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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 on Reddit and said 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. Due to the confusion, the trader who paid 23.5 ETH as a transaction fee accidentally paid around $ 9,000 400.
The trader, who shared his misfortune with Reddit users, said he communicated with Ethermine via Twitter, but wasn’t sure he could find a solution to the problem; “is there anything I can do?” she asked.
Previously this is the best of evil
In the world of cryptocurrencies, users face an incorrect amount of transaction fees almost every month. Even though the end user who experienced this misfortune paid a commission of about $ 9,000 400 for his $ 120 transaction, there were some developments that made him say it was worse.
A total of $ 5.2 million in ETH transaction fees were paid on 2 transactions worth a few hundred dollars last June. Many people in the cryptocurrency world have reacted to this confusion and asked questions like “where is this gain from falsehood going?”
Why the mistake in Ethereum transaction fees?
While there are many claims about these simple 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 user to determine the cost of the transaction by adopting a system based on the highest price of the user who wants to carry out their transaction. In this context, it is possible for the person making the transaction to lose thousands of dollars by typing a zero above or by moving a comma.
A more skeptical segment argues that it is a money laundering business. The transaction fee mining rewards are seen as legitimate money and so if you want to launder the available money, the transaction fee can be considered a legitimate gain by finding a way to transfer it to the mining pools.
If the transaction was not made as a result of an error and was not carried out 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 the 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 views in the style of “We shouldn’t trust the ETH network”.
