Topic: Do low fees matter most in choosing crypto platforms, or other factors? - page 3. (Read 491 times)

Transaction fees is surely a great deal specially when you are often using defis. The success of BNB chain is due to the high fees on Ethereum chain. I personally tired to switch to polygon from bsc just to save on fees but fee again is not everything. Availability of of the token you want and staking reward for coin or LP is also a great deal while considering a platform. As to why polygon being cheaper than BSC but not as successful is due to its slow adoption that gives lesser options for the users. And the reason why solana is hit is due to its quick transaction speed and low fees as well at high adoption rate.

it matters a lot when the fee become so high like ethereum it actually become a concern because just like with ethereum as you see, the fee sometime reached something so ridiculous, imagine just suppling for LP charges you $80 for a transaction, even approving token already charge money its crazy over here with ethereum.
if the fee is still $1 and below thats still understandable and im sure most of the people aren't even sweating to choose their blockchain but ethereum, its just give us that feeling to find a way to avoid consuming that much of a fee for just a transaction and try to find alternative.
good thing that L2 become a thing right now basically a blockchain thats also secured by depending on ethereum.
i think the psychological silver lining where its become a concern is when the fee surpass $1 as i've stated, and even less for people that don't transfer that much, the thing with ethereum doesn't matter if youi transfer 1 million or $1 the fee still the same.

For me low fee is important considering the significant of values in the crypto space but that shouldn't be the top priority, ensuring the safety of your transactions should also be considered, because a scammed or unsuccessful transaction can be frustrating.

But to be honest at some point low fee is one reason why most user adopt certain platforms.

It depends on what you are trying to do, because if you need to do frequent interactions with the dapps which will cost gas fees, then low cost is the key to mass adoption of that project. A good example can be gamefi and DeFi. Both of the categories require frequent interaction with the dapps so cost-efficient methods will be highly demanded; otherwise, they will be only used by whales and not retail investors. Decentralization and scalability are also factors that are highly considered when choosing a blockchain.

Low transaction fees is something that is beneficial for most users however it is not at the top of my priority list

I believe that security, interface and inclusivity are the most important things to look out for when picking crypto platforms of course if the fees are quite high but the services is top-notch and high quality then it might be understandable and of course a platform that is easy to use would gain points for that and lastly checking which coins they do and do not have will help me make a decision

Fees are one thing to consider in choosing a platform but what matters the most is the legitimacy of the site as we can't just ignore the fact that many scam sites appear and are also competing with others. Indeed, we need to have fund security though we can't assure 100% safety at least, we have the confidence that our funds stay there. But if necessary, we have to move our funds right away after the transaction is completed to gain maximum security which the wallet is in our control.

Choose the platform that we usually use, refrain from trying new unless we are sure that it can be trusted and active. And never use any exchange wallet as our storage wallet.

I think cheaper fees will make more users interested, then other factors such as transaction speed, security, lots of users, and an attractive ecosystem, become other driving factors.
Even though not all current projects have everything, they have advantages that other projects don't have.

Most people, including me , will look for a platform that provides low fees.
for example, if there is a transaction using ETH gas, I will definitely see whether it can be done by l2 or l1, because layer2 fees are cheaper than layer1, and withdrawing eth l1 from the exchange is expensive, you can exchange it on an exchange bridge, but usually there is a minimum transaction

I personally choose lower transaction fees, security, and coins listed. There might be other things that come to mind when I pick but those are the ones I'm aware of on the top of my head. Ofc a certain standard is needed for the rest of the standards I left out but the priority would be the ones I stated. There's also a preference for anonymity hence why some people choose to use DEX instead of CEX.

Honestly these "considerations" come up to your own situation. I mean rich people probably wouldn't mind higher fees but for those who go with a strict budget, the lower the fees, the better no? Well, that's just with fees, and anonymity  (from the top of my head) The rest? They just need to reach a ceratin standard, just like any other business/service out there.

I don't understand why only one thing would matter to anyone. Why would anyone care only about the fees? If gui is garbage, there's no security and lack of features. Then who cares what the fees are?

But it's not like fees doesn't matter, or that low fees are poor vs rich issue. Even if rich people wouldn't care about fees and platforms want to attract rich people, it's the common people casinos want to keep happy. As those are advertising the platform and giving ref links. I don't think that rich people care about ref links too much, or getting more people in.

And no matter if you are rich or poor, everyone want feature rich, secure, responsive and trusted site.

To any normal coin user,  low fees are truly a motivation to use the platforms,  but let's not forget that,  there may be some factors that may force a coin to slide into low fees some of which is adoption because the network will always be free if there are no high demands on the coin,  or if the platform lack traffic,  so in some instances, you have a low fee but with dumped price,  this has a lot to do with what becomes the reality of your investment in such coins.

Anyways high fees or network congestion also have it own disadvantages just like what we are facing in the bitcoin network congestion and high fees, so the thing is visual but we anticipates for better future.

Every possible factor of what you can use as a basis for your decision to invest or not into a project is important. As for many of them includes community, fees, technology, transparency and all of those basic basis that you OP and the others have mentioned. Tenure for me is important and that's why I am investing to the proven projects that have been into thick and thin, through many ugly scenarios in the market especially the bear markets.

I absolutely agree with the opinion. I practically do not use Ethereum, I transferred all ERC-20 tokens to the BSC network, since the commissions in it are small, and ethereum has cosmic ones. Ethereum transactions also take much longer than many other networks.

Lower transaction fees is a good option to check out before entering into the project but there are also some other things which should not be avoided like security, kyc system and see the success of that project because it is not necessary that if transaction fees is low then it will give you more profit but profit depends on the success of a project.

Check out the details of the project because if you don't know about the details you cannot make a decision that is it better to choose or not. Selection of profitable projects matters a lot because everyone wants low transaction fees but no one is ready to check out the details present on the website of the project so try to realize the whole information of the project instead of keeping eye only on transaction fees.

Low fee is one of the factor but it's not in the top of the priority if I am going to choose a new project because almost every project has their own blockchain will have negligible fees or if it's token then it depends on which blockchain they choose to run their projects.

Before you create a cryptocurrency platform, you should learn about different factors, a Not a big commission for the transaction. This is the security of the new cryptocurrency Every step of the way should check all aspects of security, including the support A client can use the platform.

I do agree that every single detail matters, we end up picking things that are good based on everything, not just one thing. If we know how good one place can be, we end up making decisions that would give us some benefit. This means that we need to make sure that we are dealing with something that would be profitable if we know what we are doing.

I agree that life is not simple and things will matter eventually, but at the same time when we pick a platform, we do not care about these one by one, we take a look at the whole package. Like when someone picks binance, they do not look at every single detail, they just look at it as a whole and see a big place that everyone uses and they just pick it, that's how simple it can be.

Choosing a cryptocurrency platform can be a challenging and personal decision, as there are many factors to consider and trade-offs to make. Here is my perspective on this question:

I think that transaction fees are an important factor, but not the only one, when choosing a cryptocurrency platform. Transaction fees are the costs that you pay to use a platform to buy, sell, or trade cryptocurrencies. They can vary depending on the platform, the currency, the volume, and the type of transaction. Transaction fees can affect your profitability and your user experience, so it’s good to compare different platforms and find the ones that offer the best value for your needs.

However, I also think that other factors, such as security, user interface, or available features, are equally or more important than transaction fees. Security is the most crucial factor, as you want to ensure that your funds and data are safe and protected from hackers, scammers, or other threats. You want to choose a platform that has a good reputation, a strong encryption, a reliable customer support, and a clear regulatory compliance. User interface is another important factor, as you want to choose a platform that is easy to use, navigate, and understand. You want to choose a platform that has a user-friendly design, a responsive performance, and a helpful feedback. Available features are also important, as you want to choose a platform that offers the features and options that suit your preferences and goals. You want to choose a platform that supports the currencies and tokens that you want to trade, the payment methods that you want to use, the trading tools and strategies that you want to apply, and the additional services and benefits that you want to enjoy.

Transaction fees matter. Just look at Ethereum. A few years ago, the transaction fee of that coin is just way high for us average investors to afford, and because of that, there are many projects under Ethereum that are made, and their priority at that time is to have lower transaction fees. Polygon, Optimism, Arbitrum are just some of them.

Of course there are other factors that are important as well, but if you will use that platform, and will make some transactions on it then consider or maybe prioritize the transaction fees on it. Nobody wants to use a platform that can cause you $5-$6 every transaction right? 

What's good now is that, there are many tokens out there who has a low to very low transaction fees already, and as for Ethereum, well the fees are 10x higher than that of other smart contract platforms out there but surprisingly, there are many who are still using it for various reasons.

Personally I don't think transaction fee is a big issue in choosing a crypto currency platform. Yes anyone would want, regardless of the platform they are transacting on so that the transaction fees are affordable. The most important thing for me is the safety aspects of the platforms. I will always prioritize security more, I have to choose a platform that has very good security measures such as two-factor authentication, encryption, and cold storage for customer funds. I consider security to be a top priority to avoid the possibility of my wallet being hacked or stolen.