Topic: Beginner question about transaction fee - page 2. (Read 254 times)
Transaction fee will always depend on the inputs/outputs that takes satoshis into account. There are some wallets that base the fees on the value of the coin but those already have some additional fees embedded to it. So even if the price of ETH goes up or down, fees will remain pegged to satoshis, and it's best to learn how to play with that in order to not get burned by just the fees alone. You also have to take into consideration what time you're sending funds to and from one address. It plays a vital role to not transfer funds during peak hours.
Right now I can see that Ethereum has fee is very high and it's annoying, I thought after the Ethereum upgrade the gas will be lower? Ethereum is at 1500$ imagine what will happen at 10,000$ per Ethereum.
Once a network experience heavy traffic or a very congested network, it is expected that there will be a high fee and slow transaction because there's always prioritization of miners. Main Question
Assuming I hold 0.001 ETH mainly for a gas fee only and the value was 0.56$ then price surge up, is the increment going to be on the Sats? E.g ( 0.002 ETH ) or the increment is going to be on the value? E.g 0.001 ETH = 1.06$?
Sats? We're not talking about Bitcoin, they're totally different from the Ethereum network. Assuming I hold 0.001 ETH mainly for a gas fee only and the value was 0.56$ then price surge up, is the increment going to be on the Sats? E.g ( 0.002 ETH ) or the increment is going to be on the value? E.g 0.001 ETH = 1.06$?
It's (WEI) a denomination of ETH.
Yes, it's the value that the fee always matters.
For a better understanding read this how transactions of Ethereum work and what is GAS.
We shouldn't have to worry so much about what transaction costs will increase if the price of ETH increases.
If an investor keeps ETH and then the price increases then the investor gets a profit and if it's just a matter of transaction fees going up, I think it's still a balance because he has also made a profit.
Costs that have increased will also break even or be paid with transactions that we make can run smoothly without any obstacles.
that's really not good statements honestly, if this fee become seemingly high then ethereum should take care of it.If an investor keeps ETH and then the price increases then the investor gets a profit and if it's just a matter of transaction fees going up, I think it's still a balance because he has also made a profit.
Costs that have increased will also break even or be paid with transactions that we make can run smoothly without any obstacles.
saying that the fee will get covered up with the increase in value is such weak statements in attempt to ignore the real problems that eth have.
there's reason why BSC and other similar smart contract exists because many considers the fee is already too high and the value of their investments increase is not a solution.
You haven't seen the time when transaction is more than the high fee recently.
But anyway, I am still expecting the fees to be quite high as it seems despite the network upgrade, when the network is full and totally clogged again then it will result with another problem to be that much. However, what's good now is if the fee is at high in cents then that is much better than before.
But anyway, I am still expecting the fees to be quite high as it seems despite the network upgrade, when the network is full and totally clogged again then it will result with another problem to be that much. However, what's good now is if the fee is at high in cents then that is much better than before.
the fee will definitely increase only in dollar value but usually when it's bullish, the fee of eth will also increase anyway since the gas fee more likely goes up if majority are trying to get their transaction first in line since it's been known that in the bullruns the transactions in the blockchain usually increase. This is the exact reason why so many 2nd layer solution are still flourishing until this day, it's because ETH just hardly could solve their high fees.
Right now I can see that Ethereum has fee is very high and it's annoying, I thought after the Ethereum upgrade the gas will be lower? Ethereum is at 1500$ imagine what will happen at 10,000$ per Ethereum.
Main Question
Assuming I hold 0.001 ETH mainly for a gas fee only and the value was 0.56$ then price surge up, is the increment going to be on the Sats? E.g ( 0.002 ETH ) or the increment is going to be on the value? E.g 0.001 ETH = 1.06$?
What upgrade are you tarking about? The Merge wasn't supposed to lower transaction costs. And you don't have to imagine what happens when the chain is overload. Just take a look what happened when eth was $4k. Only rich people were able to use it. They were also making ton of money but fees were just too much for anyone who didn't want to spend another $100 just for fees and hope that their transactions went trough. I used so much extra just because i wanted smart contract transactions to go trough.Main Question
Assuming I hold 0.001 ETH mainly for a gas fee only and the value was 0.56$ then price surge up, is the increment going to be on the Sats? E.g ( 0.002 ETH ) or the increment is going to be on the value? E.g 0.001 ETH = 1.06$?
I guess the question is why Ethereum? I am not using Ethereum for a while, and I don't feel like I am missing anything... simply there are much better platforms around, and I get the same (if not more) from them! Ethereum I have and I get (from some passive income) waits for some price increase (if it happens), but as a user, I always choose other chains and I will not go back to Eth and Eth Dapps and tokens on that chain. Just because of the fess in the past, I can't get over that...
We shouldn't have to worry so much about what transaction costs will increase if the price of ETH increases.
If an investor keeps ETH and then the price increases then the investor gets a profit and if it's just a matter of transaction fees going up, I think it's still a balance because he has also made a profit.
Costs that have increased will also break even or be paid with transactions that we make can run smoothly without any obstacles.
If an investor keeps ETH and then the price increases then the investor gets a profit and if it's just a matter of transaction fees going up, I think it's still a balance because he has also made a profit.
Costs that have increased will also break even or be paid with transactions that we make can run smoothly without any obstacles.
When Ethereum price will increase then the gas fee will increase automatically. Which has been seen before. When the price of ethereum rose above 4000 gas fees were also very high. So if we use ethereum or ethereum network then it has to be accepted. The market started pumping again and the price of Ethereum crossed 1500$. And 7.5% pumped today too
I thought after the Ethereum upgrade the gas will be lower?
Ethereum's recent Merge is not developed to reduce the transaction fee. The Merge is a process of consensus switch between proof of work into proof of stake. The recent upgrade is widely known for being intended to reduce fees, which is actually a misconception.
The issue is also addressed on the Ethereum website itself. You can learn more deeply about what is the upgrade all about and what is the next step that truly designed to reduce fees. Take a look at https://ethereum.org/en/upgrades/merge/#misconceptions.
Main Question
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The value.
On Ethereum blockchain, it is Ethereum aka ETH.
You pay fee in BTC or ETH but transaction fee value can be higher and more expensive if BTC and ETH becomes more expensive.
The smallest unit of Ether is Gwei, 1 Gwei = 0.000000001 ETH.You pay fee in BTC or ETH but transaction fee value can be higher and more expensive if BTC and ETH becomes more expensive.
Just to be clear:
If you use BTC, you will pay fee in BTC, there's no way for you to pay in ETH.
There's no relation between other network fee with BTC and ETH network.
Assuming I hold 0.001 ETH mainly for a gas fee only and the value was 0.56$ then price surge up, is the increment going to be on the Sats? E.g ( 0.002 ETH ) or the increment is going to be on the value? E.g 0.001 ETH = 1.06$?
The increment will going to be on the Gwei, no the sats (Bitcoin) or the value.In Ethereum network the calculation is using this formula: Total Gas Fee = Gas units (limit) x (Base fee + Tip) [1]. But I'm not really understand how to explain it, usually people will pay the fees based on the wallet calculation (low, medium, fast), not customized.
[1] https://bitkan.com/learn/how-to-calculate-eth-gas-fees-3496
It's still expensive but much cheaper compared to its peak during ETH DeFi/NFT mania back in 2020-2021. At that time, executing a swap or mint transaction could cost tens of dollars with no guarantee of success which is really frustrating.
No, if the price of ETH increases, the increment will be reflected in the dollar value of your 0.001 ETH (from 0.56$ to 1.06$) and not in the amount of ETH you hold.
Main Question
Assuming I hold 0.001 ETH mainly for a gas fee only and the value was 0.56$ then price surge up, is the increment going to be on the Sats? E.g ( 0.002 ETH ) or the increment is going to be on the value? E.g 0.001 ETH = 1.06$?
Assuming I hold 0.001 ETH mainly for a gas fee only and the value was 0.56$ then price surge up, is the increment going to be on the Sats? E.g ( 0.002 ETH ) or the increment is going to be on the value? E.g 0.001 ETH = 1.06$?
No, if the price of ETH increases, the increment will be reflected in the dollar value of your 0.001 ETH (from 0.56$ to 1.06$) and not in the amount of ETH you hold.
Right now I can see that Ethereum has fee is very high and it's annoying, I thought after the Ethereum upgrade the gas will be lower? Ethereum is at 1500$ imagine what will happen at 10,000$ per Ethereum.
Main Question
Assuming I hold 0.001 ETH mainly for a gas fee only and the value was 0.56$ then price surge up, is the increment going to be on the Sats? E.g ( 0.002 ETH ) or the increment is going to be on the value? E.g 0.001 ETH = 1.06$?
Main Question
Assuming I hold 0.001 ETH mainly for a gas fee only and the value was 0.56$ then price surge up, is the increment going to be on the Sats? E.g ( 0.002 ETH ) or the increment is going to be on the value? E.g 0.001 ETH = 1.06$?
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