ETH and BSC - page 34. | Bitcointalksearch.org

masterrex

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Quote from: Gorosden on April 03, 2021, 10:34:39 AM

One of the reasons why binance smart chain becomes this big right now is because ethereum gas fee is very high and this force some projects to switch to BSC but what do you think will happen once ethereum gas fee goes lower in near few months? Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?

IMHO, I believe Binance Smart Chain or BSC is already useful and because of that it will remain as one of the best Ethereum alternatives and even in the time that the Ethereum network transaction fees will be normalized BSC will remain as a better alternative and because BSC is gaining popularity nowadays and users are also increasing thats why it has created an economic activity that is hard to ignore. So in that case the BSC will not go to waste and thats what I believe.

jacafbiz

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Quote from: Gorosden on April 03, 2021, 10:34:39 AM

One of the reasons why binance smart chain becomes this big right now is because ethereum gas fee is very high and this force some projects to switch to BSC but what do you think will happen once ethereum gas fee goes lower in near few months? Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?

The thing is that Ethereum need to prove to the market it can compete in the fee market, all these Ethereum competitors are making head way because of the low fees, if Ethereum did not come up with a real working solution soon then it is likely to see more exodus of projects away from its chain, Binance chain has proven this can be done and Solano and Polkadot are two other chains that are showing huge promises

YOSHIE

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Quote from: Gorosden on April 03, 2021, 10:34:39 AM

Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?

Everyone has a choice when it comes to transactions, BSC and Binance are the same, right now you shouldn't talk about exchanges, like Binance, DEX, BSC etc.

The problem is ETH gas, not a trading site, not only Binance, other exchanges have the same fate, ETH gas remains huge, at the moment.

For now people can choose according to him is good and good in transactions, regardless of exchange.

cheezcarls

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Quote from: Gorosden on April 03, 2021, 10:34:39 AM

One of the reasons why binance smart chain becomes this big right now is because ethereum gas fee is very high and this force some projects to switch to BSC but what do you think will happen once ethereum gas fee goes lower in near few months? Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?

ETH fees are hurting my pockets now, especially when I use Uniswap and other swapping platforms that uses Ethereum blockchain. The approval and transaction fees combined are just so painful in my poor pocket! I even wanna buy an NFT last night, but ETH’s gas fees are somewhat the drawback on why I can’t afford it.

DeFi and NFT projects on BSC is somewhat a life-saver for now because of low fees. But the only disadvantage of Binance Smart Chain right now is that they are centralized, as they can lock up our tokens there under such circumstance, which is something that I don’t like.

If only ETH 2.0 is launched and in effect right now, I certainly believe it would be bullish for Ethereum and more projects are gonna come in to this blockchain rather than BSC. Just my own thoughts.

Mr.007

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while ethereum gas costs are very expensive I use bsc unless I get coins from the ethereum airdrop platform, I just used ethereum as gas to send to the market or swap

Princejebs

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Quote from: ?? on ??

eth takes its current state entirely from the past. I think the fee amounts will decrease after making the necessary update. The vast majority of people are currently using it because of the high amount of eth fee, but I think that after the necessary update comes, those on bsc will return to the process on eth.

Necessary update that is taking eternity to implement. It's not about the update but when and when will they fix the problem?
Developers and miners are still having misunderstanding on the Ethereum Improvement Proposals (EIP), this is taking forever and I believe the update will not be completed till 2022.
I tried making a transaction this morning for the first time on bsc, I was so happy when I was charged $0.07 in bnb. The last time I did this kind of transaction on eth was 2 years ago.

susuberuang

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Etherem and BSC are the best networks in crypto today, both of which have same goals, even though the currently etherem has very high fee compared to BSC, the etherem is still the option of every trader in the crypto because the network is very large and strong, I am a sure etherem will giving the best by evaluating the complaints about the high cost of this fee,

bittick

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Considering BSC also have some popular dapps I think they will still hold on and not being crushed by the eth 2.0 if it's fully implemented in july as devs promised and there's nothing wrong in having alternative blockchain, the more option the better and I think in the future binance gonna make some kind of event or trying to make it easy to get listed into their exchnage but limited to projects in BSC, idk but it's not gonna dying that easily.

amishmanish

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Ethereum fees are high because of the transaction throughput as well as the mining being decentralized. BSC is run on nodes operated by Binance exclusively for the purpose. It is almost centralized settlement so the speed will never be an issue. The big money has come from Bitcoin to Ethereum because of the trustlessness. When Ethereum moves to L2 and Bitcoin based DeFi initiatives start gaining traction, a lot of that money will move back to Bitcoin.

As far as BSC is concerned, i feel it has cemented its place as the harbor for shrimps and the degen whales. These people really just love to play around with their crypto fortunes. Paying a 100 USD fee every time along with slow settlements can get boring. Hence, BSC will always have a place. CZ has actually been pretty good at marketing and making all of this reachable to the smallest player. The same cannot be said of Bitcoin due to its decentralized and OG elite nature.

WINNERZ

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ETH Better than BSC this year.

pealr12

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Eth is decentralized and expensive to transact and transfer funds, bsc is centralise and very cheap to transact and transfer funds,
What is most important to me most! Decentralization or making profit! Making profit indeed,
What does it matter if bsc is centralise as long as it can get the job done!
PayPal and the likes are they decentralized? They have millions subscribers,
Is coinbase decentralized!...... Roll Eyes

plexasm

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Quote from: makishart on April 03, 2021, 10:47:50 PM

Quote from: plexasm on April 03, 2021, 06:19:26 PM

Quote from: makishart on April 03, 2021, 06:00:02 PM

Quote from: donatello345 on April 03, 2021, 03:07:28 PM

On the Ethereum blockchain, so many projects have been created, but at the moment the network has problems with security, with the load and commissions within the network, it must be established by them!

Security? i don't think so. I see no problem on the ethereum security but if that's related to the ICO or token and that depends on the project itself whether the project has been creating a smartcontract with a proper core that doesn't contain bug or vulnerability.
The only problem that faced ethereum was the transaction fees and that's the only problem that i have been seeing it since a long time ago.
I think you are didn't see that properly.

ETH devs in and of themselves are a security risk. they can change whatever they want, whenever. so to believe that ETH has good security, you also must believe that ETH devs are superhuman.

Lol that means you didn't know how POW was working. Try to learn about that.
When the developer wants to implement EIP and that must be agreement between all of the miners to implement the change and when all of miners were rejecting the proposal and it will not be implemented.
I think that you should learn more about consensus. That's why blockchain is truly decentralized

securing a blockchain requires more than just PoW. if your devs can arbitrarily change the protocol, PoW is just providing a security theatre.

Quote

When the developer wants to implement EIP and that must be agreement between all of the miners to implement the change and when all of miners were rejecting the proposal and it will not be implemented"

this is an incredibly naive statement. do you know what EIP 1559 is? basically, it takes the transaction fees from blocks (currently ~$9,000/minute, $54,000/hour), and burns it instead of giving it to the miners as was the rules the miners agreed to when they started. this is admittedly being done to pump the price for bag holders (eth devs, lul). Do you think the miners are masochistic? https://stopeip1559.org/ ... seems not. The majority of miners are clearly against it. So by your logic, EIP 1559 is dead on arrival, right? Nope, eth devs give them a big fuck you, run our code or fork it (forks are practically impossible in eth because the tokens will have no value on the forked chain). the update will be live in July, despite the very legitimate complaints from the miners.

I think you should learn more about consensus, so you can understand what makes a blockchain truly decentralized.

makishart

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Quote from: plexasm on April 03, 2021, 06:19:26 PM

Quote from: makishart on April 03, 2021, 06:00:02 PM

Quote from: donatello345 on April 03, 2021, 03:07:28 PM

On the Ethereum blockchain, so many projects have been created, but at the moment the network has problems with security, with the load and commissions within the network, it must be established by them!

Security? i don't think so. I see no problem on the ethereum security but if that's related to the ICO or token and that depends on the project itself whether the project has been creating a smartcontract with a proper core that doesn't contain bug or vulnerability.
The only problem that faced ethereum was the transaction fees and that's the only problem that i have been seeing it since a long time ago.
I think you are didn't see that properly.

ETH devs in and of themselves are a security risk. they can change whatever they want, whenever. so to believe that ETH has good security, you also must believe that ETH devs are superhuman.

Lol that means you didn't know how POW was working. Try to learn about that.
When the developer wants to implement EIP and that must be agreement between all of the miners to implement the change and when all of miners were rejecting the proposal and it will not be implemented.
I think that you should learn more about consensus. That's why blockchain is truly decentralized

Kemarit

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Quote from: Gorosden on April 03, 2021, 10:34:39 AM

One of the reasons why binance smart chain becomes this big right now is because ethereum gas fee is very high and this force some projects to switch to BSC but what do you think will happen once ethereum gas fee goes lower in near few months? Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?

That remains to be seen, Ethereum really need to come up with a good solution to their next iteration regarding the gas fees.

So far BSC is winning because of that problem and for the sake of argument Ethereum2.0 goes live solve the issues, then for sure there could be projects that will switch back and there will be projects that will remain with BSC.

MCobian

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Ethereum has been in the crypto industry for a long time, so in experience they are better than BSC. So in my opinion the BSC will only temporarily
beat Ethereum, after the Ethereum gas fees go down, I'm sure all BSC users will probably switch to Ethereum again. No one knows when Ethereum
gas fees will drop, but I believe the Ethereum development team is trying to fix it. And it's not an easy job, so Ethereum does take time to solve
the problem with high gas fees. Since there is no way Ethereum is now standing by with an emerging competitor to threaten them, I believe that
Ethereum will win in the end.

abderrazak belkhir

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Quote from: ingiltere on April 03, 2021, 11:28:14 AM

How do you know ETH gas fees will be lower in near few months? I don't think it will happen soonTM, so I believe BNB's rise will go on in next couple of months. Even if they fix ETH gas fee problem it won't be near as BNB's low fees. People get tired over 100$ swaps so they switch out. ETH swap fees won't be 1$ anytime.

I think thats too good to be treu...eth have a strong and solid network and the high fees really wrecked everything...small traders start hating this network and focusing on bsc network projects and this will make them lose many opportunities...also many project that keep using the network are finding huge difficulties in token distribution especially for airdrops

plexasm

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Quote from: ?? on ??

eth takes its current state entirely from the past. I think the fee amounts will decrease after making the necessary update. The vast majority of people are currently using it because of the high amount of eth fee, but I think that after the necessary update comes, those on bsc will return to the process on eth.

I think this is a dubious investment thesis. these platforms are very sticky. once users start using one it takes a many-order-of-magnitude improvement to get them to switch. if BSC is doing what it is now I don't see why users would switch, especially that fees in ETH will always be higher than fees in BSC (EIP 1559 does not reduce fees, it simply burns them instead of giving them to miners). ETH will never be able to compete with the sub-penny fees of BSC. ETH2 PoS will reduce fees, but that's ages away.

also you need to consider that Binance can create incentives to keep users on BSC / get users onto BSC (which is the main reason why BSC has been successful in taking users from ETH). ex: fee-less trading and withdraws if you're using BNB, huge staking rates for locking your BNB (it's PoS so they can just gift free money easily), rewards cards for holding BNB, etc. Imagine what an ETH competitor would pay Binance for 24/7 advertising on every page of their exchange - would cost billions, and BSC gets this for free. Binance is the biggest crypto exchange in the world - they have virtually infinite options to take users away from ETH

you'd need to see KYC added to BSC or some kind of uncomfortable regulation to get users off of it, imo

777Jolami

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Quote from: ene1980 on April 03, 2021, 03:45:58 PM

Quote from: ingiltere on April 03, 2021, 11:28:14 AM

How do you know ETH gas fees will be lower in near few months? I don't think it will happen soonTM, so I believe BNB's rise will go on in next couple of months. Even if they fix ETH gas fee problem it won't be near as BNB's low fees. People get tired over 100$ swaps so they switch out. ETH swap fees won't be 1$ anytime.

The die hard fans of ETH believe that the gas fees will become lower once the ETH 2.0 is fully rolled out and that is the general concept the ETH team is giving out as well but with the higher fees some of the projects already moved from ETH to BSC and so is the reason the price of BNB is rising as if there is no limit to the rally and went from $15 to $350 in a short period.

The problem lies in trust, if the BSC is released recently, will it secure the signature seeds for future safety? Meanwhile, the market always welcomes major fomo diseases and losses countless times. certainly not without reason and basis to believe in BSC. Though, they pulled a large user base from ETH, and BSC had a 40% market cap growth and new ATH. If ETH 2.0 can satisfy essential gas needs, and some mere staking features, I am still confidently immersed in ETH.

plexasm

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Quote from: makishart on April 03, 2021, 06:00:02 PM

Quote from: donatello345 on April 03, 2021, 03:07:28 PM

On the Ethereum blockchain, so many projects have been created, but at the moment the network has problems with security, with the load and commissions within the network, it must be established by them!

Security? i don't think so. I see no problem on the ethereum security but if that's related to the ICO or token and that depends on the project itself whether the project has been creating a smartcontract with a proper core that doesn't contain bug or vulnerability.
The only problem that faced ethereum was the transaction fees and that's the only problem that i have been seeing it since a long time ago.
I think you are didn't see that properly.

ETH devs in and of themselves are a security risk. they can change whatever they want, whenever. so to believe that ETH has good security, you also must believe that ETH devs are superhuman.

kevindjunaidi

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Quote from: Gorosden on April 03, 2021, 10:34:39 AM

One of the reasons why binance smart chain becomes this big right now is because ethereum gas fee is very high and this force some projects to switch to BSC but what do you think will happen once ethereum gas fee goes lower in near few months? Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?

as long as the fee from BSC is cheaper or equivalent to Ethereum, then I am sure BSC will still be popular and there are some projects that will still use BSC, because for now BSC project has been very widely used by people and there are several projects that have switched from Ethereum to BSC, so I'm sure BSC will remain a competitor to Ethereum forever.

Topic: ETH and BSC - page 34. (Read 7008 times)