Eth gas fees and investing - page 2.

worldofcoins

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Quote from: ichsan ardi on February 26, 2021, 05:19:56 AM

Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

wow this is very surprising, drowning eth is not that easy. just wait for the ETH v2 network. the cost of gas will not be as expensive as it is now believe me, be patient

Yes, there's new News that ETH developers are working on Etherium version 2.0.
ATM yes the Gas is too expensive the for example the Bounty campaign in which i was had paid around 2.5 ETH fees for around 4 ETH bounty in Tokens.
Yes that was just to transfer worth 7-9k USD worth Tokens.

Kitaiev

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At the moment such a price for decentralization but soon the price for transactions will become cheap again. The team has been working on solving this issue for a long time. So don't worry about it if the ether dies then for another reason.

dhemasm

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I noticed that the gas price early Monday morning is very low to 72 Gwei. Yesterday I managed to transfer my tokens to the exchange for $ 2.8, I'm sure that the commission on Uniswap is also lower.

It's still high i from my opinion comparing to last year, You still need pay Approve Fees before exchanging on the Uniswap, $2-$4 For Approving your asset to be traded on metamask and around $15-$28 For today Ethereum Fees, More than $30+ and it's was really ridiculous take an example for $40 total traded value and you only get $10 from that. Well let's hope atleast it will touch 30-50 Wei Range on the next few weeks.

Tipstar

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I am not being able to unwrap my $60 worth of wrapped ether in Uniswap even if I have $12 worth of Ethereum for fees. Adding a small bit would require about $15 for fees and add that to unwrapping and sending it somewhere, I'd be spending about $60 just to get $60. And the most stupid thing about transacting Ethereum is Bitcoin has cheaper fees. Ditch Etheruem.

mirgo1791

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as rise with the price of ethereum, more traders might finds difficulty to move funds between account that the strategy to hold or keep with the trading scheme might helps as reducing limit of ratio as trader to collect returns from the manage of investment plan with the crypto finance.

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Quote from: bitkanu on March 09, 2021, 08:12:09 AM

Quote from: Hamphser on March 08, 2021, 03:54:51 PM

where it didnt really take that too long but for ETH? It seems its been on several weeks now.

Is there any viable solution to this?

The solution already prepared but again that needs a lot of processes, ethereum is not a centralized blockchain that can be dictated by a single entity just like binance smartchain and you must have known the difference. Any improvement must have passed the consensus that will be running through the voting in the network.
that's why it needs at least a few months to be completed.

therefore the problem of gas which is still unstable is planned to be completed in July this year.
it seems slow but seeing that ethereum is also running an update I think the team's work is currently stacking up.
which we hope all goes well and all as we expect. waiting a little longer is not a problem, the most important thing is that the results can satisfy us all.

bitkanu

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Quote from: Hamphser on March 08, 2021, 03:54:51 PM

where it didnt really take that too long but for ETH? It seems its been on several weeks now.

Is there any viable solution to this?

The solution already prepared but again that needs a lot of processes, ethereum is not a centralized blockchain that can be dictated by a single entity just like binance smartchain and you must have known the difference. Any improvement must have passed the consensus that will be running through the voting in the network.
that's why it needs at least a few months to be completed.

DoublerHunter

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Quote from: CaVO32 on March 08, 2021, 03:46:52 PM

And this is the reason why some project developers are considering other network like the BSC. I have seen several of them to go into BSC network, which were previously planned under ETH platform. The gas fee problem really did change some plans in the blockchain industry. Most small investors can't participate in the public sale because of gas fees alone. So in order for the project to catch small investors, they need to go to other network with cheaper fees that can accommodate them. And I guess, that's understandable for their project to push thru.

^ But not all can cover by the BSC network, investors still use ETH in the public sale. That is definitely right, small investors are preferred on small and cheaper fees and probably this is the reason that recently the BNB coin was skyrocketing last month on the third place behind ETH because of the useful reason, the gas fee. I heard a rumor that volume 2 of ETH was not yet fully launched if this will happen, probably the improvements include the gas fee problem which is everyone is now suffered on this.

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I did make some test out transactions from coinswitch.co instant exchange where i do tend to exchange $40 worth of ETH to Bitcoin and i do only end up on getting $17 amount in Btc

which simply means that you would need to pay up $23 in forms of fees in ETH which is totally out of this world.Usually these kind of high rise of fees does resolved in few days time just like
in bitcoin where it didnt really take that too long but for ETH? It seems its been on several weeks now.

Is there any viable solution to this?

CaVO32

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Quote from: wxa7115 on March 08, 2021, 03:39:36 PM

Quote from: ElaineGanda on March 04, 2021, 04:32:45 PM

It is quite funny that gas fees are now being considered before investing in crypto. I remember few years ago there is no issue or problem with gas fees, only income and profit are being considered before investing. Crypto market is really changing through out the years.

Things change and now the market has gown so much so quickly there is not enough space on the blocks to get cheap transactions anymore, but back then when the price was cheaper than now this was not as much of an issue for small investors.

But now the price is so high that small investors that are beginning their journey with just a few hundred dollars are finding out that a great deal of their money will disappear just in fees, so it is natural they are upset and they are trying to find a way to reduce their fees as this is critical for any investor and even more so for those that like to trade the markets.

And this is the reason why some project developers are considering other network like the BSC. I have seen several of them to go into BSC network, which were previously planned under ETH platform. The gas fee problem really did change some plans in the blockchain industry. Most small investors can't participate in the public sale because of gas fees alone. So in order for the project to catch small investors, they need to go to other network with cheaper fees that can accommodate them. And I guess, that's understandable for their project to push thru.

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Quote from: ElaineGanda on March 04, 2021, 04:32:45 PM

It is quite funny that gas fees are now being considered before investing in crypto. I remember few years ago there is no issue or problem with gas fees, only income and profit are being considered before investing. Crypto market is really changing through out the years.

Things change and now the market has gown so much so quickly there is not enough space on the blocks to get cheap transactions anymore, but back then when the price was cheaper than now this was not as much of an issue for small investors.

But now the price is so high that small investors that are beginning their journey with just a few hundred dollars are finding out that a great deal of their money will disappear just in fees, so it is natural they are upset and they are trying to find a way to reduce their fees as this is critical for any investor and even more so for those that like to trade the markets.

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Quote from: TWW on February 26, 2021, 08:11:30 AM

Quote from: ichsan ardi on February 26, 2021, 05:19:56 AM

Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

wow this is very surprising, drowning eth is not that easy. just wait for the ETH v2 network. the cost of gas will not be as expensive as it is now believe me, be patient

I heard it will be over in 2023. You will have to wait in your investment until then to really see things going normally.
but some have reported that in the middle of this year there will be a solution to the issue of ethereum transaction fees.

2023 is too long, and this will make the ETH network even worse and maybe all projects will run to the bsc which is currently still in the pocket of the coin warriors,
I hope that as expected this year there will be a change in the cost of gas fees for shipping, it hurts to see the market keep moving up and being held back by shipping fees

ElaineGanda

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It is quite funny that gas fees are now being considered before investing in crypto. I remember few years ago there is no issue or problem with gas fees, only income and profit are being considered before investing. Crypto market is really changing through out the years.

djgtr

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Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

That isn't exaggerating but rather a reality on ethereum, many folks have been saying all those frustrating words but still they choose to stay with ethereum despite of the highest gas fees. Those are naysayers who keep trying to spreading rumors in order to take down eh, yet till the end was failure then eth continues to rise even all of those scenario we shouldn't worry about it.

Willitivity

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I think the high gas fees on Ethereum Network is freaking people out, since the price of ethereum started pumping the gas fee required for a transaction is very high, this has made several projects running on Ethereum blockchain to look for an alternative, in order for them not to loose their investors or customers due to the high fees, that's the reason why there have been several altcoins contesting to replace Ethereum, projects like BNB, ADA and TRX are the potential projects to replace Ethereum if the high gas fees isn't fixed soon.

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Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

That words isn't new for me, I heard many times about it maybe that's due to frustrated eth users. They been struggling for several times because of this issues regarding higher transaction fees of erc20, and nothing's changed. We need to wait for further developments to when this situation might be corrected, everybody was really tired of waiting on this matter. If this will continue to dominate, I think eth holders will probably divert with other promising asset with fair transaction fees.

pinggoki

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Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

You need to know first the gas fees because when you input a money into the platform you need to compute the funds and the fees that you want to transfer in order to invest or to trade so that you will know how much you will be able to get in order for you to say that you've already reach the profit you target. There's a lot of fees you need to considered in order to do this thing especially right now that the gas fees are way to higher compared on the past years in which the ethereum gas fees are kind of low.

wxa7115

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Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

Nothing like that is going to happen but it is a huge inconvenience, the greater the fees the less it makes sense to move what we call ‘dust’, in the past dust transactions of a few cents worth of fiat could not be moved due to the costs of making a transaction but this was fine and many people accepted it.

But now with transactions costs being so high it does not even make sense to move amounts like 5 to 10 dollars as the cost of the transaction is equal to that and you do not want to spend the same in the transaction than what you are sending in the transaction itself, this means that other people will being to move to other coins like the binance coin and this will reduce the fees making it possible to once again make reasonable transactions but the cost will be a loss of popularity for ethereum, this is not going to sink ethereum but it will affect it negatively.

meldrio1

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Ethereum would be sink if the team can not solve this problem about the gas fee. Many people using ethereum as payment but with this high gas fee people will prefer other coins that has cheap transaction fee. The team should solve this problem in the near future or else we will see ADA in the top 2 spot in coinmarketcap.

rosebrand

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Ethereum gas fees is really going insane and this might bring a bad outcome to the network system if this problem of high fees isn't resolved, users of the blockchain will have no choice but to switch over to other chains and not only Ada there are more networks which have very low transaction fees like the Binance smart chain network, TRC-20 network and with the look of things these networks might replace the Eth network If it's gas fee keeps increasing.

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