A Reddit user asked for help when he accidentally paid 23.5 Ethereum (ETH) as a transaction fee during a Uniswap transaction worth $ 120. So why does this error in transaction fees occur?
An account called “ethtrader” posted to Reddit and said that he accidentally paid a hefty transaction fee for a $ 120 transaction. According to the post, the trader wanted to make a $ 120 transaction on the Uniswap platform. As a result of the confusion, the trader who paid 23.5 ETH as a transaction fee accidentally paid approximately 9 thousand 400 dollars.
The trader, who shared his misfortune with Reddit users, stated that he communicated with Ethermine via Twitter, but he was not sure whether they could find a solution to the problem; “is there anything I can do?” she asked.
Previously this is the better of the bad
In the crypto world, almost every month, users are faced with the wrong amount of transaction fees. Even though the end user who experienced this misfortune paid a fee of approximately $ 9 thousand 400 for his transaction worth $ 120, there were some developments that would make him say that there was worse.
A total of $ 5.2 million ETH transaction fees were paid out of 2 transactions worth just a few hundred dollars last June. Many people in the cryptocurrency world reacted to this confusion and asked questions such as “where is this gain from falsehood going?”
Why is the error in Ethereum transaction fees?
While there are many claims about these sheer transaction fees, the cryptocurrency community provides the majority on 3 options. The first was that such inaccuracies were just an accident. Most Ethereum wallets allow the transaction cost to be determined by the user by adopting a system based on the higher price of the user who wants to take their transaction forward. In this context, it is possible for the person making the transaction to lose thousands of dollars by typing a zero over or shifting a comma.
A more skeptical segment argues that this is a money laundering activity. Mining rewards from transaction fees are viewed as legitimate money and so if you want to launder money on hand, the transaction fee can be taken as legitimate gain by finding a way to transfer it to mining pools.
If the transaction was not made as a result of an error and was not made for illegal activity, there is a third option: Ethereum’s fault. Some people suggest that such inaccuracies could be caused by a bug in the Ethereum network. Although blockchain technology is designed to prevent such problems, everything may not go as planned. Especially on-chain and scaling issues have been a headache for Ethereum for a long time. That is why many cryptocurrency followers agree on this option and express their opinions in the style of “We should not trust the ETH network”.