ETH Gas transactions price is about to hit 300 - page 6.

casperBGD

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It is problematic for those who transfer funds regularly through ethereum blockchain. I am also a victim of these and I don't want to spend 3$ for transferring a token worth 20$. I am stuck with all those little funds that I have in my ERC-20 wallet. It's because of these DeFi hypes. It's gone crazy and now we are facing these situations. Hope these will end very soon.

maybe wait for little time again till gas transaction back to normal again. its really crazy now why ethereum network could be like this, this case really make erc20 token holder disappointed,.if they sold or move token will decrease their token value alot. ethereum core developer need solve this problem immediately

yeah, this increasing velocity in the network (number of times ETH is send through the network between users) is not good for ETH as well, ETH is becoming a currency and that is not good for investment, one should think about that
so, gas prices at high level could be good for ETH price

blue Snow

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Quote from: Retainly_Collie on August 13, 2020, 08:53:34 AM

I think the reason the gas of ETH goes up is because investors are interested in Defi projects and has made the ETH network congested as it is now.

I think because ethereum network had a busy transaction at the moment.

Quote from: affandi on August 13, 2020, 09:41:42 AM

Will Ethereum V 2.0 solve the current GAS problem? I hope this doesn't have a bad impact on Ethereum's future development.

Look yes, this is a short and last time for the miner to collecting Ethereum for do next to prepare new ethereum 2.0, if late, very difficult to mining next with 32 eth stake on a wallet.

Quote from: Dollar_Hunter on August 13, 2020, 10:50:48 AM

really feel tired of Ethereum fees, to send $ 1000 alone costs $ 30 for fees, it's really terrible

how you get a number of $30?, are you did?

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Yeah, I too literally stop using eth for sending money but instead tries another alts with significantly lower fee.

In this case most people use ethereum for sending erc20 token.

lebregone

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I also experienced it last bull season where I need to use a higher gas just to confirm my transaction. But this scenario is not forever unlike bitcoin so ethereum is
still a good currency for me and I don't need to move to other currencies like litecoin or dogecoin for this reason only.

This happenings will likely to last within a week only and the gas price will easily revert back to normal again so ethereum is still a good choice if you are not using it in daily basis.

inanilujimi

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This is why ETH can never surpass bitcoin. although many altcoins use smart contracts ETH, when the network is very dense the price of Gas can be higher than the altcoin value itself.

reza7777

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Quote from: qomariah95 on August 13, 2020, 08:07:25 PM

Today the cost of gas has decreased slightly from before when this topic was created. But the cost of gas right now, in my opinion, is still said to be very expensive, I can't even make an ERC20 transaction due to high gas reasons.

yes of course now it still looks expensive because normally it is 40-60 Gwei, now it's still above 100 Gwei, I also stopped doing ERC20 transactions and will wait until everything is normal

qomariah95

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Today the cost of gas has decreased slightly from before when this topic was created. But the cost of gas right now, in my opinion, is still said to be very expensive, I can't even make an ERC20 transaction due to high gas reasons.

Yamifoud

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Quote from: MonsterV on August 12, 2020, 04:50:29 PM

i know its sound crazy but its really happend to ETH when i try to send my 0.01 eth to gambling website, im getting shock when see the ethereum gas price is about hitting 300 , currently if you want to get confirmed faster with ETH chain, you need to use 275 GWEI for your transactions is getting confirmated in 2 minute, tell me what are you gonna do with your ETH if you hold some, are you gonna sell and move to other altcoin like in 2017 when smartcontract are very popular with the kitty on ethereum chain?.

I can't imagine that also and it give me an option not to gamble this time if that so. Better to save it.

But if we are not in a hurry, we can still use the minimum GWEI, it actually confirmed for a couple of hours or even days but that is the only option to save some ETH rather than to sacrifice it, unless if you are moving huge amount will it something to put in consideration.

Quote from: MonsterV on August 12, 2020, 04:50:29 PM

dont you think we are on same situations as 2017-2018 when the gas for eth is high people start move to litecoin & dogecoin which have small fee and the both coin getting very pump.

We are not yet that closer, we are still far from Bullrun.
It is in a matter of time that the price goes high both Bitcoin and Ethereum, and it compromises the fees since we are thinking that there is no impact with that but sadly, the fees also had spike together with the inclines..

imstillthebest

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Quote from: Twinkledoe on August 13, 2020, 06:44:55 PM

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Quote from: abdulodoi on August 12, 2020, 05:22:47 PM

The current gas fee is ridiculous, paying about $10 for a transaction is just way overboard. This needs a resolution asap else Ethereum will start losing investors

The gas fee is actually overwhelming, I haven't been able to do any transactions for now, even the little one I wanted to do was been charged as high as $12, I just had to cancel it. And pray the transaction price normalizes fast cos I wonder what will happen to majority if ETH decides to dump now

The eth team should immediately rectify this situation. Otherwise, eth users will convert their crypto to other low-fee alts like doge. The current fees are really high, can it be addressed by eth 2.0? Or is it because of the DeFi hype why the fees are high these days?

defi and eth 2.0 both contributes on the increase of the price of eth and we know what happens when a coin pump , its fee are also affected and itl increase too .

issue of fees is the problem of the people all the time and it started with btc before but look at btc users now , they dont convert or leave just because of the fees . same thing can happen from eth users when they will get used to this problem .

Twinkledoe

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Quote from: abdulodoi on August 12, 2020, 05:22:47 PM

The current gas fee is ridiculous, paying about $10 for a transaction is just way overboard. This needs a resolution asap else Ethereum will start losing investors

The gas fee is actually overwhelming, I haven't been able to do any transactions for now, even the little one I wanted to do was been charged as high as $12, I just had to cancel it. And pray the transaction price normalizes fast cos I wonder what will happen to majority if ETH decides to dump now

The eth team should immediately rectify this situation. Otherwise, eth users will convert their crypto to other low-fee alts like doge. The current fees are really high, can it be addressed by eth 2.0? Or is it because of the DeFi hype why the fees are high these days?

MonsterV

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Quote from: bgaf on August 12, 2020, 10:01:18 PM

Im thinking to jump on klay network and even this new project avalanche. Any thoughts about these two?

KLAY project may be a very good project in my opinion, but I have never follow this project anymore since they held a free airdrop for all Indonesian upbit users where the average klay holder comes from free money, it makes me feel worried to buy the coin If they throw away the coin, they will not think twice because it is free money.

about avalanche, lets wait their mainnet and see how much is their real price, the project development is very solid with strong team, this project has achived new biggest raise Sale on this year which they collecting million dollar in about few hours.

jerrison

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The price of Eth is fast appreciating both in popularity and in pricing but then the whole idea behind the increase of Gas is yet to be known. one thing is for sure, the price for gas on the ethereum blockchain is alarming and projects have started porting to other chains like Matic and the others. No one is saying anything about a remedy.

Galley

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With such high gas prices and low transaction speed, we may eventually abandon the use of ETH as a means of payment for small payments, and as a result, we will receive a second BTC that is not very convenient for such settlements.

Jackl87

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This shows again that the current version of Ethereum has it's problems regarding scaleability.
I hope Ethereum 2.0 is finished pretty soon. If you have to pay a few dollars for every transaction then it's just a platform that is not userfriendly.
People could move to other platforms if the current situation persists for a longer period.

royalfestus

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Quote from: abdulodoi on August 12, 2020, 05:22:47 PM

The current gas fee is ridiculous, paying about $10 for a transaction is just way overboard. This needs a resolution asap else Ethereum will start losing investors

They might not lose investors but this is not looking attractive at the moment, something must just be done. Almost all the DEFI are listed on ethereum and we wonder how ethereum kept the growth with all the circumstance. I expect a reduction in ether gas since the price of the coin has been going up but it had gone the other way. I also dont understand where the high traded volume of ethereum is coming from, sometimes higher than bitcoin some days

Thomas-s

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Quote from: Metall303 on August 13, 2020, 11:18:14 AM

I think that soon people will stop using ETH altogether because no one likes this kind of network operation. The network is very slow and the fees are very high

this is the biggest problem of this coin which no one can solve. the project team has been trying to solve this problem for a long time, but nothing happens. they only talk about what they are trying to do but they are not doing it

kakamrul

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Ethereum Gas fees is big problem.
High ETH TX GAS Fees Reward Goes To ETHEREUM DAPS + ETHEREUM BASED DeFI & DEX You can assume eth GAS as an Asset, when everybody wants to pay higher fees for fast TX then gas price will rise. The system works by having every sender submit a bid, known as a gas limit, for how much they're willing to pay. Miners then pick up desirable transactions and include them in the next block. In theory, this allows senders to prioritize their transactions by paying a higher fee.

Metall303

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I think that soon people will stop using ETH altogether because no one likes this kind of network operation. The network is very slow and the fees are very high

Dollar_Hunter

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problem is always the same, fees, fees and fees, I
really feel tired of Ethereum fees, to send $ 1000 alone costs $ 30 for fees, it's really terrible

chikator

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I havent been doing any transactions lately and have just noticed the raise in price. Theyre charging way too much for gas, i dont think this will be good for ETH entirely. They might loose some investors if this continues.

whyrqa

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Quote from: arufox on August 13, 2020, 09:11:56 AM

Quote from: casperBGD on August 13, 2020, 06:51:20 AM

what kind of transaction did you made, something including smart contract perhaps
fees are too high, and it is not viable, but i have sent ETH yesterday two times, and paid less than a $1 for each transaction, although i think that $1 is too much, for $12 would not do it at all

I think people need proof, because I also send token yesterday with gas fee of more than $1 and the transaction failed, also many people experience the same thing. If you see https://etherscan.io/gastracker even low transaction speed needs $1.23.

I was generally shocked today when I paid more for transactions than I needed to transfer funds. I can provide a screenshot of the transfer from the Trust Wallet app.

Topic: ETH Gas transactions price is about to hit 300 - page 6. (Read 1137 times)