Pending Transaction Status in your Wallet?
We all like fast transactions with zero issues, no matter if it’s from our banks or from our cryptocurrencies wallets or anything, but sometimes there are some exceptions that will make us have a mini heart attack.
Imagine that you want to receive a payment and your client sent you the money via Bitcoin, Ethereum or other cryptocurrency, and he said “hey I sent you the money, but there is a problem” Boom your heart starts pounding.
There are different types of wallets
You can receive your payments in lots of exchanges, wallets and other good places such as Binance, Localbitcoin, Metamask and others.
But there are also private wallets such as Exodus, Newton, WealthSimple, and more complex wallets which give the users more personalized features and one of those features is manually selecting the fee.
Fees are the key
In most cases, transactions can be put on hold or appear as “pending transaction” for a lot of time, including days if the fee or gas are set way too low.
Many people actually do this to avoid paying high fees, resulting in concerns for both parties.
Keep your ID close
Also, sometimes depending on the devices that you are using and the exchanges, if you do not upload your ID documents you could also have this issue.
Some exchanges will ask for extra documents after you reach a high level of transactions or a high volume of cryptocurrencies.
That is why it is always important to read the terms & conditions of any exchanges or wallets, online casino accounts, affiliate wallets and other places that may hold your Bitcoin, Ethereum or other cryptos.
What can you do if this happens to you?
First, don’t panic and take a deep breath and start consulting your friends, read blogs, read the FAQ to see if there is something related to this topic.
Try to read forums and join social media groups of traders or people that use cryptos.
After that, if you do not find the solution to your problem, you need to contact the support team of your platform and tell them about it.
Remember to write to them politely and calmly about your situation and explain to them all details and keep at hand any documents, screenshots, receipts that they may ask you.
If the problem is not on your end, then you need to talk to the person that sent you the cryptocurrencies and explain to them that they may need to increase the fees or even cancel the transaction and redo the transaction.
Tips when making cryptocurrencies transactions
You should always know how much the transaction fees will be, no matter if you are sending or if you are receiving, this way you will be on top of everything that may happen.
In the same way, after knowing the fees for a standard transaction, you can tell your peer and negotiate and agree about it.
This way, your peer will know that he is dealing with someone that knows how the game works and will respect you.
Make sure to discuss the proper terms
If you are sending and money is not a problem for you, then to avoid any misunderstanding with your peer you should pay the standard fees or higher fees for a fast transaction and let your recipient know about it
However, if you don’t want to pay high fees and your recipient wants the money fast, you can negotiate with him the fees.
If you are receiving, ask your sender as soon as possible if he is going to put high fees or standard fees because as we said before there are people that do not want to pay any fees, so this way you can negotiate the fees or know for sure if he is going to pay standard.
What happens if a transaction has zero fees?
If a transaction has zero fees or zero gas, it is 99.99% sure that transaction will not be picked by the miners and will have to be remade.
This means that you'll need to be aware of scammers that make the transaction this way and send you all the details because they will try to trick you.
What if the fees are too low?
Well, if the sender sets low fees to the transaction and the message “pending transaction status” appears you could wait 1 or 2 days, but it is possible that it will never be picked by the miners, so the sender will have to make a new transaction with higher fees.
Don’t forget that many of these wallet providers offer many features including “accelerate buttons” which basically after clicking on it will accelerate the transaction for the cost of automatically increasing the fees.
Actually the older transaction will be canceled, and a new one will take its place but with no pending status this time.
Just remember to avoid panicking and take the right steps to make sure your transaction goes through.