The insufficient funds error in blockchain wallet has become increasingly popular as cryptocurrency gains momentum across the globe.
This error can be so frustrating when you are in a hurry to transfer your bitcoin or other cryptos to another wallet but the interface keeps telling you that you have insufficient funds for the transaction even when you input $1 and you obviously have more than that in your Bitcoin wallet.
This post will guide you to fix insufficient funds error in blockchain with ease.
What Causes Insufficient Funds Error in Blockchain?
Insufficient funds error in blockchain wallet could be as a result of a glitch in the software but many times it is due to popular reasons discussed here. Provided you have enough funds in your Blockchain wallet, this error usually occurs when your Bitcoin balance is not enough to pay for the transaction you are about to initiate.
Basically, this error means that the funds available in your wallet are lower than the recommended bitcoin miner fee level for getting a transaction added to the blockchain network for execution. Sometimes, this miner fee could be very high depending on factors which includes;
- Congestion on Blockchain network and
- Increasing Price of Bitcoin
Solution to Fix Insufficient Funds error in Blockchain Wallet
Wait for Bitcoin Miner fees to reduce
As explained earlier, whenever there’s congestion on the Blockchain network, priority will automatically be given to transactions with light miner fees while little or no priority will be given to the lower transactions.
In order to move your money out, you might need to wait for the congestion to reduce so you can be able to send your money out without paying high miner fees.
Try making that transaction again from time to time and see if the available balance you have on the transaction interface is increasing. Once you are Ok with the miner fee, quickly send out the money before it goes up again.
This method is most recommended since you don’t need any technical skill or expertise to do it. And besides, you can still be able to move your money out within 24hours (shared from experience).
Use a Miner Fee that is lower than the recommended value
Some blockchain wallets like Bitpay allows you to modify the miner fee by choosing an higher or lower fee to the recommended value. Although, it sounds very easy; it’s a little bit risky as your transaction might not get any confirmation for many hours or days.
This method may look a lot like a better option but considering the fact that your transaction might get unconfirmed or take a longer period of days/hours to complete is a big turn off for me.
Backup your Blockchain Wallet and Restore it to another Wallet using the Backup Phrase
You can be able to Fix the insufficient funds error in blockchain wallet by doing a backup of your wallet and restoring it elsewhere. This method requires some level of technical knowledge but you can easily get it done by following instructions that will be provided here.
Normally, your Bitcoin can be contained in a blockchain.com, bitpay or coinbase wallet but these softwares do not have any control over your Bitcoin. So, if you can send your bitcoin out of a particular wallet due to insufficient funds error or high miner fee, the good news is that you can still get your money out of that wallet and take it elsewhere.
Firstly, you need to backup your wallet and get your backup phrase, this backup phrase is what you will take to the new blockchain wallet you would like to use.
After completing the backup process and obtaining your backup phrase, you can now download a new wallet of your choice from your Phone’s app store, signup and import wallet using the backup phrase you got from your previous wallet.
For more information on how to backup and restore your blockchain wallet, watch the video below.
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