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Topic: 0.05 Ether tx fee, is ethereum going mad? (Read 418 times)

FairUser
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0.05 Ether tx fee, is ethereum going mad?
May 13, 2021, 01:41:57 AM
#61
Quote
How dare they invest if they don't have a basic knowledge,
which is certain in any case at least we have basic knowledge because it is important so that we do not do careless actions,
I think learning is mandatory and hopefully beginners will do that too
We all try to advise new entrants to learn before deciding what to do, but most of the people don't care about that, not even ourselves in the first place when we know this market. It takes money, time and effort to get the results you see now. Most of the results will be paid for by the above, and newcomers to another field will experience such things.

TopTort777
legendary
Activity: 2394
Merit: 1476
Re: 0.05 Ether tx fee, is ethereum going mad?
May 12, 2021, 10:31:01 AM
#60
Quote from: ubercool on May 12, 2021, 10:21:37 AM
The lowest fee for erc20 transfer right now is 86$.

Do you remember what were the fees 1-2 years ago? Lowest fee of 86 bucks is at Ethereum price of 4.3k. But if Ethereum would cost 300 bucks, fees wont be as expensive as they are now.

I think it will be correct to name Ethereum fees in ETH. I just check "last made transaction" on https://etherscan.io/ and it showed that transaction fees is 0.00667590003368 Ether for transferring 0.3 ETH. If we calculate it in ETH then this transaction cost only 2% of the amount sent. That is not that much.

If "86$" is a lot, then if Ethereum would cost 20k, this transaction would be almost 750$. I guess if Ethereum would really cost that much, people would cry paying that much for a transaction.

P.S. https://etherscan.io/ says that lowest fee right now is 328 gwei  $30.02 | ~ 10 mins:26 secs.
lionheart78
legendary
Activity: 2954
Merit: 1153
Re: 0.05 Ether tx fee, is ethereum going mad?
May 12, 2021, 10:28:15 AM
#59
Quote from: ubercool on May 12, 2021, 10:21:37 AM
The lowest fee for erc20 transfer right now is 86$. Even though the thread is old, the problem still remains the same. Still, ETH is mooning, because the same fees will start burning once the update comes and the supply will get less compared to demand.

Sucks to be a small-time trader, imagine buying a $60 token on uniswap with a $150  transaction fee  Angry.  It is ok to whales that buy hundreds ETH worth of token but for small-time user, this outrageous fee makes it very hard for us.
ubercool
hero member
Activity: 1078
Merit: 504
Re: 0.05 Ether tx fee, is ethereum going mad?
May 12, 2021, 10:21:37 AM
#58
The lowest fee for erc20 transfer right now is 86$. Even though the thread is old, the problem still remains the same. Still, ETH is mooning, because the same fees will start burning once the update comes and the supply will get less compared to demand.
bamb
sr. member
Activity: 938
Merit: 251
Re: 0.05 Ether tx fee, is ethereum going mad?
May 12, 2021, 10:02:57 AM
#57
There is a lots of activities on ethereum network  now.  I tried not to transact especially on Dex at this time until the fee is lower.  As ether rises in value,  the fee will rise as well!  Let's hope the future updates will fix this ridiculous fee on ethereum!
ipanks
hero member
Activity: 1610
Merit: 507
Re: 0.05 Ether tx fee, is ethereum going mad?
May 12, 2021, 09:58:54 AM
#56
Quote from: bryant.coleman on May 11, 2021, 12:23:11 PM
Quote from: ipanks on May 11, 2021, 12:12:05 PM
The last time I withdraw ETH from hitbtc is 1,2xx and the fee is about 0.009 eth. That is still not too high compared to the money that I will receive in the other wallet. I think the exchange will adjust their fee based on the network fee but for personal wallets, maybe the fee will be high than the exchanges. I hope the fee will reduce so we do not have to pay a high fee as before.

At least as far as Ethereum and Bitcoin are concerned, the high fee is here to stay. Both the coins don't have any mechanism to cope with an expanding user base and increase in the number of transactions. The miners usually give the excuse of Lightning Network for Bitcoin and ETH 2.0 for Ethereum, fully knowing that these are just excuses and don't really resolve the issue. Don't be surprised if the fee increases much higher in the near future. What we can do is to keep BTC and ETH reserved for high value transactions (>$1,000) and use coins such as ETC, BCH and LTC for smaller amounts.
You are right. Maybe that is why bitcoin and ethereum in the long-term investment do not have to send bitcoin and ethereum if we want to hold it and sell it for the highest price. Converting bitcoin and ethereum into other coins will be the solution, and I like to convert it into LTC because the fee is much comfortable for me. Or I will use the other coins, but still, LTC is my favorite coin to make a transaction.
Republikcoin.com
legendary
Activity: 2716
Merit: 1102
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Re: 0.05 Ether tx fee, is ethereum going mad?
May 12, 2021, 05:50:17 AM
#55
Quote from: Jackl87 on May 11, 2021, 06:10:50 AM
...but that spike of ETH to over 4k$ created a lot of network traffic again i guess.

The high price of Ethereum is because many people are staking ETH 2.0 to welcome Ethereum even better, so they buy large quantities of Ether. We all understand that transacting at Uniswap for now has seriously disrupted our economy as Ethereum users, that means that instead of spending our energy and money on gambling now, we better invest more and stake Ethereum 2.0 which is more certain. bring big profits at launch.
bakasabo
legendary
Activity: 2436
Merit: 1207
Re: 0.05 Ether tx fee, is ethereum going mad?
May 12, 2021, 03:33:17 AM
#54
Another proof that Ethereum blockchain is only for those who can afford it. It was proved even in 2017. 3.5 years has passed and devs havent fixed that or figured out how to decrease fees. Of course I'm overreacting, the reason fees are so expensive is that Ethereum is expensive. When the price of Ethereum was less than $200, no one would even bother paying 0.05 for a transaction.

What makes me sad, that such fees nearly kill small projects that use Ethereum blockchain. Small investors (like iTradeChips colleagues) simply cant buy anything right now, without loosing autonomous amount on fees.  All that they can do is to buy altcoins and become holders. But to me, holding = doing nothing. This neither helps to develop cryptocurrency in general, nor to bring any kind of innovations.
Traderbtcc
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Re: 0.05 Ether tx fee, is ethereum going mad?
May 12, 2021, 03:13:42 AM
#53
Quote from: Atang Sulaeman on May 11, 2021, 07:53:14 AM
if the price of ETH gas continues to soar what will happen, surely everyone will move to cheaper gas prices, is there the best solution for ETH gas prices or we have to wait until the price of ETH gas drops for each of our transactions.
No one would be stupid enough to want to pay $20+ for just a simple transaction, have been unable to use Ethereum dex's all because I can't pay those crazy gas fees, lately I avoid token running on Ethereum blockchain, cause transferring them to another wallet is something else, i think people have already moved over to other blockchain with cheaper fees, the reigning blockchain now is Binance Smart Chain (BSC) which IMO is the new breeding ground for upcoming projects, since its faster and uses less fees ~$0.5 to perform a transaction.
monineklutak
sr. member
Activity: 1890
Merit: 252
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Re: 0.05 Ether tx fee, is ethereum going mad?
May 12, 2021, 01:16:13 AM
#52
Quote from: FairUser on May 12, 2021, 12:26:43 AM
Quote from: iTradeChips on May 11, 2021, 03:53:50 AM
I am afraid you would say that. My only thought really is for him to think of other Ethereum like coins and maybe find the ones with very little fees. He really wants to find some cheap coins or tokens that he can invest in. Much the same as with Penny stocks, like spend 100 dollars worth and watch it magically grow to 1000 dollars in a few months. I told he needs to be patient with crypto and he says he is patient but I think ETH is off limits for the meantime unless he can find ways to buy ETH and directly transfer to the metamask account with small fees, but that is unlikely. Anyway, I think the only choice right now is find a different coin to invest with right now.

Quote from: harapan on May 11, 2021, 04:24:10 AM
No one in the masses will accept to pay this high gas fees, transactions with Ethereum now are for the rich people alone, cause the average man in the society won't accept to pay $20+ just to carry out one transaction, the current eth isn't ready for everyone to use, maybe the ETH 2.0 will be okay, but who knows till then.
I do not hesitate to say that they are greedy when not understanding the basic knowledge to participate in investing in this market. Obviously, with a small amount of money, from anywhere should learn and allocate it properly, and this is also seen as a lesson for newcomers, not anything profitable will also find them profit.



How dare they invest if they don't have a basic knowledge,
which is certain in any case at least we have basic knowledge because it is important so that we do not do careless actions,
I think learning is mandatory and hopefully beginners will do that too
FairUser
sr. member
Activity: 1344
Merit: 264
bit.ly/3QXp3oh | Ultimate Launchpad on TON
Re: 0.05 Ether tx fee, is ethereum going mad?
May 12, 2021, 12:26:43 AM
#51
Quote from: iTradeChips on May 11, 2021, 03:53:50 AM
I am afraid you would say that. My only thought really is for him to think of other Ethereum like coins and maybe find the ones with very little fees. He really wants to find some cheap coins or tokens that he can invest in. Much the same as with Penny stocks, like spend 100 dollars worth and watch it magically grow to 1000 dollars in a few months. I told he needs to be patient with crypto and he says he is patient but I think ETH is off limits for the meantime unless he can find ways to buy ETH and directly transfer to the metamask account with small fees, but that is unlikely. Anyway, I think the only choice right now is find a different coin to invest with right now.

Quote from: harapan on May 11, 2021, 04:24:10 AM
No one in the masses will accept to pay this high gas fees, transactions with Ethereum now are for the rich people alone, cause the average man in the society won't accept to pay $20+ just to carry out one transaction, the current eth isn't ready for everyone to use, maybe the ETH 2.0 will be okay, but who knows till then.
I do not hesitate to say that they are greedy when not understanding the basic knowledge to participate in investing in this market. Obviously, with a small amount of money, from anywhere should learn and allocate it properly, and this is also seen as a lesson for newcomers, not anything profitable will also find them profit.


fahmimajannat
jr. member
Activity: 420
Merit: 1
Re: 0.05 Ether tx fee, is ethereum going mad?
May 11, 2021, 02:01:00 PM
#50
Its getting worse to worst day by day.
Its very unusual for us to give that much fee.
Now days you have to pay 200$ fee for a simple 10$ shit coin investment.
Its really tough.
This fee Problem should be solved as soon as possible.
bryant.coleman
legendary
Activity: 3752
Merit: 1217
Re: 0.05 Ether tx fee, is ethereum going mad?
May 11, 2021, 12:23:11 PM
#49
Quote from: ipanks on May 11, 2021, 12:12:05 PM
The last time I withdraw ETH from hitbtc is 1,2xx and the fee is about 0.009 eth. That is still not too high compared to the money that I will receive in the other wallet. I think the exchange will adjust their fee based on the network fee but for personal wallets, maybe the fee will be high than the exchanges. I hope the fee will reduce so we do not have to pay a high fee as before.

At least as far as Ethereum and Bitcoin are concerned, the high fee is here to stay. Both the coins don't have any mechanism to cope with an expanding user base and increase in the number of transactions. The miners usually give the excuse of Lightning Network for Bitcoin and ETH 2.0 for Ethereum, fully knowing that these are just excuses and don't really resolve the issue. Don't be surprised if the fee increases much higher in the near future. What we can do is to keep BTC and ETH reserved for high value transactions (>$1,000) and use coins such as ETC, BCH and LTC for smaller amounts.
yua_na
full member
Activity: 434
Merit: 175
Re: 0.05 Ether tx fee, is ethereum going mad?
May 11, 2021, 12:16:34 PM
#48
Its not ethereum going mad. It is miner who only willing to proceed the highest people who want to pay for highest transaction fees, this need to be stop. Ethereum now become institution only transaction and does not fit for retail transaction. Or else people will choose bsc again for retail transaction.
ipanks
hero member
Activity: 1610
Merit: 507
Re: 0.05 Ether tx fee, is ethereum going mad?
May 11, 2021, 12:12:05 PM
#47
The last time I withdraw ETH from hitbtc is 1,2xx and the fee is about 0.009 eth. That is still not too high compared to the money that I will receive in the other wallet. I think the exchange will adjust their fee based on the network fee but for personal wallets, maybe the fee will be high than the exchanges. I hope the fee will reduce so we do not have to pay a high fee as before.
iTradeChips
hero member
Activity: 1792
Merit: 536
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Re: 0.05 Ether tx fee, is ethereum going mad?
May 11, 2021, 09:59:47 AM
#46
Quote from: Atang Sulaeman on May 11, 2021, 07:53:14 AM
if the price of ETH gas continues to soar what will happen, surely everyone will move to cheaper gas prices, is there the best solution for ETH gas prices or we have to wait until the price of ETH gas drops for each of our transactions.

I really find it frustrating that the expensive gas price is what is driving small time investors away from ETH tokens especially those who are investing at startup tokens. I guess you are right, that we just have to find coins similar to ETH but with very low gas price. Bitcoin and Ethereum are now assets that only the rich can afford. Common folk are left to fend off with lesser known and cheap coins that has low profit and even low risk. Depressing is my colleague that he was not able to invest on a token he wants.
Atang Sulaeman
full member
Activity: 910
Merit: 101
Re: 0.05 Ether tx fee, is ethereum going mad?
May 11, 2021, 07:53:14 AM
#45
if the price of ETH gas continues to soar what will happen, surely everyone will move to cheaper gas prices, is there the best solution for ETH gas prices or we have to wait until the price of ETH gas drops for each of our transactions.
Jackl87
sr. member
Activity: 1722
Merit: 269
Re: 0.05 Ether tx fee, is ethereum going mad?
May 11, 2021, 06:10:50 AM
#44
Quote from: harapan on May 11, 2021, 04:24:10 AM
Quote from: FairUser on May 11, 2021, 03:36:22 AM
Personally, I think it's not too important, just the game is still not ready for the masses and not everyone will accept such fees for their transactions. You can just wait until the gas is low or you will have to accept metrics for your transactions.
No one in the masses will accept to pay this high gas fees, transactions with Ethereum now are for the rich people alone, cause the average man in the society won't accept to pay $20+ just to carry out one transaction, the current eth isn't ready for everyone to use, maybe the ETH 2.0 will be okay, but who knows till then.

I have been watching a project over the last few weeks that I find very interesting and wanted to invest in as soon as it was listed on uniswap. I planned to invest like 300 or 400 $. Well yesterday was the listing and with this high gas prices i would have to pay 100-150$ for that uniswap trade. That is absolutely ridiculous and i now have to wait until gas fees are going down again like they were in the last 2 weeks, i really thought that the days of extremely high gas fees would be over but that spike of ETH to over 4k$ created a lot of network traffic again i guess.
bitkanu
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Re: 0.05 Ether tx fee, is ethereum going mad?
May 11, 2021, 04:25:34 AM
#43
Quote from: FairUser on May 11, 2021, 03:36:22 AM
Personally, I think it's not too important, just the game is still not ready for the masses and not everyone will accept such fees for their transactions. You can just wait until the gas is low or you will have to accept metrics for your transactions.

This problem already appeared last year but I think he already solved his problem. people can't just only wait for the gas price to go down because there's no ETA when this will be happening.
This garbage blockchain is so expensive as fuck.
harapan
sr. member
Activity: 1736
Merit: 306
Re: 0.05 Ether tx fee, is ethereum going mad?
May 11, 2021, 04:24:10 AM
#42
Quote from: FairUser on May 11, 2021, 03:36:22 AM
Personally, I think it's not too important, just the game is still not ready for the masses and not everyone will accept such fees for their transactions. You can just wait until the gas is low or you will have to accept metrics for your transactions.
No one in the masses will accept to pay this high gas fees, transactions with Ethereum now are for the rich people alone, cause the average man in the society won't accept to pay $20+ just to carry out one transaction, the current eth isn't ready for everyone to use, maybe the ETH 2.0 will be okay, but who knows till then.
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