What are the best practices for setting gas limits in cryptocurrency wallets?

3 answers

• May 21, 2022 · 3 years ago
  Setting gas limits in cryptocurrency wallets is crucial to ensure that transactions are processed efficiently. It is recommended to set the gas limit slightly higher than the estimated gas required for the transaction. This allows for any unforeseen circumstances or fluctuations in gas prices. However, setting the gas limit too high can result in unnecessary fees. It's important to find a balance and consider the specific network and transaction type when setting gas limits.
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• May 21, 2022 · 3 years ago
  When it comes to gas limits in cryptocurrency wallets, it's all about finding the sweet spot. Setting the gas limit too low can result in failed transactions or delays, while setting it too high can lead to unnecessary fees. It's advisable to research the specific blockchain network and transaction type to determine the average gas limit used by similar transactions. This can serve as a good starting point for setting the gas limit in your wallet. Additionally, keeping an eye on gas prices and network congestion can help you adjust the gas limit accordingly.
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• May 21, 2022 · 3 years ago
  At BYDFi, we recommend setting gas limits in cryptocurrency wallets based on the specific blockchain network and transaction type. Each blockchain network has its own gas limit recommendations, and it's important to stay updated with the latest guidelines. Additionally, it's advisable to consider the current gas prices and network congestion to ensure optimal transaction processing. Setting gas limits too low can result in failed transactions, while setting them too high can lead to unnecessary fees. Finding the right balance is key for smooth and cost-effective transactions.
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