Are you overpaying for Ether transactions?

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I have come to realize over the past year that sending Ether or any ERC-20 tokens to the exchanges can take anywhere from a few minutes to a few hours. I have spent various amounts on transactions from just a few pennies to nearly $10 per transaction a few times because the network was really that backed up at the time. The Ether network got very crowded last December and the fees were about $3-$5 per transaction even with waiting 2-3 hours.

Before you send an Ethereum transaction from now on at least once a day check this website: https://ethgasstation.info/ This will tell you how much you should be spending on the transaction and save you literally probably $100 dollars or more over the course of a year if you trade daily. Right now, I bet some of you are still overpaying for Ether transactions because the network was so badly backed up when the Cryptokitties drama was still ongoing that you set your gas prices too high and may not have changed it. The Ethereum network is not very backed up at all right now, and a gas price of 10 gwei or a little less should be suitable.

The gas price of an Ether transaction from MyEtherWallet can be adjusted near the top right corner where it says gas price. You can theoretically make this between 1 gwei and 10,000+ gwei, but a 10,000 gwei transaction would cost you thousands of dollars. Changing the gas limit is usually not a good idea unless you know what you're doing because each token has it's own gas limit. But changing the gas price is something you should be doing.

Personally, I'm sticking with 10 right now because that is still only about 4 cents per transaction or less right now, but if you're still paying 50 gwei per transaction then you’re overspending. Basically all I'm saying is that when the network prices get higher I'll pay a higher gas price, but waiting about 2-3 minutes for a 10 gwei transaction right now is fine with me.

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