ETH gas fees are a joke. - page 7. | Bitcointalksearch.org

NotATether

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Quote from: Wiwo on April 20, 2023, 05:43:04 PM

Quote from: payetlefort on April 20, 2023, 05:28:45 PM

Not realy a joke but a choice for tokenomics.
more than 70% of your fees are burned...
Just a rich-man choice Cry

Yeah deadily rich man's choice I guess, but why do we have to contribute indirectly to the burnt token through excessively high fees and burning almost 70% of the same fees, it's like a case of the river supplying water to the ocean we're as it is supposed to be the ocean giving the river water.

I won't want to use more harsh words to portray the point I am trying to make, but then I hope you understand, my point is there have not been any benefits for ethereum users from all the net migration and other network development in the ethereuem ecosystem.

More like Vitalik's choice to me.

If the protocol is literally sending crypto into a black hole, and not even to miners and validators, then you have to question whether this indeed contributes to rich founders. Because it looks like they are trying to do it at the expense of making it a normal person's currency.

Mainstream money doesn't burn its own supply to make central bank shareholders rich (indeed, they make their money through other ways).

killerfrost

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Quote from: NotATether on April 18, 2023, 02:36:08 PM

So I have to pay $9 ETH to transfer 70 USDT I just received, out of my wallet? And worse, transferring any amount of ETH will set you back $3 in gas fees.

I've just converted most of my ETH to BTC, and have $0.5 left in metamask. It claims to have an "advanced gas control" when you hit Send, but it's not showing me that.

Is there a way for me to lower the gas fees from metamask, or otherwise import the wallet into some other software?

This may be due to the default configuration of Metamask or due to network congestion. Note that the gas fee given will depend on many factors from the network, transaction speed and many other factors. The only best way to reduce fees is to monitor gas prices in the market and choose the best time to send the transaction.Choose the best time to send the transaction. If you want to send a transaction within a pre-selected time period, do your research and make a decision at the right time to avoid high gas fees.

kelonmusk

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Unfortunately gas fees for Ethereum transactions can be very expensive these days, especially when you are transferring tokens. For me, it's frustrating to have to pay such high fees just to move my own money.

For your question about Metamask, I think there might be a way to lower fuel costs from within the wallet. When you press Submit, you will see an option to "Edit" which will allow you to manually adjust fuel prices and limits.

Lowering this value will reduce the fee you pay, but may also mean that your transaction takes longer to confirm. So, to deal with high gas costs, in my opinion, it doesn't help much by just editing gas costs.

mdzahed134

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Quote from: Vickysagar on April 19, 2023, 05:11:29 AM

ETH fees are huge indeed. I was using TRX instead of it, but its fees are becoming worse too. LTC is a good option with low fees and fast transactions, but it doesn't have tokens on its blockchain.

TRX & LTC network fees almost same, but in USDT(TRX) minimum transaction fees is 1$ in mostly exchanges, yeah it’s definitely better than eth network, that's why i'm always using trx network. Because in the last a few years ETH network fees is going crazy, which is unexpected and unaffordable especially for the small traders.

JeffBrad12

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The NFT transaction in this blockchain is truly populated if being compared with its counterpart and even its competition.
There's also frequent airdrops coming in that uses ethereum blockchain like the NFTs which just adds the pain towards the gwei required.
In ethereum the gwei always spike somehow and gets normal again in no time so if someone wanna use ethereum, or in need of using it, always check the gas fee regularly, since the fee required may differ from every half an hour.
It also still confuse me why these many NFT platform and airdrops didnt just use matic since they are just far cheaper.

Wiwo

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Quote from: ARCADIA-OG on April 21, 2023, 06:26:54 PM

I was also under the impression that PoS merge addressed the fees but is actually a later update for sharding what is going to improve that. ETH changed a lot in the 6 months since I reviewed it for feasibility for my project.

There is a big economy build around L2s and that is not going anywhere either. Just for small money transfer ETH is overkill. The community have shared plenty of good tips, but probably the easiest is to just hold until you really need it so it pays the transfer itself with valuation.

Is all about perspective. $10 fee might be a lot transferring $70, but a $70 fee is nothing transferring thousands, millions. People were paying hundreds in just fees to mint NFTs back in the original craze.

You think so that holding for the long term with the mindset that the profits will pay the gass fee itself may sound ridiculous since past events with market rise have pointed in a different direction and also pushed the fees up to 3x and sometimes a total networks congestion, this is what have been experiencing with ethereum and just as you rightly said, with all the network upgrade and migrations it makes not much difference to wait to hope that you make enough profits to settle gass fees whereas some other alternative coins are giving it users better scalability services and fewer fees compared to ETH.

So what point it is then to keep holding a coin with such high networks problems?

Teraboy

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Quote from: cheezcarls on April 21, 2023, 08:13:45 AM

To be honest, I am really expecting ETH to have much lower fees like in just a few cents per transaction because of transitioning from PoW to PoS. Although that they have managed to lower them down, but not what I have really expected.

I was also thinking the same, their PoS i thought was supposed to be massive turning point of solving their never ending gas problem but it seems i was wrong, their solution to their fee was sharding, now l2 didn't even help eth instead making the transaction appear more, in etherscan stats, it's these l2 that become massive fee guzzler.

Psynthax

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even recent ethereum update still make its fee requirements a joke, it just doesn't make sense to use ethereum at this point, such waste of money i'd say.
but in the other hand, many good coins are also in their blockchain, but nowadays considering the trend is second layer with their own token, it just requires converting ethereum form its native blockchain to its L2 and we're done with this silly gas fee.

ARCADIA-OG

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I was also under the impression that PoS merge addressed the fees but is actually a later update for sharding what is going to improve that. ETH changed a lot in the 6 months since I reviewed it for feasibility for my project.

There is a big economy build around L2s and that is not going anywhere either. Just for small money transfer ETH is overkill. The community have shared plenty of good tips, but probably the easiest is to just hold until you really need it so it pays the transfer itself with valuation.

Is all about perspective. $10 fee might be a lot transferring $70, but a $70 fee is nothing transferring thousands, millions. People were paying hundreds in just fees to mint NFTs back in the original craze.

SirLancelot

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Quote from: cheezcarls on April 21, 2023, 08:13:45 AM

To be honest, I am really expecting ETH to have much lower fees like in just a few cents per transaction because of transitioning from PoW to PoS. Although that they have managed to lower them down, but not what I have really expected.

Hopefully this upgrade and/or the future upgrades will significantly lower down the fees way beyond my expectations since some of my clients are preferring to pay me USDT in ETH network than in BNB or Polygon without any reason at all. Maybe they trust ETH more despite the fees.

But at least right now it’s a little bit better than the yesteryears where we pay ridiculous high amounts worth of ETH gas fees.

Even those who trust it the most will soon migrate to another protocol if this continues, no one will keep suffering with such high fees forever, especially now when there are a lot of new and potential blockchain protocols released every now and then. If ETH developers don't come up with a solution soon, I'm afraid all the projects created on top of it will also start migrating to new protocols.

There are a lot of new alternatives with much lower fees and more scalability and many other options such as interoperability, etc. And they even allow migration from other protocols, especially Ethereum.

Kelvinid

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Quote from: cheezcarls on April 21, 2023, 08:13:45 AM

To be honest, I am really expecting ETH to have much lower fees like in just a few cents per transaction because of transitioning from PoW to PoS. Although that they have managed to lower them down, but not what I have really expected.

Hopefully this upgrade and/or the future upgrades will significantly lower down the fees way beyond my expectations since some of my clients are preferring to pay me USDT in ETH network than in BNB or Polygon without any reason at all. Maybe they trust ETH more despite the fees.

But at least right now it’s a little bit better than the yesteryears where we pay ridiculous high amounts worth of ETH gas fees.

Perhaps, there is a change, and too unfortunate that we think the transition is the solution to high fees, it is even getting worse as per to see.
I was wondering why but yes, the heavy network congestion gives us no option to spare, we really have to face the reality that this is hard to cut it down and bring back the fee many years ago. For now, it was hard to assume that we can pay small fees for ETH and ERC20 tokens, and paying $10 per transaction is seems normal.

cheezcarls

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To be honest, I am really expecting ETH to have much lower fees like in just a few cents per transaction because of transitioning from PoW to PoS. Although that they have managed to lower them down, but not what I have really expected.

Hopefully this upgrade and/or the future upgrades will significantly lower down the fees way beyond my expectations since some of my clients are preferring to pay me USDT in ETH network than in BNB or Polygon without any reason at all. Maybe they trust ETH more despite the fees.

But at least right now it’s a little bit better than the yesteryears where we pay ridiculous high amounts worth of ETH gas fees.

gurunanakji777

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The Ethereum fees are very high which is why small traders and investors tend to avoid it or pay high fees out of necessity. However, I would suggest converting to TRX or Doge if possible because the transaction fees for these coins are much lower. I personally do this because the gas fees for sending Ethereum are much higher compared to TRX, Doge, Polygon, and BSC chain. Despite several upgrades made by Ethereum developers in the past 5-6 years, gas fees still remain a significant issue. Hopefully, in the future, Vitalik will work to reduce them.

theskillzdatklls

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Definitely one of the worst features of Ethereum. But you can always wait for it to go down. And the next parts of the Ethereum roadmap address this issue. Along with, in parallel, more development on L2s.

It's block space is in very high demand, so it kind of is what it is. A useful chain might be an expensive one.

Apocollapse

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Don't worry, there's will be new version of ETH, it's ETH 2.0 and the fees will be significantly reduced. But this development had been discussed since few years ago and there's no movement until right now! Cheesy

There's no way to reduce ETH fees because they don't have other way like BTC, you can only choose low priority fees.

MFahad

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Quote from: NotATether on April 18, 2023, 02:36:08 PM

So I have to pay $9 ETH to transfer 70 USDT I just received, out of my wallet? And worse, transferring any amount of ETH will set you back $3 in gas fees.

You are trying to send Usdt when Gwei(gas fee) is high. normally when gas fee are 20 Gwei - 25 Gwei then you have to pay 2$-3$ but if Gwei increases then you have to pay more according to Gwei. Gas fee depends upon number of transaction. when market start up ir down then Ethereum gas fee become high due to increase of number of transaction per block.

Quote from: NotATether on April 18, 2023, 02:36:08 PM

Is there a way for me to lower the gas fees from metamask, or otherwise import the wallet into some other software?

I read article about Ethereum fee where they talk so much about fee. After shinghai Upgrade the next phase will be to split transaction into parts. This upgrade will decrease the fee very low. I will recommend to hold until This upgrade but if you still want to use Ethereum network then Keep eye on Gas tracker and when you see Gwei Below 25, you can try to make transaction.

ETH Gas Fee Tracker: https://etherscan.io/gastracker

sheenshane

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Quote from: lalabotax on April 20, 2023, 05:58:35 PM

Quote from: NotATether on April 18, 2023, 02:36:08 PM

So I have to pay $9 ETH to transfer 70 USDT I just received, out of my wallet? And worse, transferring any amount of ETH will set you back $3 in gas fees.

For some reason, the increase in the gas fee for the Ethereum networm seems to be a sign that Bullish might be coming soon. However, what is certain is that this increase is in line with the increase in the price of ETH. but if you have to pay $9 to transfer $70, I think that's a huge amount. Are the various changes made by Ethereum still not a solution to this gas fee problem? If it's always been like this, over time people will switch to other networks that are much more affordable with the same quality

I did it last when I have Ethereum in my wallet and I wanted to withdraw it but I can't due to the high fee, it's a small amount, and if I blindly accept the gas fee, it almost nothing left. So the best thing that I did is to monitor the gas fee and check it every day when it will cool down the congestion and it's usually the gas fee cooldown when the weekend comes or there's a worldwide event like holidays.

Ethereum isn't ideal to use in a small amount, so if you have this in your wallet just reserve it for a gas fee when moving your token or coins that are based on the Ethereum network.

Find an alternative way if you're in exchange convert it o trade into altcoins that have a low transaction fee.

shinratensei_

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Quote from: payetlefort on April 20, 2023, 05:28:45 PM

Not realy a joke but a choice for tokenomics.
more than 70% of your fees are burned...
Just a rich-man choice Cry

very true, even binance founder kept saying that only rich people are using ethereum now, the rest are being forced to use other alternative blockchain which aren't quite the same.
but it's good that due to this fact that the ethereum is demanding higher gas fee which equals to more money that so many projects are now spread out across various blockchain so that not all project are all getting deployed and created in ethereum.
but still, it's such a pain in the ass to deal with ethereum, the fee itself quite literally eating up many of our assets, if we have no choice but use this blockchain.

lalabotax

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Quote from: NotATether on April 18, 2023, 02:36:08 PM

So I have to pay $9 ETH to transfer 70 USDT I just received, out of my wallet? And worse, transferring any amount of ETH will set you back $3 in gas fees.

For some reason, the increase in the gas fee for the Ethereum networm seems to be a sign that Bullish might be coming soon. However, what is certain is that this increase is in line with the increase in the price of ETH. but if you have to pay $9 to transfer $70, I think that's a huge amount. Are the various changes made by Ethereum still not a solution to this gas fee problem? If it's always been like this, over time people will switch to other networks that are much more affordable with the same quality

payetlefort

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Quote from: Wiwo on April 20, 2023, 05:43:04 PM

Quote from: payetlefort on April 20, 2023, 05:28:45 PM

Not realy a joke but a choice for tokenomics.
more than 70% of your fees are burned...
Just a rich-man choice Cry

Yeah deadily rich man's choice I guess, but why do we have to contribute indirectly to the burnt token through excessively high fees and burning almost 70% of the same fees, it's like a case of the river supplying water to the ocean we're as it is supposed to be the ocean giving the river water.

I won't want to use more harsh words to portray the point I am trying to make, but then I hope you understand, my point is there have not been any benefits for ethereum users from all the net migration and other network development in the ethereuem ecosystem.

Yes its a sad game!!

That's why I move to the Cosmos Ecosystem!

Have a good day!

Topic: ETH gas fees are a joke. - page 7. (Read 1170 times)