Beginner question about transaction fee

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Quote from: XEN_Protocol on January 14, 2023, 03:04:19 AM

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...

The cost of the transaction fee depends on the network bandwidth, the complexity of the operation and the price of ETH. In the second half of 2023, it is planned to hold a fork of Shanghai, which is aimed at reducing commissions in the network. Vitalik Buterin promises that this fork will increase the throughput to 100,000 transactions per second, which will significantly reduce the commission on the network.

Prince Malik

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I don't really know what make the fees problem for ETH take very long time to get solved, but if you want to trade eth in decentralized exchanges i suggest that you bridge some ETH to layer 2 solutions like arbitrum or optimism, you will certainly be happy by the ultra low fees that they provide, personally i use arbitrum for more than a year and very happy with it

maxtra

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Quote from: XEN_Protocol on January 14, 2023, 03:04:19 AM

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$?

The increment of your 0.001 ETH holding will be based on the value of the coin in USD, so if the value of ETH increases from $0.56 to $1.06, the value of your holding will also increase accordingly. It will not increase in the amount of ETH, it will remain 0.001 ETH.

JunkieMiner

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The fee is not that much as that was before 2022 and before the recent bear market, we have seen it that more than $2 fee was there when the etherium was above $3000 back in 2021 and 2022 and we have seen as many times that it goes much lower in the time that is now. So, I hope etherium will go high and the fee will be not that much as previous.

lobo13hf

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Quote from: slaym on January 16, 2023, 04:04:10 PM

Is a 30 USD fee to swap stETH to ETH for real?!?!? It's what metamask is telling me when I try making a swap. How does a swap cost 30USD!!!!!! Angry

It's real. Etherem blockchain sometimes gets congested and that's why you have to wait until he feels will be going down again. If you are thinking that fees was non sense thing and then you can go to the cex. I remember some cex were also accepting stETH too. You shall avoid to swap when the blockchain was congested. that reminds me of a swap that cost a few hundreds of dollars in ethereum blockchain. You shall be aware if the fees can go up anytime based on how busy the network is.

Apocollapse

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Quote from: slaym on January 16, 2023, 04:04:10 PM

Is a 30 USD fee to swap stETH to ETH for real?!?!? It's what metamask is telling me when I try making a swap. How does a swap cost 30USD!!!!!! Angry

You need to know if every swap platform will change fee, you should choose the platform that charge the fees is cheap, I think pancakeswap might be a good option. Don't forget to customize your own slippage tolerance, just choose either 1-2% or lower than that.

No need to worry even your transaction doesn't succeed due to use low fee, because any transaction will failed after 14 days and back to your wallet.

slaym

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Is a 30 USD fee to swap stETH to ETH for real?!?!? It's what metamask is telling me when I try making a swap. How does a swap cost 30USD!!!!!! Angry

_BlackStar

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Quote from: Adbitco on January 16, 2023, 02:27:12 AM

Though your question isn't clear enough..
If I may understand you correctly, your value in Eth does not increase for any reason rather it only increase in dollars value. So if you had 0.001 ETH till 2 to 3 years your fractions remains the same at a time the value keeps increase or decrease ( this determines the increase and decrease in price of eth at the moment). However, gas fee must not remain the same since it varies almost all time, if you are sending eth only it should be around $0.78 to $1 as gas fee but when sending an eth token you should be spending around $2 or $4 depending on quantity of what you are sending out although the ethgas station always varies.

The asset has not changed and that has been explained, but its value will continue to fluctuate depending on the demand and supply of prices in the market. In other cases, the OP might get some other benefit if he stakes where as the APR percentage of his assets will depend only on the staking platform itself.

Meanwhile for transaction fees, OP can always monitor fees in Gwei on this site: https://ethgasstation.info/

Adbitco

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Though your question isn't clear enough..
If I may understand you correctly, your value in Eth does not increase for any reason rather it only increase in dollars value. So if you had 0.001 ETH till 2 to 3 years your fractions remains the same at a time the value keeps increase or decrease ( this determines the increase and decrease in price of eth at the moment). However, gas fee must not remain the same since it varies almost all time, if you are sending eth only it should be around $0.78 to $1 as gas fee but when sending an eth token you should be spending around $2 or $4 depending on quantity of what you are sending out although the ethgas station always varies.

Cvetik56

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Yeah, ETH is not the best coin to make consistent transactions right now. I prefer to use LTC or TRX for that, they are way cheaper. And about ETH - Vitalik said himself that high fees are the big problem, and he's gonna find a way to fix it, but how and when - it's the big question.

Yamifoud

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Transaction fees may vary depending on the network load, not on the price, it will up and down as well but never confuse sats and Gwei.

Yes, it was very unfortunate that the ETH gas fee (Gwei) is high compared to before the upgrade. We are really disappointed about it and Mr. Vitalik already knows about this but never had the chance to change it and give the favor to the users. This is big deal actually for small investors and sometimes it happens that we send funds that are smaller amount than the transaction fees.

SquallLeonhart

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Quote from: yhiaali3 on January 14, 2023, 11:52:53 PM

The smallest unit of Ethereum is called Gwei, not Sat. However, the value of Gwei, which is the gas required to send an Ethereum transaction, changes constantly depending on the state of the network. Currently, the value of gas required for an Ethereum transaction is 17 Gwei.

The value of Gwei ranges from 3 to 50 sometimes depending on the state of the network. Therefore, the required value of Ethereum varies according to the value of Gwei, and this necessarily leads to a difference in the value of the required gas according to the price of Ethereum as well.

Therefore, to reduce the transaction fee, you must constantly monitor the number of Gwei required for gas and choose the times when this value is low.

Right. Sats are for BTC but I think it's not its smallest form. I know there is still beyond it and I think its called milibit or minibit ,something like that. The transaction fees of all cryptos are not fixed but it changes depending on the activity of the network. If it's heavy loaded or congested then the fees are expected to rise but if it's the opposite, we can also experience to have a lower fees.

There is a site to check the fees of ETH, I think its called gas station. We can check the fees there before we transact if we want to save but based on my observation, ETH transaction fees are lesser on 12 to 1 am. It does make sense since many people are already asleep during these times.

jrrsparkles

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Quote from: XEN_Protocol on January 14, 2023, 03:04:19 AM

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$?

Firstly, there is no connection between transaction fee and value of a crypto but logically whenever the market rises more people move their cryptocurrencies from one to another which results in clogging of the network so high fee will become the result where as simply if the price of ethereum increase and there is no increase in the network traffic the value of fee remains same in terms of ethereum and in terms of fiat you can calculate it on your own.

GreatArkansas

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Quote from: XEN_Protocol on January 14, 2023, 03:04:19 AM

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.
(.....)

Take note that the recent update of Ethereum which is "The Merge" is not about the gas fee will become lower, it's different. The Merge was the transition from the Proof-of-stake (POS) to the proof-of-work (POW) mechanism of the network.
Issue here is the network traffic and which I also notice is correlated also with the price of Ethereum, like if we see pumping, the transaction fees also pumping.
I believe in the future, Ethereum will become scalable and we will see more lower transaction fees.

Bobrox

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You can't change fees regulation from Ethereum actually with cold wallet network sending, last years we having FTX Exchange market with lower fees for sending ethereum. First time I used with that exchange without paying any fees although upgrade later depending how gwei transaction fees but still lower than other exchange market.

I don't thing with ethereum only, but also Bitcoin will adopted with new fees later depending price going up or not and not always stable with current fees transaction right now. When ethreum price dropping I sure fees transaction will drop or lower than usually right now and not consistency with the same values about ETH sending fees.

yhiaali3

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The smallest unit of Ethereum is called Gwei, not Sat. However, the value of Gwei, which is the gas required to send an Ethereum transaction, changes constantly depending on the state of the network. Currently, the value of gas required for an Ethereum transaction is 17 Gwei.

The value of Gwei ranges from 3 to 50 sometimes depending on the state of the network. Therefore, the required value of Ethereum varies according to the value of Gwei, and this necessarily leads to a difference in the value of the required gas according to the price of Ethereum as well.

Therefore, to reduce the transaction fee, you must constantly monitor the number of Gwei required for gas and choose the times when this value is low.

klidex

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Quote from: shinratensei_ on January 14, 2023, 06:21:01 PM

Quote from: klidex on January 14, 2023, 12:09:13 PM

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.
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.

However, if the market experiences an increase and asset prices start to rise with a high addition to each smooth transaction without the slightest problem, then investors are not concerned if the fee is a little higher.
However, if the price of the asset increases significantly, many investors and traders will sell and it is certain that each sales transaction will be slightly disrupted or take a longer time. However, each transaction can run smoothly without any delay, so the amount of fee given is slightly higher. big I don't think will be a problem.

OcTradism

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Paying low fees in Ethereum - Gas Limit, Gas Price and Gwei
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TastyChillySauce00

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Quote from: XEN_Protocol on January 14, 2023, 03:04:19 AM

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.

As long as scalability got increase and it will be able lowering the gas. The scalability upgrade has become the update that in demand by so many people. You can expect the gas price will increase while ethereum will be also increasing the price as well. That's happened in 2021 when ethereum reached its ATH. The fees became so high.

Quote from: XEN_Protocol on January 14, 2023, 03:04:19 AM

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$?

The price will be summed based on the current value. That means if you need to pay 0.001 that is worth $1.06 after it got increase. You have need to paid the same decimal but different fiat value caused by there was a spike in the price of ethereum.

AmoreJaz

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Quote from: sheenshane on January 14, 2023, 06:45:54 PM

Quote from: XEN_Protocol on January 14, 2023, 03:04:19 AM

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.

Quote from: XEN_Protocol on January 14, 2023, 03:04:19 AM

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.
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.

i was also confused when i first read his post. and then it registered to me that he is new in this market. if he will read his thread and try to learn things about crypto, he won't be asking some questions not related to the network. in any case, i hope he will at least check the links provided by the users here to at least get a good grasp about tx fees under eth. and maybe other networks as well. in time, he will understand more how to interact with different networks and how to take advantage of their existence.

btw, i use this link to check the gas fee under eth - https://etherscan.io/gastracker, and right now as compared to months before, we are already having low fees.

dothebeats

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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.

sheenshane

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Quote from: XEN_Protocol on January 14, 2023, 03:04:19 AM

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.

Quote from: XEN_Protocol on January 14, 2023, 03:04:19 AM

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.
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.

shinratensei_

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Quote from: klidex on January 14, 2023, 12:09:13 PM

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.
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.

blockman

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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.

lobo13hf

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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.

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Quote from: XEN_Protocol on January 14, 2023, 03:04:19 AM

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.

iv4n

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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...

klidex

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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.

coinerer

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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

vv181

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Quote from: XEN_Protocol on January 14, 2023, 03:04:19 AM

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.

Quote from: XEN_Protocol on January 14, 2023, 03:04:19 AM

Main Question

~

The value.

Jawhead999

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Quote from: ?? on ??

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.

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.

Quote from: XEN_Protocol on January 14, 2023, 03:04:19 AM

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

dbshck

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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.

Quote from: XEN_Protocol on January 14, 2023, 03:04:19 AM

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$?

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.

XEN_Protocol

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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$?

Topic: Beginner question about transaction fee (Read 256 times)