Ethereum Speedup Transaction

[GreatArkansas]

I want to ask questions for those who already tried or have knowledge using the Ethereum network, especially in Metamask.

When you speed up your previous transaction (updating the GAS (gwei) ) just to speed up the transaction.
My question is on the transaction fee I paid,

Do I double pay the fees? For the first transaction (initial transaction) and the second one (speed up transaction)

[SquirrelJulietGarden]

[GUIDE] How to cancel or replace an ETH transaction (Metamask, MEW, MyCrypto) Images are invalid now.

I don't experience it with Metamask but with Myetherwallet, when you cancel or replace your transactions, you have to pay higher net transaction fees. You pay fees two times so the net fees are higher than if you complete your transaction with first attempt.

[cryptoaddictchie]

When you speed up your previous transaction (updating the GAS (gwei) ) just to speed up the transaction.
My question is on the transaction fee I paid,

Do I double pay the fees? For the first transaction (initial transaction) and the second one (speed up transaction)

Yes, Ive also noticed this. The speed up process has been deducted too. But Im not sure if the amount is whole. Ive only try it thrice due to slow processing.

But will give you a heads up if Ive tried it again and the fee is deducted in whole cause I didnt normally check it but Im sure there is a deduction cause you process another different transaction.

[SquirrelJulietGarden]

How to speed up or cancel a pending transaction
Do I get charged twice if I replace a transaction with metamask?. Is the answer correct?

No, you only pay for gas for a verified or failed transaction. When speeding up (or replacing the tx) you only pay for the transaction that actually makes it through.

[FinneysTrueVision]

When you speed up a transaction it is like double spending bitcoin. Your wallet will submit a new transaction with the same nonce as the previous transaction but with a higher gas price. It is only possible for one of these transactions to get confirmed. The unconfirmed transaction will be forgotten and eliminated from the mempool.

[blockman]

When you speed up a transaction it is like double spending bitcoin. Your wallet will submit a new transaction with the same nonce as the previous transaction but with a higher gas price. It is only possible for one of these transactions to get confirmed. The unconfirmed transaction will be forgotten and eliminated from the mempool.

This is correct. And this is why you should have the exact amount on my metamask to cover the additional fee that you shall do upon speed up. But it's much better that you've got more than what you're going to send so that it won't get stuck. I've experienced paying the fee exactly then it's estimated to come within an hour but because of the higher fee that has suddenly come, my transaction got stuck for more than 3 hours. I've learned from that but with speed up, it's automatically going with the recommended fee and shall be confirmed asap.

[cryptoaddictchie]

When you speed up a transaction it is like double spending bitcoin. Your wallet will submit a new transaction with the same nonce as the previous transaction but with a higher gas price. It is only possible for one of these transactions to get confirmed. The unconfirmed transaction will be forgotten and eliminated from the mempool.

Thats correct. But Im confuse whether the fees incurred during the first one will be deducted or cancel as well. Or it falls on the idea of double spending meaning the more we save gas fee by using lower fee and later on decided to do a speeding transaction will spend more instead we could save some.

If thats the case then everyone should pay attention to the gas fee and used at first higher all youll just spend more.

[khiholangkang]

I want to ask questions for those who already tried or have knowledge using the Ethereum network, especially in Metamask.

When you speed up your previous transaction (updating the GAS (gwei) ) just to speed up the transaction.
My question is on the transaction fee I paid,

Do I double pay the fees? For the first transaction (initial transaction) and the second one (speed up transaction)

I use metamask a lot and have experienced the same thing. Fees are not doubled, only once are deducted, and are lower than what is listed there

[barabeku]

I have tried it on Metamask, but on Binance Smart Chain and Polygon. Nevertheless I guess it is the same on Ethereum. As I noticed, when you speed up your transaction, you pay one more time, but at a bigger price. It is not very visible on sidechains as fees are too small (less than 1$ and sometimes even less than 1 cent), but in case with Ethereum it is too expensive, so you had better always put a price a little higher than average.

[jrrsparkles]

When you speed up a transaction it is like double spending bitcoin. Your wallet will submit a new transaction with the same nonce as the previous transaction but with a higher gas price. It is only possible for one of these transactions to get confirmed. The unconfirmed transaction will be forgotten and eliminated from the mempool.

Thats correct. But Im confuse whether the fees incurred during the first one will be deducted or cancel as well. Or it falls on the idea of double spending meaning the more we save gas fee by using lower fee and later on decided to do a speeding transaction will spend more instead we could save some.

If thats the case then everyone should pay attention to the gas fee and used at first higher all youll just spend more.

AFAIK, the previous transaction will be cancelled so the new transaction fee only will be deducted because we are going to use the same transaction novice to replace the previous transaction which initiated with less gas fee. But when we are replacing the fee, it is always recommend to use higher has fee than actual recommend ones to avoid further delays.

[aemma]

I believe you only pay for a transaction that goes through, that is, even if the first one is pending and the second one goes through, you will only pay for the second one while the first will fail after a while. I have noticed this on some cases, actually learnt it from someone, that is, performed a transaction with Trust wallet and it's taking time, I just imported the wallet to Imtoken and perform the same transactions again and it goes through while the other fails, that is the one with the higher gas fee goes through.
So in another sense, performing the transaction again by speeding it up is still same thing, since the idea is using a higher gas fee than the previous.

[lepbagong]

I often make transactions like you, my friend, because I see that there are facilities to speed things up that appear on the screen and it seems that the transaction has not yet been completed, so I do it to speed things up. but I have never seen whether the transactions that occur actually add to the cost or not, because for me the important thing is that it has been completed.

but with the information you provide, maybe one day I will try to pay attention before and after the transaction because this information is important too, thank you pal.

[GreatArkansas]

Thanks for all the answers.

It's now clear to me, that the fees are not doubled. So I will just pay 1 transaction fee (the final transaction went through).

This is very good on the Ethereum network especially these days that Ethereum got an extremely huge transaction fee and it is fluctuating really fast.