Ethereum fees are becoming like Bitcoin fees - page 5.

Yaunfitda

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Quote from: Westfiled on July 16, 2020, 05:57:19 PM

Quote from: ATSgrowth on July 16, 2020, 02:54:38 PM

The fees are high because miners probably overwhelm the network to collect higher fees for transactions. I do not understand why developers do not come with any fix that will solve this problem. Roll Eyes

This is not true, the fees on ethereum chain is still stable at this moment. It looks like he was missing something about this. The solution will be fully implemented in the next update and you must watch what will be implemented after serenity update.

So here we go again? The last time that we heard about newbies complaining about ETH gas fees is during cryptokitties rise 2018 if I'm not mistaken. So to the OP, you really need to learn how to set up gas fees similar to bitcoin. There could be updates coming, but everyone should understand the economics of crypto mining, sometimes the gas fees will really shoot off because there are a lot of transactions happening. But most of the time it will flatten out and be back to normal.

chmod755

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Quote from: Digitradez on July 03, 2020, 09:01:25 AM

Lately ETH fees have been skyrocketing and I have been paying 50 cents for a normal eth transaction and over $1 for contract functions. Used to be a few pennies at most to get your transaction confirmed quickly.

I like ETH, but this needs a fix. Some stablecoins and other tokens are moving to other blockchains now (USDT / Tether can be transferred on Bitcoin Cash for less than 1 cent)

Westfiled

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Quote from: ATSgrowth on July 16, 2020, 02:54:38 PM

The fees are high because miners probably overwhelm the network to collect higher fees for transactions. I do not understand why developers do not come with any fix that will solve this problem. Roll Eyes

This is not true, the fees on ethereum chain is still stable at this moment. It looks like he was missing something about this. The solution will be fully implemented in the next update and you must watch what will be implemented after serenity update.

bitmover

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bitcoindata.science

Quote from: Moeda on July 16, 2020, 12:10:26 PM

If for Ethereum transactions with a set gas limit it is possible that Ethereum will be sent even though the number of Confirmation Blocks is greater.
But for token transactions, if we do set gas, an error will occur. I even lost my token as a result of the set gas limit.

This is all incorrect here.
You need to set gas price for every transaction, token or eth.
If you do not set gas limit the wallet will automatically set for you enough gas

If you do not set gas price, wallet will also set for you (you will probably over pay fees)

But if you set gas limit lower than necessary, your transaction will not pass. Depending on your balance, you will be refunded. You probably had 0 zero eth. Hut you should have been refunded and you shouldn't have lost tokens.

But it is always good to know what you are doing when setting gas price and limit.

shollyen

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Eth gas might be seen to be increasing, but there is no way it can be as much as that of bitcoin. Also, the fee of bitcoin at some points increased, which means that the networks of these coins during those periods become congested and the more the congestion, the higher the TX fee that the network would charge and that ost times is to enable more users to send their transactions at the same time.

CuriousGeorge

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Quote from: Digitradez on July 03, 2020, 09:01:25 AM

Lately ETH fees have been skyrocketing and I have been paying 50 cents for a normal eth transaction and over $1 for contract functions. Used to be a few pennies at most to get your transaction confirmed quickly.

Where are you seeing it? it's still less than 20 cents https://ethgasstation.info/

You can even try to send a small tx with the fees less than 20 cents to make sure if what you were saying was not true at all. In fact that site has told us about an accurate information regarding the best tx fees

GatotKaca

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for the time being it can climb ethereum fees and bitcoin is almost balanced but I am sure that in the future ethereum fee will return as before
because this ever situation happened and proven ethereum fee cheap again

ZincUnrated

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The Ethereum fees have risen considerably these past few months and the network has been strongly affected by crowded transactions leading to congestion all the time plus the fees have been increased by miners arbitrarily leading to lots of complains. Thankfully, the Ethereum version 2.0 is actually coming to put a stop to some of these challenges and reenact the importance of the Ethereum blockchain. We only is comes sooner than expected.

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Quote from: Digitradez on July 03, 2020, 09:01:25 AM

Lately ETH fees have been skyrocketing and I have been paying 50 cents for a normal eth transaction and over $1 for contract functions. Used to be a few pennies at most to get your transaction confirmed quickly.

The increase in gas fee is a fact and i saw some people are blaiming it on new matrix or mlm based ponzi schemes where rapid transactions happen on each new investment but as far as i know such programs, though popular right now but will die out with time so network will be back to normal soon.

pangu

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CoinMetro

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Thomas-s

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ETH has become very expensive and I do not want to use it. What happens with the network is just awful. I did not see any future of this coin. Now there are a lot of faster and not so expensive coins

tycsols

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Quote from: Digitradez on July 03, 2020, 09:01:25 AM

Lately ETH fees have been skyrocketing and I have been paying 50 cents for a normal eth transaction and over $1 for contract functions. Used to be a few pennies at most to get your transaction confirmed quickly.

Do not worry it is a temporary thing, i have still sent for cheap most of the times. Yes there is increase in fee but if you try to transact at late night fee is normal so i think it is the peak time when the network become overloaded only then the fee becomes high otherwise it is as good as before.

bttmember

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Quote from: Digitradez on July 03, 2020, 09:01:25 AM

Lately ETH fees have been skyrocketing and I have been paying 50 cents for a normal eth transaction and over $1 for contract functions. Used to be a few pennies at most to get your transaction confirmed quickly.

I was reading somewhere it is because of high transactions although if we see it positively we should be happy that the use of eth network is increasing rapidly but i completely agree with you that if the transaction fee becomes high it will not remain the preferred way of payment transfer so they should definitely look out for solutions.

istiak2277

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I also think about that. If this continues then people will think about another alternative. Also after sending with these many fees that the network is not fast enough. It takes so much time to get to its destinations. I think this will change once ETH 2.0 came to the market. They say it will be available in Q2 of 2021. Hope that new tech will solve much of this problem.

ATSgrowth

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The fees are high because miners probably overwhelm the network to collect higher fees for transactions. I do not understand why developers do not come with any fix that will solve this problem. Roll Eyes

Moeda

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Quote from: bitmover on July 03, 2020, 09:05:55 AM

It is not that simple to correctly pay fees in ethereum. You need to set Gas Price and Gas Limit. You probably set something wrong, higher than needed.

I made a small guide here:
Paying low fees in Ethereum - Gas Limit, Gas Price and Gwei

If for Ethereum transactions with a set gas limit it is possible that Ethereum will be sent even though the number of Confirmation Blocks is greater.
But for token transactions, if we do set gas, an error will occur. I even lost my token as a result of the set gas limit.

masterrex

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Quote from: Digitradez on July 03, 2020, 09:01:25 AM

Lately ETH fees have been skyrocketing and I have been paying 50 cents for a normal eth transaction and over $1 for contract functions. Used to be a few pennies at most to get your transaction confirmed quickly.

That was also my experience in Ethereum transaction nowadays, I'm using and Ethereum wallet that suggesting the right gas fees that suitable for my transaction needs. A faster transaction requires higher gas fees and slower transactions require lower gas fees. but it takes time to confirm, thats why in my experience I rather choose much higher gas fees as long as my transaction will confirm in early time as possible. but still depends on the individuals who made those transactions if they want faster transactions or the slower one.

Pffrt

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That's why miners have decided to increase the gas limit from 10 million to 12.5 million. ETH network now able to handle ~44 tx per second while it was 35. Well, this has cons too. With increase of block size, the network is getting more centralize, subjects to DoS attacks.

Digitradez

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Quote from: bitmover on July 03, 2020, 09:05:55 AM

It is not that simple to correctly pay fees in ethereum. You need to set Gas Price and Gas Limit. You probably set something wrong, higher than needed.

I made a small guide here:
Paying low fees in Ethereum - Gas Limit, Gas Price and Gwei

That is common sense, of course everyone understands that. I wanted discussion on how clogged the ethereum network is getting and it it will continually rise with all the Defi projects getting more popular and subreddits using eth tokens. On chain scaling will hopefully arrive soon.

bitmover

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bitcoindata.science

It is not that simple to correctly pay fees in ethereum. You need to set Gas Price and Gas Limit. You probably set something wrong, higher than needed.

I made a small guide here:
Paying low fees in Ethereum - Gas Limit, Gas Price and Gwei

Topic: Ethereum fees are becoming like Bitcoin fees - page 5. (Read 691 times)