Hello Ledger fam!
In recent weeks, we've seen a significant surge in transaction fees on both Bitcoin and Ethereum. Although the fees have dipped for the time being, there's always the possibility of future spikes. We've put together this guide to help you maneuver these fees and share some best practices.
- For Bitcoin (BTC) users: Before initiating a transaction, we recommend checking https://mempool.space/ for potential network congestion. If the network is busy, consider postponing your transaction until the fees decrease. If you need to transact urgently, customize your transaction and utilize https://mempool.space/ to identify the optimal sat/byte fee. In the event of a stuck transaction, you can connect your Ledger to Electrum to expedite the process. Here's a comprehensive guide on how to do this: https://support.ledger.com/hc/en-us/articles/6183300395037-Speeding-up-slow-Bitcoin-BTC-transactions-using-Electrum?docs=true
- For Ethereum (ETH) users: Always check the current gas price at https://www.useweb3.xyz/gas or https://etherscan.io/gastracker before sending your transaction. Be mindful that transactions involving smart contracts, such as sending ERC20 tokens, swapping assets or buying/selling NFTs, will require more gas, making them costlier. To avoid peak network congestion, it's advisable to refrain from transacting during US business hours. Historically, early weekend mornings have proven to be the most affordable times to conduct transactions on Ethereum (learn more). If your transaction gets stuck, you can pair Metamask with your Ledger to speed up your transaction until this feature becomes available in Ledger Live. This helpful tutorial will guide you through the process: https://support.ledger.com/hc/en-us/articles/9330590476829-How-to-cancel-a-stuck-transaction-in-MetaMask-using-nonce?support=true
We hope these tips come in handy. Got any questions? Feel free to ask them below, or join one of our daily YouTube Live Support sessions at: https://www.youtube.com/@Ledger/streams. You can also check the schedule here: https://support.ledger.com/hc/en-us/articles/6979046441117-Ledger-s-Weekly-Customer-Service-AMA-Onboarding-Schedule?support=true
Onwards and upwards!
3 thoughts on “Navigating BTC and ETH Transaction Fees: Best Practices & Helpful Tools”
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Great guide. What happens if a transaction is stuck and you don’t want to do the electrum cpfp? Will it come back?
You need to address the community’s concerns on this recovery service ❤️🩹
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