There is always one development in the cryptocurrency world that might not make too much sense at first glance. Paying an Ethereum transaction fee of over $2.5 million certainly is rather unique, but primarily costly.
Transaction fees are an integral part of most cryptocurrency networks.
A Rather Excessive Ethereum Fee
In the case of Bitcoin, there have been ample concerns over skyrocketing fees,
Ethereum, during times of congestion, has its own high fees to worry about.
One recent incident, however, has attracted a lot of attention.
One user paid a fee of nearly 10,700 Ether despite only spending 0.55 Ether in the transaction itself.
According to the user, this was a “mistake”, although it is one very expensive lesson to learn.
Issues like these will not result in excess money spent to be refunded automatically.
Once it is validated on the network, there is no way to ‘reverse” the transaction any longer.
One can only hope that the miner or pool processing the high fee will return it to the original owner.
For now, it remains unclear if that will happen, albeit there is a good possibility that this will be the outcome.
Sending a transaction requires users to properly check and verify all information before submitting it.
Without doing so, things can clearly get very costly.