ETH gas fees are low....A great time to get in?

Abiky

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Quote from: Xal0lex on July 03, 2022, 05:13:57 PM

If decentralization is such a priority for Ethereum, why does the network strive for PoS, which implies centralization. After all, if you own tokens in the network, then you have voting rights, but since tokens are unevenly distributed and there are many whales with big wallets in the network, it turns out who has more tokens has more voting rights and thus influence over the network. In my opinion, if ETH ever launches PoS, the network will move far away from notions of decentralization.

I was assuming ETH was going to remain a PoW cryptocurrency due to the constant delays of the difficulty bomb. But I've seen Vitalik's insistence on PoS, so it should only be a matter of time before the network switches to the new consensus algorithm. As you've said before, PoS increases centralization of the Blockchain as it gives whales voting rights with their huge stack of coins. Mainly, big exchanges like Binance, Coinbase, and FTX will be able to control the ETH blockchain with their stake. This is bad because it leaves the "little guy" out of the system. Of course, there will be staking pools that will allow anyone with less than 32 ETH to earn coins over time. But that doesn't mean you will be able to participate in the network's consensus (only validators with 32 ETH will be able to do so).

I guess that you get what you pay for (high gas fees in exchange for decentralization/censorship-resistance). ETH 2.0 will have lower gas fees, but it won't be as decentralized as the original version. At least, we have Ethereum Classic. If Ethereum (ETH) fails, then Ethereum Classic (ETC) will be able to save the day. Just my opinion

Republikcoin.com

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Quote from: Baimovic on July 04, 2022, 06:48:09 PM

Hopefully the gas fee on Ethereum will stay on Gwei so we can use DEX trading in a relaxed manner as the fees given to the platform are small, considering that currently Gwei is still averaging 15 even though the marketcap is increasing whether it's due to ETH2.0 or there is still little trading on DEX so Gwei still low?

It's currently at 15 on average for transaction gas fees on the Ethereum network, but I still highly doubt whether it will stay at 15 forever.
Because Ethereum still has the potential to increase even more in the market when the market fix occurs and it will definitely affect the amount of gas costs on the Ethereum network as well. And I'm sure the gas costs will definitely be even higher than now.

Argoo

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Quote from: Abiky on June 26, 2022, 08:51:41 PM

It seems that the persistent bear market drastically reduced ETH's network congestion. Gas fees have been ranging as low as 17 Gwei to 30 Gwei on average. The native cryptocurrency Ether (ETH) has been declining like crazy in Fiat terms, so it would be a lot cheaper to buy NFTs or do other network operations than before.

Assuming ETH doesn't go any lower in price, would now be a great time to get in? Or should I wait a little longer? Do you think gas fees will soar back up again after the crypto winter settles? Your input will be greatly appreciated. Thanks.

Yes, transaction fees on the ethereum network are currently 21 Gwai. This is quite low, considering that there have been so many complaints about the exorbitant fees on this network in recent years. Now in the midst of crypto winter. The price of bitcoin is $19,543 and ethereum is $1,110. Some predict another drop in the cryptocurrency market by about 10 percent. Whether there will be such a fall or not, no one knows. But at the current rather low price, it makes sense to buy ethereum. Moreover, in August, Buterin promises to complete an almost two-year update of this network. After a successful update, this coin can soar in price up to $10,000 in the next year or two. If there is any doubt about this, then it is better to buy it in parts in order to get some kind of average price result.

Baimovic

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Quote from: CapGelatik on July 04, 2022, 02:46:34 PM

these few days I always check Etherscan, and indeed Gas Fees on Ethereum are getting more and more stable at between 15 Gwei to 30 Gwei,
and of course this is very good, because maybe the PoS algorithm has also been implemented, I hope Gas Fees can always be cheap,
because I really miss trading on DEX in the Ethereum ecosystem for cheap fees.

Hopefully the gas fee on Ethereum will stay on Gwei so we can use DEX trading in a relaxed manner as the fees given to the platform are small, considering that currently Gwei is still averaging 15 even though the marketcap is increasing whether it's due to ETH2.0 or there is still little trading on DEX so Gwei still low?

jostorres

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Quote from: bakasabo on July 04, 2022, 08:10:45 AM

Quote from: zasad@ on July 04, 2022, 06:43:29 AM

At such a market, the price of junk tokens is also minimal. But such commissions will allow these tokens to be transferred to centralized exchanges in the hope of waiting for new growth.If you have small amounts, then tier 2 solutions are great for avoiding low fees.I trade in the Matic ecosystem, and I use Matic to withdraw funds. It is available on many exchanges.

I have some small amount tokens on Ethereum blockchain, left from "good old bounty times". I find it best to sell them for Ethereum or Bitcoin, because if or when the market recovers, these two cryptos will recover faster and with a higher probability, than old alts.

Did not get about Matic - I can withdraw Ethereum tokens using Matic network ?

I have the same give or take but I still have so many "dust" amounts in there that even at 10 cents per transaction it would still not be worth it, and certainly not right now. I have to say the best thing about crypto right now is the fact that we could end up with a good profit at this exact moment if we do smart moves and then let them go further in the future.

Like if you buy right now, and then move it to ethereum or bitcoin, then you would be able to make a bigger profit later on when the bull comes. So, what you do right now dictates your profit in the future. Some people think short term, like "let's make a profit now" mindset, I do not feel that way, I think we should be focusing on the future.

CapGelatik

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these few days I always check Etherscan, and indeed Gas Fees on Ethereum are getting more and more stable at between 15 Gwei to 30 Gwei,
and of course this is very good, because maybe the PoS algorithm has also been implemented, I hope Gas Fees can always be cheap,
because I really miss trading on DEX in the Ethereum ecosystem for cheap fees.

virasisog

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Quote from: nicedreams on July 04, 2022, 12:21:12 PM

I think with low gas fees, I rather buy more ETH than other tokens in its ecosystem tho. Alts are too risky for now so low gas fees and fast transactions don't seem to outweigh the risk of it. Especially when ETH PoS is also around the conners.

It's really worth investing ETH these days not just because of its low fees but also it's potential to strike high when the market gets back to normal. We all know that ETH has a huge potential and buying it would pay off in the future. Risking in ETH is better than nonpotential coins regardless of the low gas fees.

nicedreams

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I think with low gas fees, I rather buy more ETH than other tokens in its ecosystem tho. Alts are too risky for now so low gas fees and fast transactions don't seem to outweigh the risk of it. Especially when ETH PoS is also around the conners.

Desmong

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Now that the price of Ethereum had fallen it will be a good time to buy and hold some amount of it for when the market will start going up again. Those that had been complaining of Ethereum, this is the best time to buy or make transactions with it. We hope soon that the market is going to be bullish so that those that had been patiently waiting can make gains too. I hope everything will be normal soon.

bakasabo

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Quote from: zasad@ on July 04, 2022, 06:43:29 AM

At such a market, the price of junk tokens is also minimal. But such commissions will allow these tokens to be transferred to centralized exchanges in the hope of waiting for new growth.If you have small amounts, then tier 2 solutions are great for avoiding low fees.I trade in the Matic ecosystem, and I use Matic to withdraw funds. It is available on many exchanges.

I have some small amount tokens on Ethereum blockchain, left from "good old bounty times". I find it best to sell them for Ethereum or Bitcoin, because if or when the market recovers, these two cryptos will recover faster and with a higher probability, than old alts.

Did not get about Matic - I can withdraw Ethereum tokens using Matic network ?

Jackl87

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Quote from: Abiky on June 26, 2022, 08:51:41 PM

Assuming ETH doesn't go any lower in price, would now be a great time to get in? Or should I wait a little longer? Do you think gas fees will soar back up again after the crypto winter settles? Your input will be greatly appreciated. Thanks.

Well if you assume that the price is not going any lower than it is now then of course it would be a great time to invest into Ethereum now but i don't really know if that really was the question because that does not make that much sense to me. Regarding the relatively low Eth transaction fees at the moment: It is definitely a good opportunity at the moment to do some transactions that you have not done yet on the ETH chain because of the high fees. I personally still have to claim a few coins from different launchpads where i took part in the sale but so far i have not claimed them because of the high fees obviously. That being said those projects have lost so much value that the fees are probably still higher at the moment then the worth of the tokens Undecided

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zasad@

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Quote from: bakasabo on July 04, 2022, 03:41:49 AM

Quote from: TimeTeller on July 03, 2022, 07:26:59 PM

A lot of traders are waiting for this gas fee to reduce their prices.
Just look at today's fees - https://etherscan.io/gastracker

Incredible. It will be a crime not to use that change and sell everything "low valued" from the wallets or not to move and create NFT offers right now.

I wonder where are those that were shouting that Ethereum network is expensive to use. And I wonder what those who migrated to BSC feel.

I think current price is the best time to get rid of all garbage and exchange it into something that will be first to recover.

At such a market, the price of junk tokens is also minimal. But such commissions will allow these tokens to be transferred to centralized exchanges in the hope of waiting for new growth.If you have small amounts, then level 2 solutions are great for avoiding low fees.I trade in the Matic ecosystem, and I use Matic to withdraw funds. It is available on many exchanges.

tvplus006

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Quote from: bakasabo on July 04, 2022, 03:41:49 AM

...I wonder where are those that were shouting that Ethereum network is expensive to use. And I wonder what those who migrated to BSC feel. ..

This is all very simply explained by a bear market and, accordingly, a decrease in the load on the network and the price of ETH, which in turn leads to a decrease in the cost of gas. How the load affects the network, we observed last week in the L2 Arbitrum network, when had to postpone the tasks of the second week of the Arbitrum Odyssey due to the fact that the load increased excessively and the cost of gas exceeded the cost of gas in the ethereum network.

bakasabo

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Quote from: TimeTeller on July 03, 2022, 07:26:59 PM

A lot of traders are waiting for this gas fee to reduce their prices.
Just look at today's fees - https://etherscan.io/gastracker

Incredible. It will be a crime not to use that change and sell everything "low valued" from the wallets or not to move and create NFT offers right now.

I wonder where are those that were shouting that Ethereum network is expensive to use. And I wonder what those who migrated to BSC feel.

I think current price is the best time to get rid of all garbage and exchange it into something that will be first to recover.

ragini330

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Quote from: icalical on July 01, 2022, 11:37:48 PM

I never consider the ETH gas fee as one of the indication of market movement, if anything it means that less people are doing transaction in the market especially the ERC-20 coin market. And as far as I know the price of Ethereum has never been affected by its gas fee, or vice versa.
[yes true, many other coins still have high transaction fees. Due to volatility in the Bitcoin market, alternative sources of investment should be looked for. Recently I came across Mallconomy, a great earning site. If you are interested in knowing more, feel free to comment]

onecall123

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As well, I have noticed some very curious things. ETH fees are also low after experiencing lower ETH prices. Over the past week or so, ETH fees have been exceptionally low. Since there are fewer transactions in the bear market, the demand for the network has been slowing down and getting lower. That would seem to be a good reason to start buying. I do not believe bitcoin or Ethereum will disappear anytime soon. ETH seems to be a decent cryptocurrency. It's a great time to invest in Ethereum since people are putting their money elsewhere.

TimeTeller

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Quote from: Jaered on July 03, 2022, 05:19:39 PM

I also noticed the ridiculously low eth gasses. Who would have known they would be this low by this time this year. The unpredictability of crypto strikes again. I used the opportunity to fill my bags and trade some tokens that I have been accumulating due to high gas fees

A lot of traders are waiting for this gas fee to reduce their prices.
Just look at today's fees - https://etherscan.io/gastracker

Been long time we have seen this drop, so better take advantage of this opportunity.
We don't know what will happen after this bearish season.

Yamifoud

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Quote from: asyakashi on July 03, 2022, 01:34:17 PM

This is a bear market, ethereum really deserves the gas fees to decrease because most investors take profits and then leave ethereum leaving small investors who trade. As long as gas fees are cheap, it is very suitable if you want to trade on ethereum because I believe gas will be expensive again if the bear market is over.

You can never expect the gas fee will remain that low, we somehow know the fluctuation of demand and network transactions that will affect it. It moves back high again if there is heavy network traffic which makes some people and traders put more gas to get the priority and this will start the gas fee high again. We can see the deduction of gas fees because of low market transactions and a good time to transfer your altcoins. Yes, as to the moment that the bear season will be over, fees went high as well, even in Bitcoin has also been affected.

GowithMi_GMAT

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Currently the gwei that is given is only 13, does it prove that there are very few transactions on the Ethereum platform or opensea is quiet because gas costs are usually high because of the large number of transactions that occur on open sea and currently ranking transactions on open sea have dropped to rank 2 so currently if you want to trade on Ethereum because the gwie given is quite low and only $0.3-0.4 for the current fee.

Jaered

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I also noticed the ridiculously low eth gasses. Who would have known they would be this low by this time this year. The unpredictability of crypto strikes again. I used the opportunity to fill my bags and trade some tokens that I have been accumulating due to high gas fees

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