ETH 2.0 And High Transaction Fees.. - page 2.

lienfaye

hero member

Activity: 2912

Merit: 629

Quote from: Smitty Werben Man Jensen on October 15, 2020, 06:16:27 PM

Ethereum transaction fees are now down to 38 - 50 Gwei, I know why they have dropped, this is because their network is not full,
and if the Eth network is full then Gwei will be expensive, I heard rumors that Ethereum 2.0 is not a solution to this,
I'm afraid if they don't think about it, Ethereum will be left behind by investors, how?

There's no solution yet for eth gas fee and we are not certain if the upgrade can address the issue. And besides there's no specific date on when the upgrade take place since they postponed it few times.

Well im not transacting often so I dont have any problem regarding this fees but its a problem for traders specially the average one.

Smitty Werben Man Jensen

full member

Activity: 1568

Merit: 100

COMBONetwork

Ethereum transaction fees are now down to 38 - 50 Gwei, I know why they have dropped, this is because their network is not full,
and if the Eth network is full then Gwei will be expensive, I heard rumors that Ethereum 2.0 is not a solution to this,
I'm afraid if they don't think about it, Ethereum will be left behind by investors, how?

louisBSAS

member

Activity: 623

Merit: 11

Proof-of-Stake Blockchain Network

Quote from: bubbalex on October 15, 2020, 05:46:55 AM

Quote from: Wingo on October 14, 2020, 01:56:21 PM

Projects and investors might have to find an alternative to the ethereum blockchain. But this will not happen in a short span of time, it will take years. There are a lot of blockchains out there which offers better speed and lower fees.

Ethereum 2.0 will make the network scalable, and therefore decreasing the transaction fees in the long run. So this should not fail. There will be delays but I'm confident that the protocol will give much more room for growth.

Yes, I joined crypto with the Ethereum, not Bitcoin, because I liked it more, it was newer, faster, cheaper, but nowadays I shifted to the TRON, because I simply don't want to spend 2-10$ when I need to send 10$ to someone. Although I haven't followed the TRON since it was launched, I switched to it because of lower commissions and higher speed. However, when the ETH 2.0 is released, I'll gladly return to the ETH network.

I have been using TRON for a long time, but I had to say goodbye to this coin due to constant strong price fluctuations. This was primarily due to the behavior of the founder of this coin. I don't like it when people lead like clowns, especially when it negatively affects the people who depend on them. Of course, the commissions of the Ethereum network are very upsetting, but I have high hopes that the new Ethereum network will be launched in November.

bakasabo

legendary

Activity: 2296

Merit: 1176

Quote from: Shallow on October 15, 2020, 05:40:39 AM

But, in a case where the goal wasn't achieved, that is, high transaction fees wasn't reduced, then I think another upgrade will take place.

Tricky question - do you happened to know when this new upgrade will be, if Ethereum 2.0 will not be able to reduce fees? It was postponed till autumn, and there is still no clear information about release date. The "release date" has been postponed for about half a year. Will Ethereum users survive, or still be so much supportive for it, if they need to wait for another half a year for fee reduction?

I dont follow fees everyday, but I remember that they were about 70-80 gwei for a standard transaction, few weeks ago reduced to ~50, but now returned to 70-80 gwei again. With the upcoming NFT and winter holidays, fees will rise up again.

bubbalex

sr. member

Activity: 1176

Merit: 339

https://t.me/bubbalex

Quote from: Wingo on October 14, 2020, 01:56:21 PM

Projects and investors might have to find an alternative to the ethereum blockchain. But this will not happen in a short span of time, it will take years. There are a lot of blockchains out there which offers better speed and lower fees.

Ethereum 2.0 will make the network scalable, and therefore decreasing the transaction fees in the long run. So this should not fail. There will be delays but I'm confident that the protocol will give much more room for growth.

Yes, I joined crypto with the Ethereum, not Bitcoin, because I liked it more, it was newer, faster, cheaper, but nowadays I shifted to the TRON, because I simply don't want to spend 2-10$ when I need to send 10$ to someone. Although I haven't followed the TRON since it was launched, I switched to it because of lower commissions and higher speed. However, when the ETH 2.0 is released, I'll gladly return to the ETH network.

Shallow

sr. member

Activity: 938

Merit: 255

SmartFi - EARN, LEND & TRADE

Quote from: Fivestar4everMVP on September 24, 2020, 05:09:56 PM

Hii Everyone

I have a little question .... Sorry if this sound silly but i just cant help but ask

Everyone has been talking about the much anticipated ETH 2.0 and how it will put an end to the high transaction fees which is currently one of the major problems on Ethereum blockchain.

My question now is , what happens if ETH 2.0 fails to put an end to the high fees ?? would this mean the Death or partial death of ether?

(death--no longer used)
(partial death--no longer used like before)

I always believe that the essence of upgrades done on any platform is for the sole purpose of enhancing the platform for better services. At the early stage of every platform, there are always smaller number of people which then grows, and if the platform aims to remain standing and working well, then it will undergo an upgrade to ensure all users are accommodated and so on. In the case of Ethereum blockchain, I believe the upgrade will take care of many issues of which the high transaction fees is one of them, or in fact the most pertinent one. Also, looking at how long the upgrade has taken, it is clear the team want everything to be perfect and corrected.
But, in a case where the goal wasn't achieved, that is, high transaction fees wasn't reduced, then I think another upgrade will take place. Ethereum blockchain is one of the most trustworthy blockchain platform and it can't die rather will continue undergoing upgrades every now and then to ensure the proper growth of the platform.

Insober

jr. member

Activity: 70

Merit: 1

Quote from: Wingo on October 14, 2020, 01:56:21 PM

Projects and investors might have to find an alternative to the ethereum blockchain. But this will not happen in a short span of time, it will take years. There are a lot of blockchains out there which offers better speed and lower fees.

Ethereum 2.0 will make the network scalable, and therefore decreasing the transaction fees in the long run. So this should not fail. There will be delays but I'm confident that the protocol will give much more room for growth.

If Ethereum 2.0 is released and it will be as we imagine it, then of course, with this innovation, the stability of the network will increase, the commission will decrease and there will be even more users.

There are a lot of users, but many of them are simply unhappy, and when this update is released, all users will already be happy with this system.

louisBSAS

member

Activity: 623

Merit: 11

Proof-of-Stake Blockchain Network

We'll have to endure. It is very difficult to perform transactions on the Ethereum blockchain now, but nothing can be done, you need to get used to it. We can only hope for the early launch of Ether 2.0 and its new technology.

Wingo

full member

Activity: 686

Merit: 107

Projects and investors might have to find an alternative to the ethereum blockchain. But this will not happen in a short span of time, it will take years. There are a lot of blockchains out there which offers better speed and lower fees.

Ethereum 2.0 will make the network scalable, and therefore decreasing the transaction fees in the long run. So this should not fail. There will be delays but I'm confident that the protocol will give much more room for growth.

flagpara

full member

Activity: 756

Merit: 100

Everyday we measure that ERC-20 token is increasing, even more than other blockchain. Now Ethereum can handle only 15

konflikkastil

member

Activity: 879

Merit: 10

Binance #Smart World Global Token

This high eth fee has once fucked me up. I was to sell one of a major altcoins but I didn't have enough gas in my wallet to transfer it to the Exchange. I was pained to the bone, because the coin was doing good at that time. And one other time is how myself and my team use almost had of $150 to sell a coin of $650. Lot of other sadden experience, that made me to lost hundreds of dollars. I think the owner of the ethereum chain technology should really look into that. They should.

RealMalatesta

legendary

Activity: 2338

Merit: 1124

Just because China calls itself "communist" you do not have to blame the ideology for how horrible China is, those people are just dictators who kill whoever they want and live however they want without interruption and take all those billions of dollars to themselves and just live a happy life while letting everyone under their rulership die if they have to from starvation. That is not how communism is, that is not even remotely close to what it is.

What communism is Cuba, you may not like it or maybe enjoy it but Cuba is living the large life, they may not have the latest iphones or they may not have the greatest technological improvements or an ebay/amazon on their country but nobody dies from starvation and everyone gets free healthcare and education and special education on top of that for whatever field they want to work in. So believe me communism is not the problem, it might be even the solution to certain countries (not good for all nations I agree) but China is not one, china has a ruthless Hitler like dictator.

rz20

legendary

Activity: 1330

Merit: 1001

Quote from: Fivestar4everMVP on September 24, 2020, 05:09:56 PM

Hii Everyone

I have a little question .... Sorry if this sound silly but i just cant help but ask

Everyone has been talking about the much anticipated ETH 2.0 and how it will put an end to the high transaction fees which is currently one of the major problems on Ethereum blockchain.

My question now is , what happens if ETH 2.0 fails to put an end to the high fees ?? would this mean the Death or partial death of ether?

(death--no longer used)
(partial death--no longer used like before)

ETH 1.0 TPS is around 15-something (not sure) whereas, the TPS on ETH 2.0 at first will be around 1000-2000 which would be a huge improvement when compared to current ETH's TPS. High TPS means the network will be more scalable and, if the network is scalable, then the transaction cost will remain lower.

TPS= Transactions per second

Fivestar4everMVP

legendary

Activity: 2254

Merit: 1052

Leading Crypto Sports Betting & Casino Platform

Quote from: semobo on October 02, 2020, 11:16:03 AM

Ethereum 2.0 will give more transactions per second so it is like temporary solution pr almost permanent but as long as there is a hype season comes like ICO and DeFi there will be clog and increase in the fee on ethereum blockchain.

And also note that NFTs are coming, and some of this NFTs are combined with deFi features and the hype is definitely on the way.
Being the most popular and most used smart contract platform, I personally think that ethereum will be permanently prone to this issue of clogged network and in return,inflicting high transaction fees on its users, except the developers do a very hard work of increasing the number of transactions the network is able to handle on per seconds, the issue above might remain the order of the day for ethereum.

Insober

jr. member

Activity: 70

Merit: 1

Quote from: ?? on ??

Well, it will be not cool if the transaction fee on Ethereum network is stay high after the update of ETH 2.0
Many of us suffered from pending transactions because using gas lower than the average.
I guess Ethereum team need to find some method to reduce the gas fee when the network is congested.

No, after the release of the Ethereum 2.0 system, the stability of the network will, of course, increase, which is why the transaction fee will be much lower than it is now

But when this new Ethereum 2.0 update comes out, it's not clear, I don't think this will happen at all, everything is promised and promised, but nothing is done.

Jackl87

sr. member

Activity: 1722

Merit: 269

In my opinion the switch from POW to POS at ETH has to work and it has to be done pretty soon.
The last defi hype with the extremely high transaction fees on the ETH network showed that an upgrade or a change of technology is needed urgently.
If the ETH foundations fails to deliver a working POS-mainnet version in 2021 i don't think that this would mean the death of ETH but it can definitely mean that it can lose its second place to polka or cosmos or to something else.

icekohl

full member

Activity: 339

Merit: 100

In my opinion, part of the attraction of the Ethereum network is transaction fees, with transaction fees as high as currently, miners are the ones who benefit the most. ETH needs to balance these factors: transaction fees, miners' fees and transaction processing speed if it wants to maintain its current position.

JeffBrad12

hero member

Activity: 2772

Merit: 524

Leading Crypto Sports Betting & Casino Platform

Quote from: nrvasquez on October 12, 2020, 07:20:51 AM

no i think it's not. even when this eth 2.0 thing already solved their tx fee problems, everyone in the blockchain community will still consider the ether for the first choice (imo).

The demand that has gone to another chain will be coming back again to use ethereum as their best choice to be used to create any transactions. the popularity that has already gained by another project is also caused by the scalability problem that's happening with ethereum.

Once this problem will be solved and everything will be changed. People will be actively using ethereum rather than move to the another coin.
Ethereum is still an underrated coin at this moment in terms of the technology.

It will get mass adoption when all of the problems will be solved.

chanc3r

sr. member

Activity: 952

Merit: 253

Quote from: gaston castano on October 12, 2020, 09:35:02 AM

I think it will not be a problem as long as there are still many people who use eth they will get used to it later.
Transactions must still be made, even if the fees are low or high because the market is running automatically, so that minor problems such as fees will not interfere.

It's more than minor problem though, sometimes people forced to pay the high fee out of necessity and it's definitely better to switch and uses alternative coin but the eth market is just too big to miss out. but defi right now is dumped and the hype probably gonna fade and become normal again. hopefully the fee will be resolved.

Insober

jr. member

Activity: 70

Merit: 1

Quote from: gaston castano on October 12, 2020, 09:35:02 AM

I think it will not be a problem as long as there are still many people who use eth they will get used to it later.
Transactions must still be made, even if the fees are low or high because the market is running automatically, so that minor problems such as fees will not interfere.

I don’t know, I don’t know, now the commissions have more or less stabilized, but literally half a year ago the commission reached $ 10 per transaction, what is it all about?

People will never be able to get used to this, I'm sure.

Topic: ETH 2.0 And High Transaction Fees.. - page 2. (Read 1527 times)