Increase of commission and cancellation of transactions in MyCrypto wallet

[zasad@]

Let's start with theory, as a rule, most users are not interested in it.
Select any transaction from the blockchain
https://etherscan.io/tx/0xf24c027cd1d90b92164fdb9d752b5bc0a4b567a2186feb3dd8fe9dca73d8f13f



Let's pay attention to the Nonce parameter. This is a counter for outgoing transactions. The account starts at zero.
The counter is incremented with each new transaction.
You cannot send multiple transactions at the same time, these operations will be executed sequentially. (Do not confuse with bulk sending via smart contract - this is one operation)
First, an operation with Nonce 0, then 1, then 2, and so on.
If the transaction with Nonce 0 has a low commission, and with Nonce 1 and 2, it is high, then 1 and 2 will not be processed until Nonce 0 is processed or canceled.

It also protects against double spending because the transactions are performed sequentially.
More details:
https://kb.myetherwallet.com/ru/transactions/what-is-nonce/

MyCrypto.com

In early 2018, one of the developers of the popular MyEtherWallet (MEW) wallet announced the release of an alternative product, MyCrypto.com, with an identical interface and functionality.
I did not delve into the reasons that it was - a marketing move or a misunderstanding to the team. Write if you know.

More details:
https://bitstat.top/blog.php?id_n=2486


Commission increase:

Metamask has a button to increase the commission, but MyCrypto does not.

It is better to use gastracker for a start
https://etherscan.io/gastracker

But the gas price can grow by 50-100 points in 5 minutes and your transaction will wait for confirmation for 1 hour or more, and the next transactions will not work.

What do we have to do?
1. Log in to MyCrypto using a hardware wallet, seed phrase, private key or JSON file.
2. Find the Nonce value of a transaction with a low commission (for example, Nonce = 6)
3. Create the same transaction with the same amount and the same recipient, but change 2 parameters:
optimal gas price (more than in a stuck transaction)
In Nonce, set the value of the transaction with a low commission (in this example, Nonce will be equal to 6).



4. Your transaction will be confirmed and the old one will be canceled (no commission loss). There cannot be 2 transactions with the same Nonce.

Canceling a transaction:
1. Log in to MyCrypto using a hardware wallet, seed phrase, private key or JSON file.
2. Find the Nonce value of a transaction with a low commission (for example, Nonce = 6)
3. Create the same transaction with the same recipient, but change 3 parameters:
Amount of payment =0
optimal gas price (more than in a stuck transaction)
In Nonce, set the value of the transaction with a low commission (in this example, Nonce will be equal to 6).
4. A zero transaction will be confirmed by canceling the old one (no commission loss).
Zero transactions can be sent on the Ethereum network. This is not possible on the bitcoin network, here the minimum amount to send is 0.0000546 BTC

This explains why there is a fee for canceling a transaction.

Download the MyCrypto wallet only from the official website
https://mycrypto.com
__
my article is in Russian
https://bitcointalk.org/index.php?topic=5308547

[JeromeTash]

The ability for one  to cancel a pending on Ethereum is really a life savior if one needs to increase gas and have their transactions get confirmed faster. A number of Ethereum supporting wallets now support the ability for one to cancel appending transactions using the procedure.

1. Trust wallet  - https://community.trustwallet.com/t/pending-stuck-transactions/126
2. Enjin wallet - https://support.enjin.io/help/pending-transaction
3. Metamask - https://metamask.zendesk.com/hc/en-us/articles/360015489251-How-to-Speed-Up-or-Cancel-a-Pending-Transaction
4. Myetherwallet - https://kb.myetherwallet.com/en/transactions/checking-or-replacing-a-tx-after-sending/

[zasad@]

Metamask wallet has implemented the easiest way to speed up a transaction, you need to press 2 buttons. First "speed up" and then "confirm"
And the process of canceling the transaction also goes through with the encouragement of pressing 2 buttons.
But this has one drawback, users will not know how the principle of canceling or accelerating a transaction works.
If a user experiences a software failure, then he will not be able to speed up or cancel the transaction through the interface of another wallet and may lose his money.