If you are executing a time-sensitive transaction and you want it to go through in the very next block or something, you can choose "fast" to increase your bid on gas to make it more likely a miner will include your transaction in their next block.
If you don't mind your transaction taking 10-20 minutes to execute, slow is just fine. If your wallet allows it, you can even manually set a gas price to lower than "slow" if you think gas will drop eventually. If/when gas does drop to what you set, your TX will be picked up and processed.
For example, right now gas is ~30 Gwei. You can submit a TX at 30 Gwei and have it go through in the next ~30 minutes, or you could try to submit one at 10 Gwei and it might go through sometime in the next day since we've been getting regular dips to that level.
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