ETH & ERC-20 tokens: Common Questions
Note: The Ethereum blockchain is experiencing an overload right now, which may be resulting in sky-high network fees. Take note of the fee before sending/exchanging your ETH or ERC-20 tokens.
Why are the network fees so high?
Any transaction on the blockchain needs to get processed by miners. Of course, they aren't spending all the gigantic computer power mining requires for free. That's why the Ethereum blockchain charges you a network fee when you send your ETH out; the fee will be paid to the miner who'll process your transaction. Of course, the fees can skyrocket in case the network is overloaded. With thousands of transactions lining up to get confirmed, you'll need to offer a higher incentive if you want yours to be processed faster.
Overall, the size of the network fee depends on the network's current congestion, as well as ETH's price. The higher ETH costs, the higher the fees will be, which is why they're so high with crypto prices booming in early 2021. Ultimately, no matter which wallet you're using to transfer your coins, you'll still be interacting with the same blockchain charging the same fees.
How do I set a custom network fee?
You can decide on the network fee yourself when sending out your ETH in Atomic Wallet. However, we strongly recommend against using this option to cut the fee down. Otherwise, it may take days for your transaction to arrive. With that in mind, find our guide on setting custom network fees here.
How to check whether my transaction went through?
What can I do about a pending transaction?
If you're in hurry and don't want to wait for the stuck transaction to get confirmed at its own pace, you can either cancel or replace it. However, doing so can be a bit tricky.
Every transaction you send out of your wallet gets assigned its own index number, called "nonce" (i.e. " number only used once"), which equals the number of transactions previously sent from your address. The counting starts with 0, as is customary in programming, so the 27th's transaction nonce will amount to 28. To replace a transaction, you'll need to create another one with the same nonce.
How do I resend my transaction? Starting with Atomic Wallet v.2.27.0, you can resend any ETH transaction that doesn't get confirmed within 10 minutes.
To do so, go to the Wallet tab on the left sidebar and pick ETH from the coin list. Here, choose the Transactions tab and find the earliest pending transaction in your history. You'll see the Resend button, which will let you create a new transaction with the same nonce. The old one will get the Dropped & Replaced status automatically.
If you'd prefer to cancel your transaction instead, you'll need to import your ETH private key into the MyCryptoWallet and send a 0 ETH transaction with the same nonce. Check our guide on how to do that here.
What's a ERC-20 token?
A ERC-20 token, simply put, is a token based on the Ethereum blockchain. The latter has long become a platform anyone can use to create their own token. The token will be using the ERC-20 token standard and will have to abide by its rules. Some of the most popular examples include Maker (MKR), Dai (DAI), and Chainlink (LINK).
Can I keep my ETH-based tokens in Atomic Wallet?
Yes. Since we offer support for the ERC-20 standard, you can use Atomic Wallet for any token operating under that protocol. The wallet lists some tokens out of the box, but you're free to add any custom ones. Check our guide on how to do that here.