Ethereum managed to pass bitcoin in transaction fees last week

bobitza

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Quote from: alyssa85 on October 03, 2019, 03:39:39 PM

See the following article:

https://www.forbes.com/sites/ktorpey/2019/09/30/this-cryptocurrency-just-surpassed-bitcoin-in-one-key-adoption-metric/#7a7300d17e2f

Quote

Ethereum briefly passed Bitcoin in one key area last week: total daily USD-denominated transaction fees. In fact, Ethereum miners collected more in fees than Bitcoin miners on this past Saturday and Sunday too, according to Coin Metrics.

...Due to the limitations placed on capacity, cryptocurrencies like Bitcoin and Ethereum see higher transaction fees when the networks become congested. This is exactly what has happend with Ethereum over the past month, as total daily USD-denominated transaction fees hit levels not seen in over a year.

So, what has caused the recent spike in Ethereum transaction fees? It appears the blame can be placed on a Ponzi scheme-esque game called FairWin, which also has a critical vulnerability in its associated contract on the Ethereum blockchain. According to on-chain crypto market analytics firm Glassnode, FairWin has recently been consuming up to half of the gas spent on the Ethereum network at any given time.

The spike in FairWin's popularity, according to Etherscan, correlates almost perfectly with the increase in total fees seen on the Ethereum network this month, according to Coin Metrics.

At some point miners might decide to switch to Ether, especially as Ether provides block rewards in perpetuity as well (no halvenings).

I also think Eth is also a good value for money to invest. Although ethereum is not equal to bitcoin, its profit is not small. Ether is a decentralized digital currency, also known as ETH. In addition to being a tradable cryptocurrency, ether powers the Ethereum network by paying transaction fees and computing services. Ether is paving the way for a smarter financial platform.

sana54210

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I think in order to become like what it once was back in the day, ethereum needs to find a way to be utilized once again, the methods it has been utilized has became a thing of the past and people have stopped using it that way. ICO's for example are not a 1+ billion dollar market anymore, or dapps are not making ethereum clog like they used to, there is really not that many stuff people use ethereum for nowadays.

If they can find ways people can use ethereum, then they could make more money in the future and make ethereum go up in price, but without any new initiatives there are no more increases. At one point the developers and the marketing around it will have to find a new thing and focus on that just like they did with others, then we can see it go up.

fiulpro

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People are saying how Bitcoins is becoming more and more unrealistic and how it will go down soon but this important factor isn't being stressed enough.
With the lightning network plus the segwit adaptation the fee is becoming more reasonable and one might not believe but actually Sometimes sending mk ey through Bitcoins across the borders is more comfortable with respect to Bitcoins , lower fee , lower rules and regulations and no tax.

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You can literally build a whole system that pays for itself without ever to step outside or get help from anyone else. You can just buy solar panels and rigs and just put them in somewhere, some coolers too of course, solar panels would cover the fees and rigs would create the profits.

However, the trouble is there are more and more miners in the world every single day, the more cards are manufactured by the companies the more miners go out and buy them so in the end every single year there is a bigger difficulty which means you have to keep growing your business to stay in business and the more you grow the higher your risk goes and eventually you will have to stop because it is unsustainable to go out and buy cards all the time to keep up with the demands.

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Quote from: Willitivity on October 11, 2019, 03:53:15 AM

If we keep going by the current developments and trends, ethereum has a real chance of being what it was before.

Ethereum was a platform for scammers to launch worthless tokens on they sell to people for millions.... you want to go back to that? It possibly won't even happen because there are dozens of other smart contract platforms now.

I'm perfectly happy with where Ethereum is today. It is building its way as platform for DEFI, which I strongly believe has a lot of potential. Money has always been a killer application and that will not change.

The only problem Ethereum is seriously struggling with is scaling on-chain, which is why I am looking forward to what the actual impact is of the next upgrades. I plan to increase my Ethereum position in the coming months and this is an important factor for me.

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I think ethereum will not be easy to beat bitcoin, from ethereum's total supply is very different from bitcoin and this is what makes ethereum prices so cheap, demand from ethereum is almost the same as bitcoin, if ethereum has a limited supply then ethereum can compete with bitcoin.

Willitivity

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ETHEREUM has so far fought hard to maintain its place and at the same time stay relevant. One of the edge it has over Bitcoin is faster transaction speed. If we keep going by the current developments and trends, ethereum has a real chance of being what it was before.

error08

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I thought ethereum fees already surpassed bitcoin a long time ago, it's been a few days since I spend higher fees on ethereum transactions, but for my bitcoin transaction fees just $0.1 since last months when I sent bitcoin. Since segwit transactions arise, the fees become cheaper.

Quote from: Zeke_23 on October 10, 2019, 11:27:01 PM

Ethereum is really reliable, not only because of its low fee but also because of having a fast transaction when sending funds to another.
But even though ethereum past bitcoin in number of transactions, we cant still deny that bitcoin is still better in many terms such as its capabilities.

You don't know what we're talking about, right? It's not the number of transactions, but "transaction fees"

Zeke_23

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Quote from: NathanJB on October 10, 2019, 10:51:38 PM

Quote from: kapalmabur on October 10, 2019, 10:39:54 PM

Quote from: ReiMomo on October 10, 2019, 12:27:35 PM

Quote from: Xxmodded on October 06, 2019, 11:09:35 PM

Positive side of ethereum is could sent transaction faster than using bitcoin we have take one hour and more, but using ethereum we can received payment in short time just take few minutes if using good fee, but ethereum still with lower price and do not have anything effect with bitcoin how could raised up.

I remember before when the Bitcoin price was almost bypassed by the Ethereum and now the transaction fees. This is the most Ethereum has advantage to Bitcoin, the transaction fee. That's really good to hear. I think that many people will now switch temporarily into Ethereum since it has a high potential as of this moment but I do believe that it is only temporary and soon bitcoin will rise again people will also switch to it because I do believe that bitcoin is still the number one crypto.

It was January 2018 that reached its peak, transactions reached 1,349,000 more, and now only 706,000, a decrease that is very much in my opinion,
but it has been recovering since the beginning of 2019, and almost everyone chooses ethereum for transactions, Unicef also now opens opportunities for ethereum

The Ethereum platform is widely used, perhaps because it is friendly as it is reliable. Or even overused by so many crypto start-ups which turned out to be scams and crap.

Ethereum offers low transaction fees and faster confirmations but the fact remains that in term of trust, the majority still trust Bitcoin over Ethereum. I am a user of Ethereum primarily due to its low fees but I very much prefer Bitcoin if only it has as low fees as ETH.

Ethereum is really reliable, not only because of its low fee but also because of having a fast transaction when sending funds to another.
But even though ethereum past bitcoin in number of transactions, we cant still deny that bitcoin is still better in many terms such as its capabilities.

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Quote from: kapalmabur on October 10, 2019, 10:39:54 PM

Quote from: ReiMomo on October 10, 2019, 12:27:35 PM

Quote from: Xxmodded on October 06, 2019, 11:09:35 PM

Positive side of ethereum is could sent transaction faster than using bitcoin we have take one hour and more, but using ethereum we can received payment in short time just take few minutes if using good fee, but ethereum still with lower price and do not have anything effect with bitcoin how could raised up.

I remember before when the Bitcoin price was almost bypassed by the Ethereum and now the transaction fees. This is the most Ethereum has advantage to Bitcoin, the transaction fee. That's really good to hear. I think that many people will now switch temporarily into Ethereum since it has a high potential as of this moment but I do believe that it is only temporary and soon bitcoin will rise again people will also switch to it because I do believe that bitcoin is still the number one crypto.

It was January 2018 that reached its peak, transactions reached 1,349,000 more, and now only 706,000, a decrease that is very much in my opinion,
but it has been recovering since the beginning of 2019, and almost everyone chooses ethereum for transactions, Unicef also now opens opportunities for ethereum

The Ethereum platform is widely used, perhaps because it is friendly as it is reliable. Or even overused by so many crypto start-ups which turned out to be scams and crap.

Ethereum offers low transaction fees and faster confirmations but the fact remains that in term of trust, the majority still trust Bitcoin over Ethereum. I am a user of Ethereum primarily due to its low fees but I very much prefer Bitcoin if only it has as low fees as ETH.

kapalmabur

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Quote from: ReiMomo on October 10, 2019, 12:27:35 PM

Quote from: Xxmodded on October 06, 2019, 11:09:35 PM

Positive side of ethereum is could sent transaction faster than using bitcoin we have take one hour and more, but using ethereum we can received payment in short time just take few minutes if using good fee, but ethereum still with lower price and do not have anything effect with bitcoin how could raised up.

I remember before when the Bitcoin price was almost bypassed by the Ethereum and now the transaction fees. This is the most Ethereum has advantage to Bitcoin, the transaction fee. That's really good to hear. I think that many people will now switch temporarily into Ethereum since it has a high potential as of this moment but I do believe that it is only temporary and soon bitcoin will rise again people will also switch to it because I do believe that bitcoin is still the number one crypto.

It was January 2018 that reached its peak, transactions reached 1,349,000 more, and now only 706,000, a decrease that is very much in my opinion,
but it has been recovering since the beginning of 2019, and almost everyone chooses ethereum for transactions, Unicef also now opens opportunities for ethereum

ReiMomo

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Quote from: Xxmodded on October 06, 2019, 11:09:35 PM

Positive side of ethereum is could sent transaction faster than using bitcoin we have take one hour and more, but using ethereum we can received payment in short time just take few minutes if using good fee, but ethereum still with lower price and do not have anything effect with bitcoin how could raised up.

I remember before when the Bitcoin price was almost bypassed by the Ethereum and now the transaction fees. This is the most Ethereum has advantage to Bitcoin, the transaction fee. That's really good to hear. I think that many people will now switch temporarily into Ethereum since it has a high potential as of this moment but I do believe that it is only temporary and soon bitcoin will rise again people will also switch to it because I do believe that bitcoin is still the number one crypto.

Btcvilla

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Ether still not have power how to raise up to higher price, Bitcoin still dominance in crypto market make other altcoin look down and ether still can't do anything how to raise price with higher. We still what new update from ether team to make price come back to higher and give many profit for ether holder.

Xxmodded

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Positive side of ethereum is could sent transaction faster than using bitcoin we have take one hour and more, but using ethereum we can received payment in short time just take few minutes if using good fee, but ethereum still with lower price and do not have anything effect with bitcoin how could raised up.

mu_enrico

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@darewaller @alyssa85 people seem to forget what Ethereum is.

Quote

Ethereum is a global, open-source platform for decentralized applications.

Source: https://www.ethereum.org/

In BTC, people could argue that high fees are good because BTC is digital gold, etc.

Meanwhile, high fees in ETH means that the platform doesn't scale. How is this platform will be able to serve thousands/millions of dApps if it cannot handle a mere CryptoKitties?

hatshepsut93

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Quote from: 1Referee on October 03, 2019, 05:34:23 PM

What miners? Bitcoin miners? I wish them good luck with their SHA256 asics. Tongue

If ETH would be consistently more profitable, miners would just start buying ETH mining equipment rather than SHA-256 ASICs. POW is basically just electricity being burned, so any coin can theoretically take the title of the most secured coin from Bitcoin, if it yields more profit per kWh.

But in this case we don't know how much electricity was spent on mining ETH and BTC blocks during that timeframe, and without it we can't reach conclusion which coin was more profitable.

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The OP could have clarified a bit. It is not because of an increase in the transaction volume. The increase in ETH transaction fee was due to an increase in the gas price and as a result of that the users are paying more for each transactions (when compared to what they were paying a while back). The volumes (in terms of crypto) have remained same for both ETH and BTC.

And the bad news for ETH is that they still don't have a solution for this sky-rocketing transaction fee. BTC had the same problem a few years back, and they resolved the issues with innovations such as SegWit and Lightning Network. But as of now, the ETH developers (especially Vitalik) has no finalized solution ready for disposal at their end. This issue was brewing for quite sometime and they slept over it until it was too late.

partysaurus

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the fees get way to high sometimes on both eth and btc, but eth having higher fees than btc i thought i would not see that day lol.

exstasie

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Quote from: pereira4 on October 03, 2019, 07:09:11 PM

This was discussed years ago:

Vitalik has been selling the pipedream of a decentralized computer for so long and people keep buying. I still haven't seen any credible arguments for the long term viability of the project. Last I heard is that they wanted to partner with BCash to scale. Go figure.

Does that account for sharding? Vitalik and the other developers claim it will give Ethereum up to 1,000x gains in scalability. Is that a pipe dream, or are sharding's costs in redundancy and decentralization just not justifiable?

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Quote from: mu_enrico on October 04, 2019, 08:07:59 AM

So is this good news or bad news for Bitcoin? So which is better, low fees or high fees?
Ethereum will migrate to POS, so why do we even talk about this mining stuff?

because it will affect our fees sooner or later. low fees is the most safe zone.

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Quote from: mu_enrico on October 04, 2019, 08:07:59 AM

So is this good news or bad news for Bitcoin? So which is better, low fees or high fees?
Ethereum will migrate to POS, so why do we even talk about this mining stuff?

I think it serves as both, because for Ethereum transaction fee to have been higher than that of bitcoin, it means that there was more traffic on Ethereum network, but bad news in the sense that Ethereum does not need high fee right now as it will give chance for other coins to be tested or people will eventually still go back to bitcoin, but for a selfish person like me, I think that there network fee should be high and then discourage a lot of people from Ethereum because I am not much happy with the way Ethereum is going abuts their ICO.

They introduced ICO to us and they are the ones that is making lots of investors fall victim of scammer through their creation. Bitcoin is still the only reliable platform and we all need to go back to using bitcoin more.

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Quote from: alyssa85 on October 04, 2019, 01:43:31 AM

Quote from: 1Referee on October 03, 2019, 05:34:23 PM

What miners? Bitcoin miners? I wish them good luck with their SHA256 asics. Tongue

You know that miners switching will buy equipment that enables them to mine Ether, right?
Basically it's a cost-benefit analysis. They can either stick to bitcoin and make losses, or write off their sha256's, buy new miners and mine something else.

People who are mining bitcoin will switch to Ether mining thinking of the many benefits ETH has to offer according to your theory Cheesy

. What cost benefit analysis have you done to come up with this invention Tongue

. If i am mining with a couple of ASIC machines i can very well switch over and mine some shit coins by purchasing a few graphic cards but that is not easy when it comes to huge mining farms and these farms are running because of the profit they are earning mining bitcoin and will never switch to shit coins Tongue

.

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Quote from: mu_enrico on October 04, 2019, 08:07:59 AM

So is this good news or bad news for Bitcoin? So which is better, low fees or high fees?

It's more about adoption than anything else.

An awful lot of stuff is being built on top of the Ethereum blockchain, and it's being used, even if it is just for games or collectables like cryptokitties.

Not a lot is going on with bitcoin, it's not really being used for anything other than speculation.

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Ethereum can't sustain with that tho. There was a time when cryptokitties blocked the transactions in ethereum blockchain as well and both price of ethereum and transactions became super slow as well, however cryptokitties are not getting the same attention they used to get as you can imagine, fairwin will be the same, it will get some attention but eventually will be forgot like cryptokitties. There is no point on mining ethereum if you are a bitcoin miner that makes money.

However, if you are a small time miner in bitcoin and have some asic equipments you can sell your equipment to other big whale miners and use that money to buy eth mining rigs which may or may not make you more money depending on the difficulty of btc and eth at that time. It worth a calculation at least.

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So is this good news or bad news for Bitcoin? So which is better, low fees or high fees?
Ethereum will migrate to POS, so why do we even talk about this mining stuff?

Pab

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It is because Tether switched to erc-20.Tether is now number 4 on Coinmarket.
But it can be also kind of problem for Ethereum. Ethereum must to his upgrades because of his famous difficulty bomb otherwise transactions will stuck. All that way to Ethereum POS will be crucial not only for Ethereum but also for all his ecosystem

stompix

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Quote from: alyssa85 on October 03, 2019, 03:39:39 PM

See the following article:

https://www.forbes.com/sites/ktorpey/2019/09/30/this-cryptocurrency-just-surpassed-bitcoin-in-one-key-adoption-metric/#7a7300d17e2f

Quote

Ethereum briefly passed Bitcoin in one key area last week: total daily USD-denominated transaction fees.

This happens when a "writer" has to make his quota of articles but he has no clue on how to use a graph.

So, if you go here:
https://coinmetrics.io/charts/#assets=btc,eth_log=false_left=FeeTotUSD_zoom=1567123200000,1569715200000

Yeah, ETH surpassed BTC, what a milestone.
If you use your brain, you might want to check for a larger timespan.
Let's try:
https://coinmetrics.io/charts/#assets=btc,eth_log=false_left=FeeTotUSD_zoom=1527412896000,1569715200000

What a surprise!!!

Quote from: alyssa85 on October 04, 2019, 01:43:31 AM

You know that miners switching will buy equipment that enables them to mine Ether, right?
Basically it's a cost-benefit analysis.

Analyze this:
Buttercup Grin

wakes in a bad mood tomorrow and decides it's time, ethereum goes PoS, now!!!!
Mine it!

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The same problem in terms of scalability has been affecting both Bitcoin and Ethereum but we have already seen the easing of the Bitcoin network on this matter I am not sure if it is because transaction volume is going down or because of changes implemented on the network like Segwit or Lightning. Considered as possible heir apparent to Bitcoin, from time to time, we are seeing many problems and flaws cropping up with Ethereum which one way or another push many to doubt the platform in terms of its long-term viability and stability. The challenges for Ethereum is known by the whole industry and even acknowledge by no other than Vitalik Buterin himself. I am still a strong believer of Ethereum though so I am wishing them the luck they need in answering the many possible problems clogging the whole network and putting everything on question.

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Quote from: 1Referee on October 03, 2019, 05:34:23 PM

What miners? Bitcoin miners? I wish them good luck with their SHA256 asics. Tongue

You know that miners switching will buy equipment that enables them to mine Ether, right?

Basically it's a cost-benefit analysis. They can either stick to bitcoin and make losses, or write off their sha256's, buy new miners and mine something else.

pereira4

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The irony has gone full circle now and biten on Vitalik's smart ass that was claiming how there was this huge problem with Bitcoin fees and how his socialist worldview didn't allow for transactions to be above a number of dollars in fees. This was discussed years ago:

Vitalik has been selling the pipedream of a decentralized computer for so long and people keep buying. I still haven't seen any credible arguments for the long term viability of the project. Last I heard is that they wanted to partner with BCash to scale. Go figure.

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Quote from: 1Referee on October 03, 2019, 05:34:23 PM

Quote from: alyssa85 on October 03, 2019, 03:39:39 PM

At some point miners might decide to switch to Ether, especially as Ether provides block rewards in perpetuity as well (no halvenings).

What miners? Bitcoin miners? I wish them good luck with their SHA256 asics. Tongue

It doesn't really surprise me that Bitcoin's fees are going down with how Segwit adoption has yet again made another high; https://blockchair.com/bitcoin/charts/segwit-usage

I noticed too recently how low the fees have become. Most of my transactions were confirmed by the next block with just $0.10 in fees, and I feel that I overpaid there as well.

Tether switching to Ethereum has done a lot to inflate the fees there. Not that long ago there were like 150,000 transactions waiting for a confirmation. Currently that's about 40,000. Good time for Ethereum competitors to leverage the high fees and market themselves as THE cheaper alternative.

That was very funny, bitcoin miners with their SHA256 are going to turn on ethereum, wish that was possible, I would be billionaire.
Btw according to this news, it's so written that some people may see bitcoin mining sucks and there is light in ethereum (well in reality bitcoin mining really sucks now). That's bad to be fair that ethereum has higher fees than bitcoin, that's bad for ether's usage because it really did bad for bitcoin transactions once when we had huge fees.
Bad for ether, ok for bitcoin. Hope Bitcoin's fee will be so low, I got very quick confirmation on super low tx fee.

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Quote from: 1Referee on October 03, 2019, 05:34:23 PM

It doesn't really surprise me that Bitcoin's fees are going down with how Segwit adoption has yet again made another high; https://blockchair.com/bitcoin/charts/segwit-usage

I noticed too recently how low the fees have become. Most of my transactions were confirmed by the next block with just $0.10 in fees, and I feel that I overpaid there as well.

that's nice to see. something tells me the low fees are more related to the bearish market and lack of hype. typical bear market lull.

1Referee

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Quote from: alyssa85 on October 03, 2019, 03:39:39 PM

At some point miners might decide to switch to Ether, especially as Ether provides block rewards in perpetuity as well (no halvenings).

What miners? Bitcoin miners? I wish them good luck with their SHA256 asics. Tongue

It doesn't really surprise me that Bitcoin's fees are going down with how Segwit adoption has yet again made another high; https://blockchair.com/bitcoin/charts/segwit-usage

I noticed too recently how low the fees have become. Most of my transactions were confirmed by the next block with just $0.10 in fees, and I feel that I overpaid there as well.

Tether switching to Ethereum has done a lot to inflate the fees there. Not that long ago there were like 150,000 transactions waiting for a confirmation. Currently that's about 40,000. Good time for Ethereum competitors to leverage the high fees and market themselves as THE cheaper alternative.

alyssa85

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See the following article:

https://www.forbes.com/sites/ktorpey/2019/09/30/this-cryptocurrency-just-surpassed-bitcoin-in-one-key-adoption-metric/#7a7300d17e2f

Quote

Ethereum briefly passed Bitcoin in one key area last week: total daily USD-denominated transaction fees. In fact, Ethereum miners collected more in fees than Bitcoin miners on this past Saturday and Sunday too, according to Coin Metrics.

...Due to the limitations placed on capacity, cryptocurrencies like Bitcoin and Ethereum see higher transaction fees when the networks become congested. This is exactly what has happend with Ethereum over the past month, as total daily USD-denominated transaction fees hit levels not seen in over a year.

So, what has caused the recent spike in Ethereum transaction fees? It appears the blame can be placed on a Ponzi scheme-esque game called FairWin, which also has a critical vulnerability in its associated contract on the Ethereum blockchain. According to on-chain crypto market analytics firm Glassnode, FairWin has recently been consuming up to half of the gas spent on the Ethereum network at any given time.

The spike in FairWin's popularity, according to Etherscan, correlates almost perfectly with the increase in total fees seen on the Ethereum network this month, according to Coin Metrics.

At some point miners might decide to switch to Ether, especially as Ether provides block rewards in perpetuity as well (no halvenings).

Topic: Ethereum managed to pass bitcoin in transaction fees last week (Read 365 times)