Quick Summary
- Ethereum is known for its higher fees, even after the merger, which makes everything if there was a way to pay less fee.
- You either have to pay with your Ethereum or the time to execute your transaction.
Related: New IRS Tax Guidelines for NFTs
Gas fees are the fees you pay the miners as a reward to verify the transactions for you. On some networks like BSC, these fees are negligible. However, on Ethereum, you might be paying even double the amount you are trying to send as a fee. Luckily, we can choose to pay less fee, how do that? Let’s find out.
Pay less fee with Ethereum:
Say, if I had my Ethereum worth $25 staked on a platform and when I ended the stake to collect back the Ethereum to my MetaMask wallet, the gas fee was as high as $143.35. No sane person would use over $143 to get $25, unless it’s extremely urgent to get it done.
So, here is how you can pay fewer gas fees if you encounter a similar situation. Click on the “EDIT” button above the gas fee. Now it will show you how much can you pay for a faster transaction, an average speed transaction, and a slower transaction. The speed is proportional to the gas fee. The slowest transaction was still $124 which is almost X5 the transaction amount. So, in the next tab click on the “Advanced” tab to further lower the fees.
As shown in the image below, we set the gas limit to a minimum of 21,000 and set the price to 169 Gwei. We can see that the price immediately drops to near $6 which is a lot lower than the $143 we were previously paying, but still not much cheaper to pay for a transaction of $25.
To even lower the prices, we’ll be using Ethereum Gas Calculator. This tool tells what’s the minimum we can pay so that our transaction is not failed. Also, it calculates how much time will be required to perform the transaction. Remember, the miners prioritize verifying the transactions with higher fees.
So instead of spending 169 Gwei, we’ll be only spending 20 Gwei to perform this transaction. Now, as shown in the image above, it will take around 30,845 seconds (~ 8.5 hours) to verify this transaction. but here’s the catch, you’ll just be paying $1.31 for this transaction instead of $143.
Conclusion
This is how you can minimize your transaction fee but you’ll have to be patient to get it approved. Either you pay with time or Ethereum, the choice is yours.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
