Eth gas fees and investing | Bitcointalksearch.org

kak uli

full member

Activity: 1246

Merit: 103

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?

maybe that is the case with ethereum, it seems like everyone who makes transactions always complains about the high fees, and that has been a conversation a few weeks ago until now.
because now there are many altcoins that are trying to compete with ethereum, maybe ethereum fans beforehand will switch or move to other altcoins.

wxxyrqa

full member

Activity: 1372

Merit: 133

On April 3, one of the big whales transferred Ethereum in the amount of $ 1,363,285,904.77 to the contract address of the investment protocol and I would like to note that the commission for this transaction was only $ 40. I believe that this is generally a negligible gas fee for transferring 629,000 ETH. https://etherscan.io/tx/0xa7d04374aa42725d278e7bdf8c3be1bc902da732f0025b026f4f6f6696fc1cae

It may be necessary to choose a more suitable time for making transactions, because transactions are much cheaper at night.

noorman0

hero member

Activity: 1764

Merit: 696

[Nope]No hype delivers more than hope

ETH is less likely to sink seeing the price creep up. The hype defi is still ongoing and of course the demand for ETH is still high for gas needs. Generally, the high transaction fees are mostly felt by defi fans and dex users where gas fees can increase from normal fees.

Lantind

sr. member

Activity: 2324

Merit: 263

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: cafee_orange on March 30, 2021, 02:06:50 AM

maybe you say that will happen with ethereum if the transaction fees are very high, it is a lot of complaints by bounty participants and also erc20 or Ethereum fans. When compared to other altcoin transactions, the highest transaction fees are when we make transactions using the ERC20 platform. ethereum should fix it as soon as possible

Yes, if you look at the Altcoin space it is true that the Ethereum Platform has a very high cost when compared to other platforms today, but make no mistake that if this problem is fixed by Ethereum soon, then several other platforms will die and only partially survive just because of the influence of his current popularity.

cafee_orange

full member

Activity: 1036

Merit: 100

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?

maybe you say that will happen with ethereum if the transaction fees are very high, it is a lot of complaints by bounty participants and also erc20 or Ethereum fans. When compared to other altcoin transactions, the highest transaction fees are when we make transactions using the ERC20 platform. ethereum should fix it as soon as possible

malikg18

jr. member

Activity: 1141

Merit: 1

Eth gas fees is Disturbing. Gas fee is higher tan the actual price of tokens which I want to transact.If this situation continues then Alternative platform will take place of Ethereum.Currently BInanace smart chain BSC ,Tron network is trying to overcome this.

Wawa2013

sr. member

Activity: 1666

Merit: 268

I'm sure most of the members of this forum are not technologists and programmers like you, so we don't need to be a technologist and programmer
to understand how this crypto world works. The most important thing is to always be diligent in educating ourselves by reading about all things related
to crypto. Later, with time we will find out how to become successful investors or traders.

Regarding Ethereum gas fees, it is very high. this is because the demand for Ethereum is very high and also with many people using the Ethereum
platform, this is what causes very high Ethereum gas fees. But you don't need to worry that Ethereum won't sink because of that, because in addition
to the Ethereum community being so loyal, the Ethereum development team is also in the process of solving this problem. So for Ethereum users,
we should be a little patient.

Psynthax

hero member

Activity: 2366

Merit: 504

Gas fee is the reason why people migrating over to BSC but definitely not the only factors that determine which price point ETH should be in, the ETH value right now is highly influenced by the institutional investors that baghold and the gas fee has little to do with it, and those whales that holds eth rarely execute any transactions and if they do the current gas is some measly amount for them. not to mention that in july the team says it's gonna resolve current ETH problems regarding gas and many more.

shoreno

full member

Activity: 1750

Merit: 118

no you dont need to be a technologist or a programmer to be good at this things but you are already on the right position . as a crypto trader/investor you are studying anything in crypto including thier fees . since your here i assume you already knew that eth fees are high but thats it , there is no real benefits of digging deeper . its only common sense if what will happen when a coin has a fee , obviously more people will avoid it . eth fee or eth price itself could sink if the problem persist

martina14

full member

Activity: 1190

Merit: 111

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?

As long as the ETH price value continue increasing in the market, the gas fee will do the same thing to increase also.
And this most often happened in the bounty campaign after it is done the distribution was being delayed due to the gas fee was too
expensive. So, the choice we got for this problem is but to wait when the price of ETH will get down.

Silberman

legendary

Activity: 2534

Merit: 1338

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?

The fees were a huge problem and even now can be quite high especially if you want to move a low amount of new coins, the ones behind the ethereum platform are already working on it and they will implement a way to lower the fees during the next months, so this is not going to be something that is going to sink ethereum but it is something that it is putting at a disadvantage compared to what see in other blockchains especially binance that is gaining so much momentum lately.

Lmaooo

full member

Activity: 694

Merit: 108

santacoin.io

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?

Lol, the Ethereum gas fee is expensive because the Ethereum network is congested. In fact, over congested due to the rise of Ethereum decentralized apps knows as "dapps" more especially Decentralized Finance "DeFi"

We currently live in the age of DeFi, they are on the rise! And 80% of DeFi platforms were built on Ethereum smart contracts, with huge instructions to execute and huge amount of people on them.

But once Ethereum Blockchain is fully migrated to the Proof of Stake consensus all these expensive fees and congestion would be over.

kopijos

member

Activity: 523

Merit: 11

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?

The cost of ethereum gas is high because the ethereum price has experienced a high increase, I think if the ethereum price is low, it is possible that the ethereum gas fee price will also be low. This is a plausible theory and this has been the case for a long time now for ethereum gas fees

wxxyrqa

full member

Activity: 1372

Merit: 133

Even high gas prices do not reduce the demand for the erc20 platform in the cryptocurrency market.
I believe that sometime in July the last phase of update 2.0 will be launched, with help from the London hard fork. I am definitely expecting this event. The fact is that miners will lose their income and therefore will resist this process. But the team is very serious about making Ethereum deflationary and lowering fees.

MishaSER

full member

Activity: 1050

Merit: 103

BIB Exchange

Quote from: dhemasm on March 10, 2021, 12:57:25 PM

Quote from: ?? on ??

I think while the price of Ethereum tends to 2000 dollars, we will not see below 70 Gwei, more favorable conditions will be if the price of Ethereum drops to 1000 dollars.

That also valid but before the main factor of high gas Fee from my opinion it's because DeFi and now it's not on hype again, Basically last 3 day The Gas Fee was really low and it was on Bullish state, It's stable around 60-70 Gwei especially on UTC Midnight Time, Not sure about today but i'm really sure it will low again.

I started to rejoice about the low gas price, but it went up again and already 180 Gwei. Monday morning I will test my theory, see if it is below 70 Gwei.

OcTradism

hero member

Activity: 1722

Merit: 801

Quote from: Rengga Jati on March 10, 2021, 06:37:29 PM

The transfer fee on the Ethereum platform for ERC20 is very high, although we only transfer small token values. the fee is so high.

Transaction fee on ERC-20 chain depends on Gas price you use and the smart contracts. Swap on decentralized finance (DeFi) often has very high fees cause by smart contract. With same Gas price, you will get cheaper transaction fee if you move your ETH, not ERC-20 tokens. If it is swap, fees will be higher.

Quote from: Yamifoud on March 10, 2021, 06:45:40 PM

Huge fees are really disappointing but not I think this will be the reason why we have to leave and forget ETH. This will be resolve soon, the team is working on it patiently and we have to give them the support they need. Because the success of their plans is the success of everyone. If we have bothered too much with the fees, it might be good not to withdraw it this time.

No one abandon bitcoin blockchain forever only because of temporary high transaction fees. Bitcoin and Ethereum are two biggest blockchains and the movement out of ERC-20 chains won't last long. They will come back to ETH blockchain soon. The higher the total hashrate on the network, the more safety from that blockchain for transactions.

Bitcoin and Ethereum have biggest total hashrates in crypto.

Yamifoud

hero member

Activity: 2828

Merit: 518

Huge fees are really disappointing but not I think this will be the reason why we have to leave and forget ETH. This will be resolve soon, the team is working on it patiently and we have to give them the support they need. Because the success of their plans is the success of everyone. If we have bothered too much with the fees, it might be good not to withdraw it this time.

Rengga Jati

hero member

Activity: 2072

Merit: 656

royalstarscasino.com

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

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?

The transfer fee on the Ethereum platform for ERC20 is very high, although we only transfer small token values. the fee is so high.
If this always happens and no problem solving about this transaction fee, maybe someday, many new projects will use other platforms that are faster, more affordable, and also lower fees in order to support the user's easiness.
Now, it comes to TRX, ADA, Polkadot, and also Binance. They are real competitors

dhemasm

full member

Activity: 1829

Merit: 134

Moderator

Quote from: ?? on ??

I think while the price of Ethereum tends to 2000 dollars, we will not see below 70 Gwei, more favorable conditions will be if the price of Ethereum drops to 1000 dollars.

That also valid but before the main factor of high gas Fee from my opinion it's because DeFi and now it's not on hype again, Basically last 3 day The Gas Fee was really low and it was on Bullish state, It's stable around 60-70 Gwei especially on UTC Midnight Time, Not sure about today but i'm really sure it will low again.

LastKiss

sr. member

Activity: 2184

Merit: 251

SOL.BIOKRIPT.COM

Quote from: Zurcermozz on February 25, 2021, 09:22:40 PM

ETH gas fee became high because of it's current price, the fee increases it's value as the eth price increase. Not planning to promote, but many people said that ADA(Cardano) is trying to do something to replace ETH.

Beside of it's current price there's another reason why the gas fees is high that because many people use ETH tokens to transfer from their wallet to other wallet and so on, so there's a lot transaction to process.. more people use ETH and it's token more fees we get. You can choose TRON for example to get low fees

worldofcoins

sr. member

Activity: 1820

Merit: 418

Telegram: @worldofcoinss

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

sr. member

Activity: 1064

Merit: 300

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

full member

Activity: 1829

Merit: 134

Moderator

Quote from: ?? on ??

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

sr. member

Activity: 1932

Merit: 300

Vave.com - Crypto Casino

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

member

Activity: 1022

Merit: 10

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.

rozak

sr. member

Activity: 1960

Merit: 273

★Bitvest.io★ Play Plinko or Invest!

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

hero member

Activity: 2184

Merit: 513

Moonbet.io | Web3 Casino

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

hero member

Activity: 2590

Merit: 644

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.

Hamphser

sr. member

Activity: 2604

Merit: 338

Vave.com - Crypto Casino

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

full member

Activity: 1848

Merit: 158

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.

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

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.

TribalBob

sr. member

Activity: 1330

Merit: 257

DGbet.fun - Crypto Sportsbook

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

full member

Activity: 422

Merit: 103

Futurov

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

sr. member

Activity: 951

Merit: 250

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

sr. member

Activity: 1190

Merit: 256

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.

Edsemen

full member

Activity: 413

Merit: 100

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

sr. member

Activity: 1498

Merit: 416

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

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

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

full member

Activity: 1358

Merit: 100

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

full member

Activity: 784

Merit: 100

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.

jaberwock

legendary

Activity: 2660

Merit: 1074

Quote from: XCANA on February 26, 2021, 03:53:10 PM

when you aren't in good term with this technology you can switch into Binace-chain or ADA which have the latest cheap fees for transactions.

Even Tron (TRX) is a good option for faster and cheaper transactions, basically free transactions.

Quote from: MUG1WARA on February 26, 2021, 04:05:13 PM

yes maybe if ethereum can't solve this problem it can sink, take a look at now a lot of projects are starting to switch to using BSC. but from the news circulating that the fee issue will be resolved in the next few months, so now we should see that the vitalik team can keep their promises

BSC looks like the future and the huge spike in the prices of BNB, I think only confirms it. There is no reason to pay higher fees for the transaction which can be done on some other chain at a cheaper price.

Quote from: 5ensei on February 26, 2021, 05:30:11 PM

It's not even worth moving small tokens out of your wallet as GAS costs more than the token value. It's turning into a platform for wealthy DeFi users only

Looking at the current circumstances, yes its near impossible to make small transactions unless that's the last option and you are able to afford more on the transaction fees than the actual value being transacted or you are happy to wait for weeks for transaction to confirmation.

Sendi blackspade team

full member

Activity: 941

Merit: 100

Quote from: isaac_clarke22 on March 03, 2021, 08:39:19 AM

Agree. Let alone corruption in the authorities is insane. While corruption is anywhere that involves money, decentralized projects is one way to almost be out of it.
This is another reason why I invested in crypto rather than just being on banks.

I think the OP is not referring to the discussion as you are currently doing.

This is related to the increased transaction costs of ethereum as well as the effect of the increased transaction costs themselves on ethereum.

The real effect on traders or those who want to sell their stored assets is an increase in prices but no one sells because the costs are too high. what happens is to keep holding assets until costs fall. or there is a possibility that the transaction fee will decrease when the ETH price in the market also decreases.

the effect on ethereum chain users such as projects with ethereum tokens can move to other blockchains such as BNB, ADA, and many more.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

Quote from: Flowzer on February 26, 2021, 04:06:39 AM

Quote from: amishmanish on February 26, 2021, 12:57:00 AM

Quote from: ?? on ??

~

Disagree, many of community here prefer decentralized project over a centralized one. Also, Centralized project will benefits the team most over the community.

Agree. Let alone corruption in the authorities is insane. While corruption is anywhere that involves money, decentralized projects is one way to almost be out of it.
This is another reason why I invested in crypto rather than just being on banks.

k@suy

sr. member

Activity: 882

Merit: 269

Quote from: rodskee on March 03, 2021, 05:05:55 AM

Like how people in the past exaggerating bitcoin , isn't bitcoin is the first currency that experienced this same criticism ? but what happen to the price of bitcoin?
the Main problem are those who uses crypto for SUPER FAST TRANSACTION , they want an instant dealings and cannot afford to spend some time to wait.
If you can't wait then accept the fact of high fee, but if not then use lower fee option .

It is really annoying that eth fee in every gas affects us so very hard and it even makes us wait for the eth gas to subside sometimes, there will be some cases that some projects that originally are under eth chain are now using bsc due to its convenience and fees. I really hope that when eth 2.0 will release can be helpful and will help us to choose eth projects again for us to invest.

Wahyuihib

member

Activity: 601

Merit: 10

Artemis

Ethereum and the problem of high gas costs are things that don't have the right solution yet. when eth prices are soaring, the costs incurred when transactions using this technology are very high. but if the alt that you own is already on the exchange, then this will not be a problem

triat

sr. member

Activity: 1176

Merit: 282

Quote from: rodskee on March 03, 2021, 05:05:55 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?

Like how people in the past exaggerating bitcoin , isn't bitcoin is the first currency that experienced this same criticism ? but what happen to the price of bitcoin?
the Main problem are those who uses crypto for SUPER FAST TRANSACTION , they want an instant dealings and cannot afford to spend some time to wait.
If you can't wait then accept the fact of high fee, but if not then use lower fee option .

this is so, but just before bulran I made transactions with fees of $ 1, then eth began to grow and fees flew away, and so, the transaction is still in progress and it is not known when it will come to the recipient. This is a minus, but I think that in the future we will use other chains for fast and cheap transfers, but the price for eth will not fall.

rodskee

full member

Activity: 2520

Merit: 204

OrangeFren.com

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?

Like how people in the past exaggerating bitcoin , isn't bitcoin is the first currency that experienced this same criticism ? but what happen to the price of bitcoin?
the Main problem are those who uses crypto for SUPER FAST TRANSACTION , they want an instant dealings and cannot afford to spend some time to wait.
If you can't wait then accept the fact of high fee, but if not then use lower fee option .

Lantind

sr. member

Activity: 2324

Merit: 263

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: forexandcryptoauditor on February 26, 2021, 06:27:10 PM

Ethereum should urgently bring the solution to the issue of high fees. Even though it is relative to price, high transaction fees is losing the confidence among ETH users. I Hope will get new updates with lower fees soon.

True, it can make ETH users go to other platforms that are relatively cheaper when transacting and will obviously make ETH platform users less likely because they will not be able to pay high fees on every transaction they make.

ice18

hero member

Activity: 2492

Merit: 542

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?

I think is hard to sink such kind of network because of high gas fees despite of huge fees still many users want to buy and hodl eth even in Uniswap a lot of traders still trading with huge fees, It will only sink if no updates from devs and no development but the eth 2.0 is coming and eip 1559 and hopefully It will finally reduced fees.

shinratensei_

legendary

Activity: 3276

Merit: 1029

Leading Crypto Sports Betting & Casino Platform

Quote from: max6575 on March 01, 2021, 10:06:56 AM

different wallet put limit with the network gas

Why don't use the wallet that will make the user can adjust the transaction fees manually? I think that the majority of the wallets were also giving the feature for the user to adjust their fees to make their transaction will be delivered by the block instantly.
I have been trying a bunch of wallets and all of these wallets have the feature to set the fees. It becomes a standard feature that must be available in any wallet dude.
That doesn't make sense if there's still a wallet that will not make its users able to adjust their own fees.

deathcode

copper member

Activity: 1428

Merit: 253

This problem has been going on for a very long time. especially the news regarding the very high costs in metamask. many users of the ethereum platform will definitely discourage them from trading. especially for those who intend to sell assets of a small enough value. of course, it will consume their assets.
these issues may affect investment in the ethereum platform if not taken seriously.

max6575

full member

Activity: 1176

Merit: 100

Vave.com

different wallet put limit with the network gas that sometimes trader needs the work of swap bridge to helps as reducing waste of expends on chance as managing plan with the trading and more to find ways as not every token gives with option on feature of swap bridge to work with the transmission.

lixer

hero member

Activity: 2688

Merit: 588

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?

Even I cannot say clearly if the problem is going to be solved in the near future or become even more appalling. What I can suggest you is that move to other coins and tokens as per the market need. I remember a time when BTC confirms were very slow and I am talking about years ago, that time I switched to dogecoins because not this many tokens existed back then, now we have a majority of coins to chose from.

The basic reason behind the high transaction fees on the ETH blockchain, I think, is actually because of the massive number of DeFi projects being made and all the tokens that are generated have their own transactions which has choked the blockchain and its taking longer than usual to confirm transactions. I don't see it improving anytime soon either.

amishmanish

legendary

Activity: 1904

Merit: 1159

Quote from: GreatArkansas on February 26, 2021, 04:13:29 AM

Quote from: amishmanish on February 26, 2021, 12:57:00 AM

I don't think it really matters to people any more. Especially to the new bunch of enthusiasts and money makers from developing countries like Indonesia, Turkey, Eastern Europe. Most want low trading fees for instant and complicated transactions. Centralized solutions are fulfilling the need of the market.
(....)

It will not matter in the early stage, but if it will stay forever and in the long term, it's like a ticking bomb.
The beauty of cryptocurrency is decentralized and why it is being ignored?
Ethereum Layer 2 is the solution, other alternatives especially Binance Smart Chain will get hammered by Ethereum soon and others claiming Ethereum Killer, just a matter of time.
No hater of layer 1 protocols or other Ethereum alternative here, I can say they can somehow help the Ethereum network's scalability temporarily.

Exactly. Without a truly decentralizes network, the whole meaning of having a financial system without a central authority goes up in the air. This is especially true with the BSC. It is basically a private blockchain which benefits one person, Changpeng Zhao. The fees being paid in case of ETH goes to the miners. In case of BSC, they are going directly to Binance.

If you consider that, you will see that the fees on BSC aren't really that low. CZ has just exploited it like the clever opportunistic Chinese businesses everywhere. They give you a cheap alternative at supposedly low prices but it is never beneficial in the long run. It is up to the community to decide. I was not sure about ETH's PoS but now with these antics from Binance, I wish that ETH finds solution to its scaling woes through PoS so that the truly good stuff built on ETH doesn't get copied to BSC in the typical brain-dead, Chinese copy manner.

forexandcryptoauditor

copper member

Activity: 1190

Merit: 3

Ethereum should urgently bring the solution to the issue of high fees. Even though it is relative to price, high transaction fees is losing the confidence among ETH users. I Hope will get new updates with lower fees soon.

tabas

hero member

Activity: 3024

Merit: 745

Top Crypto Casino

Quote from: abel1337 on February 26, 2021, 05:04:23 PM

Quote from: tabas on February 26, 2021, 03:34:08 PM

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's exaggerated. They've said the same thing with bitcoin before. If you're a trader and you mostly transfer from time to time, it will disappoint you to transfer because of the fees.
But if you're just a holder and investor, it's not that much issue because if the value increases, the fee isn't a lot if you've got a lot in hold. But if you're just holding a small amount, it's just the same as the traders concern.

You can feel the fee when transacting on a daily basis especially if your timing is bad when there is network congestion. I think that ETH gas fees won't sink Ethereum but it will hinder some users from using eth and eventually, the small users of Ethereum will decrease knowing that there are new projects that are expected to launch their project on a different blockchain with smart contract support that is more efficient.

Yes, it won't sink Ethereum but it will make most of the holders of it just to keep it rather than use it on a daily basis.
That's why it's no longer economical just as before when we trade for thousands and the fees have been priced in into cents but it's too much in today's time.

5ensei

full member

Activity: 728

Merit: 103

It's not even worth moving small tokens out of your wallet as GAS costs more than the token value. It's turning into a platform for wealthy DeFi users only

abel1337

legendary

Activity: 2492

Merit: 1145

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: tabas on February 26, 2021, 03:34:08 PM

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's exaggerated. They've said the same thing with bitcoin before. If you're a trader and you mostly transfer from time to time, it will disappoint you to transfer because of the fees.
But if you're just a holder and investor, it's not that much issue because if the value increases, the fee isn't a lot if you've got a lot in hold. But if you're just holding a small amount, it's just the same as the traders concern.

You can feel the fee when transacting on a daily basis especially if your timing is bad when there is network congestion. I think that ETH gas fees won't sink Ethereum but it will hinder some users from using eth and eventually, the small users of Ethereum will decrease knowing that there are new projects that are expected to launch their project on a different blockchain with smart contract support that is more efficient.

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

Quote from: XCANA on February 26, 2021, 03:53:10 PM

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?

Ethereum high fess shouldn't be a thing to worry about mate becasue the technology is on it way to make a solution which will counter the existing problem of the high fess. But when you aren't in good term with this technology you can switch into Binace-chain or ADA which have the latest cheap fees for transactions.

Cardano just recently launching support for smart contracts? What's the point of using this blockchain if there are no interesting projects in it yet.
Binace-chain is a centralized blockchain that is controlled by the Binance exchange. I am afraid to transfer large amounts of money to it,
because if something happens to the Binance exchange, I will lose money.

MUG1WARA

full member

Activity: 1008

Merit: 101

yes maybe if ethereum can't solve this problem it can sink, take a look at now a lot of projects are starting to switch to using BSC. but from the news circulating that the fee issue will be resolved in the next few months, so now we should see that the vitalik team can keep their promises

XCANA

full member

Activity: 1470

Merit: 148

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?

Ethereum high fess shouldn't be a thing to worry about mate becasue the technology is on it way to make a solution which will counter the existing problem of the high fess. But when you aren't in good term with this technology you can switch into Binace-chain or ADA which have the latest cheap fees for transactions.

tabas

hero member

Activity: 3024

Merit: 745

Top Crypto Casino

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's exaggerated. They've said the same thing with bitcoin before. If you're a trader and you mostly transfer from time to time, it will disappoint you to transfer because of the fees.
But if you're just a holder and investor, it's not that much issue because if the value increases, the fee isn't a lot if you've got a lot in hold. But if you're just holding a small amount, it's just the same as the traders concern.

AliMan

hero member

Activity: 1974

Merit: 502

Vave.com - Crypto Casino

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?

Exaggerated but potentially, if this continues to exist and they wouldn't correct the serious concerns about gas fees? Eth would eventually go down due to investors literally feel more discomfort about it. There's a lot of platforms that can be an options for trading, and if there's no changes in the next few months or year I think there's a possibility that price would have been saturated so bad.

ven7net

full member

Activity: 1946

Merit: 112

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?

I have been working with ETH for more than three years now and have seen the situation of price increases for commissions on the Ethereum network several times. Previously it was just as bad, but as bad as it is now. Now we are witnessing a madness, which certainly pleased the consequences. The consequence is that other platforms have accelerated their development and implementation of trending instruments. All of this has already taken some of the profits from ETH and will probably continue to do so until Ethereum resolves its fee pricing issues. It is reported that this year the ETH network is waiting for an update, which should positively affect the solution of problems with commissions. We just have to wait and believe in the best.

Jackl87

sr. member

Activity: 1722

Merit: 269

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?

It is definitely true that Ethereum in it's current form has scalability issues which always come to light when there is heavy network workload which is mostly during bullruns or big dumps.
The transition to Ethereum 2.0 which means a switch from pow to pos has already started. This should solve the scalability issues and will probably send ETH to even higher prices.
If the transition fails though anything can happen.

bassbity

sr. member

Activity: 1092

Merit: 284

the massive movement shifted to the BSC network, that's when Ethereum loan sharks couldn't get along with the traders. so now the unstoppable aggression has started. then gradually its popularity will decline. To be honest this issue is already in the red zone, and a stern warning for Ethereum.

molsewid

hero member

Activity: 2170

Merit: 530

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 is because of the continue increasing of gas and market congestion, they think that if this thing shall not be fixed it could be an end of eth because no one will use that anymore considering that we have a lot of promising chain now such as BSC, it is true that eth is killing us as much as we want to trade or just transfer our assets to another wallet we need to pay for a big amount of gas, the low gas fee now is equivalent to high tx fee before when eth is not as high as $1000++.

gaston castano

sr. member

Activity: 1526

Merit: 251

ETH gas will continue to rise as eth prices continue to rise and the demand for more deliveries makes eth costs very high at this time.
maybe the only way is when ethv2 is running so there is no ETH mining anymore so transactions will be exactly the same as bsc now.

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

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?

Well, am also not a technologist neither am I a programmer, but for sure, we all know that transaction fees on the Ethereum blockchain have been going crazy lately and I personally agree with those who think it could sink Ethereum. No one is exaggerating, it's completely true but this is if something is not done about it, but I believe something is already in the works to help fix the issue, there are alot of competitors out there with binance chain being the major one, most projects have been migrating to binance chain due to high transactions fees on Ethereum blockchain.

Galley

member

Activity: 1274

Merit: 14

Quote from: Jating on February 26, 2021, 05:07:06 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?

Yes, it's true, but that' just pure exaggeration in my opinion.

If it could sink Ethereum, then we wouldn't see a new all time high of $2k this month.

And then we have records of Ethereum wallet this year as well. It might cost them a bit them as new projects might shift to Binance Smart Chain, but I don't think it will have a negative impact to them. ETH2.0 staking is still on record high as well and even they say it's expensive, investors are still pouring their money on Ethereum. So the answer is No, it won't change a bit even if it has a high gas fees right now.

It is possible that many perceive high transaction fees as a temporary phenomenon and are willing to suffer a little such inconvenience. But if we see all this from a long-term perspective, then I doubt that anyone would agree to bear such losses for a long time. And most likely it will look for an alternative.

Kasabus

hero member

Activity: 2814

Merit: 576

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?

High fees couldn't mean that it will drag ETH to the ground and sink. Not exactly it ended like that and this is not the long-term situation, it will soon drop and back from the usual fees we pay before. It is just for now that we need t pay higher fees to the miners in order to fasten our transaction but if you are not really in a hurry, we can set to its minimum fees.

However, even we set it on the minimum but the fees are still higher compared to the past Bullrun. This will really be a burden for small capital investors and most likely, this will be the reason for them to stop. But as I said, this is not a reason that we could think about a sinking boat(ETH).

crzy

full member

Activity: 2128

Merit: 180

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.

As per ETH team they are working on it and their stated that on July 2021, they release the best solution with regards to this one. Seriously, the fees is not that high right now and maybe the fees will really depend on the traffic in the market, the current price trend and its current demand. ETH is still the best altcoin, so I don't think it will sink simply just because of its fees, they'll improve for sure so let's be patient for that.

TWW

full member

Activity: 1456

Merit: 109

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.

Johnyz

full member

Activity: 2086

Merit: 193

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 don't need to be professional because you can simply tell that the higher fees is because of the growing traffic in the market and of course the current price of ETH. If you're gonna look like now, the fees are getting lower since the price is dumping. If the market goes up and there's a strong demand, miners are having a problem solving the blocks and that makes the fees getting more expensive. Anyway, ETH must still need to address this problem and make a good update to decongest its blockchain system.

Iyeman

sr. member

Activity: 1183

Merit: 251

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

just wait for the ETH v2 network. the cost of gas will not be as expensive as it is now believe me, be patient

It may take a year or less but I'm doubt we will see this problem will be fixed at the end of this year. I see that some people were publishing about EIP1599 but in my opinion if it's too early to speculate about what will be happening with it in the next months. We have experienced so many times our speculation didn't meet the reality.
I think that this problem will be fixed next year.
The problem is how much people will be migrating to the BSC

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: slaman29 on February 26, 2021, 05:55:34 AM

It's probably very exaggerated. Fees have only been climbing, not going down, but utility hasn't seen any hits and is increasing anyway. Demand has not gone down at all and everyone knows ETH 2.0 when it finally emerges from its coccoon will be solving all of these problems. Meanwhile, layer 2 solutions are available on some DeFi platforms already and even some exchanges, so people are finding ways around the high gas fee issue.

Decentralized exchanges do not stand still and are looking for ways to reduce the price of commissions. According to the information published in the blog on February 25: https://1inch-exchange.medium.com/1inch-network-expands-to-binance-smart-chain-1a718a154034 , "1inch Network expands to Binance Smart Chain". This way, all 1inch users will be able to use all the BSC features, and pay lower fees accordingly. This explains the growth of the 1inch coin by 30% over the past day.

michellee

hero member

Activity: 2604

Merit: 816

🐺Spinarium.com🐺 - iGaming casino

I think you only need to know how much gas you needed when you want to make a transaction and let the network do that thing for you. Maybe that is right because people will not want to send a few amounts with a high fee. They want to have a low fee but the transaction can arrive without waiting too long. Ethereum needs to solve this before people move to the other options because it's really a pain to pay a high fee.

I found a website that you can use as a reference to know how much gas you needed.

https://ethgasstation.info/

slaman29

legendary

Activity: 2674

Merit: 1226

Livecasino, 20% cashback, no fuss payouts.

It's probably very exaggerated. Fees have only been climbing, not going down, but utility hasn't seen any hits and is increasing anyway. Demand has not gone down at all and everyone knows ETH 2.0 when it finally emerges from its coccoon will be solving all of these problems. Meanwhile, layer 2 solutions are available on some DeFi platforms already and even some exchanges, so people are finding ways around the high gas fee issue.

Anonylz

hero member

Activity: 2562

Merit: 577

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?

If the problem persist it could affect eth greatly but am not sure sinking if that can sink eth completely, trans fee is a very important aspect of eth network and erc20 projects as small transactions are suffering greatly from this, the only way about this is to constantly check the eth gas station or whatever app you use to store your erc20 for the latest gas price, i mostly use mew app and from there i can see when the gas is low or high.

ampere

full member

Activity: 1246

Merit: 116

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?

The first thing you need to know is that the etherum gas fee is high and cheap depending on the congestion on the etherum network and it can be tracked or monitored by visiting ethgasstations from time to time before conducting any transactions. Also, etherum cannot sink; it will only adjust and the fees fixed, it is not an exaggeration but a fud

ichsan ardi

full member

Activity: 672

Merit: 100

Tontogether | Save Smart & Win Big

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

Jating

hero member

Activity: 2842

Merit: 772

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?

Yes, it's true, but that' just pure exaggeration in my opinion.

If it could sink Ethereum, then we wouldn't see a new all time high of $2k this month.

And then we have records of Ethereum wallet this year as well. It might cost them a bit them as new projects might shift to Binance Smart Chain, but I don't think it will have a negative impact to them. ETH2.0 staking is still on record high as well and even they say it's expensive, investors are still pouring their money on Ethereum. So the answer is No, it won't change a bit even if it has a high gas fees right now.

sangjoewara

full member

Activity: 1050

Merit: 100

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?

Actually it is not sinking Ethereum, but rather Ethereum platform users who will run to another platform where Gas costs are cheaper than on the Ethereum platform, so this will indeed affect the use of the Platform not on Ethereum sinking or not.

GreatArkansas

legendary

Activity: 2338

Merit: 1354

Quote from: amishmanish on February 26, 2021, 12:57:00 AM

Quote from: ?? on ??

Binance is kind of centralized coin which doesnt suit to our crypto community, it will last for long until community realize that and choose another decentralized platform.
Also, ETH 2.0 will solve all the issue we have at this time, if not then EOS or DOT will be the alternative.

I don't think it really matters to people any more. Especially to the new bunch of enthusiasts and money makers from developing countries like Indonesia, Turkey, Eastern Europe. Most want low trading fees for instant and complicated transactions. Centralized solutions are fulfilling the need of the market.
(....)

It will not matter in the early stage, but if it will stay forever and in the long term, it's like a ticking bomb.
The beauty of cryptocurrency is decentralized and why it is being ignored?
Ethereum Layer 2 is the solution, other alternatives especially Binance Smart Chain will get hammered by Ethereum soon and others claiming Ethereum Killer, just a matter of time.
No hater of layer 1 protocols or other Ethereum alternative here, I can say they can somehow help the Ethereum network's scalability temporarily.

Flowzer

full member

Activity: 490

Merit: 107

Quote from: amishmanish on February 26, 2021, 12:57:00 AM

Quote from: ?? on ??

Binance is kind of centralized coin which doesnt suit to our crypto community, it will last for long until community realize that and choose another decentralized platform.
Also, ETH 2.0 will solve all the issue we have at this time, if not then EOS or DOT will be the alternative.

I don't think it really matters to people any more. Especially to the new bunch of enthusiasts and money makers from developing countries like Indonesia, Turkey, Eastern Europe. Most want low trading fees for instant and complicated transactions. Centralized solutions are fulfilling the need of the market.

ETH on the other hand has a lot of value invested into it so it is not going to be completely gone. Though there is fierce, open competition in this space now and they cannot rest on the past.

Disagree, many of community here prefer decentralized project over a centralized one. Also, Centralized project will benefits the team most over the community.

pakhitheboss

hero member

Activity: 2156

Merit: 803

Top Crypto Casino

Quote from: coin-investor on February 25, 2021, 09:32:20 PM

Quote from: Zurcermozz on February 25, 2021, 09:22:40 PM

ETH gas fee became high because of it's current price, the fee increases it's value as the eth price increase. Not planning to promote, but many people said that ADA(Cardano) is trying to do something to replace ETH.

Not only Ada but if ever Ethereum cannot solve this issue, Binance, Tron and Waves are some of the options, ADA and Binance are two of the closest competitor Binance is on the third spot, and , many eyes are on Binance now, we'll see how things will play out if Ethereum will solve the issue or another chain will take over.

In my opinion, the Binance chain is the biggest competitor of Ethereum. Recently BSC did disrupt the Ethereum chain! and BNB gained 52%. This is primarily because of the high fee on the Ethereum chain. On the contrary, the fee is very less on BSC and the transaction is also faster. We all know BSC is centralized but people will use it because it is very cheap as compared to Ethereum.

OcTradism

hero member

Activity: 1722

Merit: 801

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?

ETH 2.0 to come can help to resolve this expensive cost for transactions on ETH network.

In the meantime, you need to know where to check Gas price and Gas limit on Ethereum network. In case you need to cancel your transaction or replace it, you must know to do it. It is all given in following topics
ETH/ERC20 - Check and select good Gas price
GAS NOW - New Price Gas Forecast Service
[GAS Price Aggregator] How to find the optimal gas price
[GUIDE] How to cancel or replace an ETH transaction (Metamask, MEW, MyCrypto)

lobo13hf

hero member

Activity: 2268

Merit: 507

Quote from: larus on February 26, 2021, 01:47:29 AM

If you just hodl your eth or erc-20 tokens on your wallet you can not care about high fees. You need to pay fees only during transfers

When you didn't wanna sell your token but the price is going down so hard and what's the different? Anyway that should not be on the topic.

The thread starter just need to read this https://cointelegraph.com/news/finance-redefined-ethereum-exodus-continues-as-binance-helps-feb-17-24

That explains what will be happening when ethereum fees is still very expensive. People care about their money and that's why they don't waste it their money for miners.
Miners could be dead too when there are no users on ethereum network.

virasisog

hero member

Activity: 1820

Merit: 537

If Ethereum's version 2.0 can't solve its high gas fee, there are a lot of competitors out there, ADA, BNB, and DOT can take over its place in no time since these coins are considered as one of its top competitors. I avoided transacting using Ethereum platform due to these high fees, I haven't opened my wallet and moved any funds at all. I couldn't even sell some of my old coins since it will only cover the fees.

larus

jr. member

Activity: 236

Merit: 1

If you just hodl your eth or erc-20 tokens on your wallet you can not care about high fees. You need to pay fees only during transfers

TastyChillySauce00

legendary

Activity: 3010

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

ETH gas fee couldn't sink ETH. I mean, if many people who uses ETH for various things decides to move on to like for example BSC altogether the fee then gonna be resolved in no time, it's problem of scalability and only occurs when ETH have too much people making transactions and wants their transaction to get confirmed as soon as possible and it's just matter of time until the fee problem solved.

amishmanish

legendary

Activity: 1904

Merit: 1159

Quote from: ?? on ??

Binance is kind of centralized coin which doesnt suit to our crypto community, it will last for long until community realize that and choose another decentralized platform.
Also, ETH 2.0 will solve all the issue we have at this time, if not then EOS or DOT will be the alternative.

I don't think it really matters to people any more. Especially to the new bunch of enthusiasts and money makers from developing countries like Indonesia, Turkey, Eastern Europe. Most want low trading fees for instant and complicated transactions. Centralized solutions are fulfilling the need of the market.

ETH on the other hand has a lot of value invested into it so it is not going to be completely gone. Though there is fierce, open competition in this space now and they cannot rest on the past.

X-ray

hero member

Activity: 3038

Merit: 526

Leading Crypto Sports Betting & Casino Platform

Quote from: Zurcermozz on February 25, 2021, 09:22:40 PM

ETH gas fee became high because of it's current price, the fee increases it's value as the eth price increase. Not planning to promote, but many people said that ADA(Cardano) is trying to do something to replace ETH.

I don't even believe it to happen. BNB and DOT are better than ADA. I do believe if ADA has no potential to replace ethereum. The majority of ethereum users who have been deciding to exodus to the another blockchain has been choosing BNB over ethereum. That being said if ADA is not so popular as BNB or DOT when you are seeing from the result of massive exodus.
We must see that based on the reality dude.

meanwords

full member

Activity: 1624

Merit: 163

I don't think it will sink Ethereum because as you can see, even if the fees are absurdly high right now, there's still high demand on it. Ethereum itself isn't the only driving force behind its recent pump, it's also the altcoins in it. Though there's certainly a negative effect on this. For example, some projects are actually migrating to other cheaper and faster smart chains since it's affecting their performance.

asriloni

legendary

Activity: 3038

Merit: 1024

Leading Crypto Sports Betting & Casino Platform

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?

Ethereum gas fees getting so high due to the ethereum network is not having enough scalability to processing the transactions and that makes so many transactions getting stuck on ethereum network.

When the fees are so high and people are not willing to pay that again and they will be moving toward the new blockchain and that will make ethereum will have fewer users that are still using ethereum and this will give a very big impact to the price of ethereum too.

DapanasFruit

member

Activity: 1218

Merit: 49

Binance #Smart World Global Token

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?

The current gas fees required for all transactions under the Ethereum network can be so disappointing and it is unfortunate that Ethereum has no safety nets established that can control the rise of gas in its bidding system of transactions prioritization. I don't know but maybe having a cap can be helping a lot of the users of the network not to be slapped with an incredible amount of fees even for small transactions. Right now, I decided to forego selling some of my tokens because of the gas fees, and I am afraid that by the time the gas can be lowered those tokens would have no more value left. I am sure that this is not what cryptocurrency should be. This sad situation will not sink Ethereum for sure but will be taking a big chunk of its business away into alternatives like BSC, DOT and Tron though the exodus can really be healthy for all as concentration of anything can be not so good.

coin-investor

hero member

Activity: 2996

Merit: 598

Leading Crypto Sports Betting & Casino Platform

Quote from: Zurcermozz on February 25, 2021, 09:22:40 PM

ETH gas fee became high because of it's current price, the fee increases it's value as the eth price increase. Not planning to promote, but many people said that ADA(Cardano) is trying to do something to replace ETH.

Not only Ada but if ever Ethereum cannot solve this issue, Binance, Tron and Waves are some of the options, ADA and Binance are two of the closest competitor Binance is on the third spot, and , many eyes are on Binance now, we'll see how things will play out if Ethereum will solve the issue or another chain will take over.

Zurcermozz

member

Activity: 560

Merit: 16

ETH gas fee became high because of it's current price, the fee increases it's value as the eth price increase. Not planning to promote, but many people said that ADA(Cardano) is trying to do something to replace ETH.

DaC0nsumeR

jr. member

Activity: 47

Merit: 4

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?

Topic: Eth gas fees and investing (Read 826 times)