I have seen news of Viruses that attacks the clipboard and change the wallet adress that was copied.

This is true @Ridam it happened when i was transfer ETH and i didn't notice until it passes a few hours and i checked the wallet address. I did everything write before i made the transaction, but i realized that the address was different compared to the one i transferred the ETH.

[Calvinpriva 17296]

9 hours ago, Dorjoy12 said:

Because every one want to buy btc and eth in crypto market not ltc but they made btc transaction almost 12 usd and eth 7 usd while litecoin only 8 cent😆😆..

@Dorjoy12 The day yobit will reduce BTC fee at least to a normal fee of 0.0005, I hope they will make a lot of profit because many members will withdraw BTC without exchanging to other coins, including me 😉!

[Oxygen99 1930]

16 hours ago, Syedbesharat said:

These are most important things to consider for transaction where the address must be check thoroughly before final  ok. Which some time  goes wrong  and the sender  face the losses. Where the transactions can't be return after sending to wrong address at blockchain. Always double check all things before transaction submission. Where doing fastly cause problem.

You have made a good move with your post my friend but we are currently discussing on the transaction fees of bitcoin which is too high in most of the exchangers and I hope they exchangers like yobit exchanger will reduce there's and if they did so we don't have to convert our coins to other altcoins for accomplishing transactions.

[Jaafar Fahad Hassan 114]

55 minutes ago, Calvinpriva said:

@Dorjoy12 The day yobit will reduce BTC fee at least to a normal fee of 0.0005, I hope they will make a lot of profit because many members will withdraw BTC without exchanging to other coins, including me 😉!

Yes am sure of what you said , I will also BTC without exchanging to other coins, but if they do that ,they will gain alot, what I wonder is, why don't they do it?

[Oxygen99 1930]

On 10/24/2020 at 5:42 AM, Dorjoy12 said:

@Calvinpriva without any doubt you have made up a good topic about crypto currency related transaction.. Your first point is About transaction fee but unfortunately this feature only available some top exchange site.. Like Binance but if you look to yobit then there has no feature like this Which is frustrated for its user.. Secondly transaction time depends on our transaction fee as you said so that yobit transaction fee always high than another exchange too             

You have forgot to mention the most dangerous part of transaction which can make one lose the whole coins, when we make single mistake in pasting the wallet address to which we are sending funds to because with that mistake we are losing the whole thing we have, for that i am advising everyone reading this should make sure they check and recheck the wallet address whenever they want to accomplish a transaction to avoid lose.

[Dorjoy12 8962]

17 hours ago, Calvinpriva said:

@Dorjoy12 The day yobit will reduce BTC fee at least to a normal fee of 0.0005, I hope they will make a lot of profit because many members will withdraw BTC without exchanging to other coins, including me 😉!

@Calvinpriva why not?? If they decrease the btc transaction fee from 12 usd to 5 usd then surely many member who do transaction from yobit around 50-100 usd then they will definitely do transaction by btc as the Demand of btc much higher in crypto market..  As i do always transactions by ltc so if the btc fee reduce then i will do withdrawal my earnings too by btc🤑             

[Mark wood 2970]

32 minutes ago, Dorjoy12 said:

@Calvinpriva why not?? If they decrease the btc transaction fee from 12 usd to 5 usd then surely many member who do transaction from yobit around 50-100 usd then they will definitely do transaction by btc as the Demand of btc much higher in crypto market..  As i do always transactions by ltc so if the btc fee reduce then i will do withdrawal my earnings too by btc🤑             

@Dorjoy12 yes you are right the BTC transaction fee is so high if it is decrease it will be good so that we will not need any other coins to buy for the purpose of low fee whenever I do transaction I only prefer XRP because everyone know the fee is not much high..

[Dorjoy12 8962]

9 minutes ago, Mark wood said:

@Dorjoy12 yes you are right the BTC transaction fee is so high if it is decrease it will be good so that we will not need any other coins to buy for the purpose of low fee whenever I do transaction I only prefer XRP because everyone know the fee is not much high..

@Mark wood as we are not a trader so basically we have low capital to withdrawal Which lead us to choice low fee coin like litecoin xrp though this some coins demand not much high in crypto world..  But a thing is, you should prefer that coin to do transaction Which is accepted in your country’s usd exchange site as my country exchange site dont  prefer xrp much so i use to do transaction by litecoin..