In most cases, your cryptocurrency transactions should proceed smoothly without any issues. However, there are instances where a transaction may fail to be successful, resulting in rejection.
Understanding Transaction Fees and Their Importance
Transaction fees are essential for incentivizing miners, the entities responsible for validating transactions on the network. By including an appropriate fee, you can enhance the priority of your transaction, leading to quicker confirmation. Conversely, if the fee is too low or absent, miners may choose not to validate the transaction, resulting in rejection.
The most prevalent cause of transaction rejection is utilizing an insufficient fee or omitting the fee entirely. During periods of network congestion, low fees become more likely to hinder successful transaction completion. It's crucial to note that as a service provider, we have no control over pending transactions being rejected—it solely rests in the hands of miners.
What to Do When Your Transaction Is Rejected
Rejected transactions do not appear on the blockchain and are akin to never having taken place. The sender will see the funds instantly return to the address from which they attempted to send. Before retrying the transaction, it is vital to ensure that your fee is adequate.
In the Blockchain.com Wallet, selecting a regular fee is an easy way to ensure sufficient fees. Our wallet automatically calculates the most suitable fee based on current network conditions and transaction details. For urgent transactions, opting for a priority fee can help expedite confirmation. Unless you possess advanced knowledge, it is advisable to avoid setting a custom fee, as a low custom fee may lead to a second rejection.
If you have any additional questions regarding rejected transactions, our support team is here to assist you. You can reach out to us by submitting a support request.