Gas Fee Of BNB Is Increasing - page 2.

akar87

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Quote from: Rana590 on August 27, 2021, 02:18:46 PM

All eyes are on the BNB due to the increase in Ethereum's gas fee. Thinking about the beginning, it can be understood that the BNB's gas free is increasing day by day. Although I don't know the exact reason behind it, the curiosity is there.

Basically BSC gas fees also have a similar concept to gas fees on other blockchains such as ETH, so that when there is an increase in user transactions simultaneously, the blockchain will require higher fees to validate transactions so that congestion does not occur.

Jonyshake71

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When eth gas fee was increasing, we were unable to do anything but keep watching. So now if the same thing is happening with bnb, then what to do?! If ceo can solve problem then okey. Otherwise we'll go to another blockchain for low fee as like what people do with eth and bnb. but i think bnb transactions fee is still so low and shouldn’t need to be worry from now.

2girls

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I think in this time BNB is rise day by day because all people use and support to this because the Transaction fee of bnb is very low this point people support this.
But i think bnb rise there Transection fee so they loss there position and people are not purchased bnb and that same reason of Ethereum is a best coin but this problem people cannot use this because there price is so high.

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Quote from: Rana590 on August 27, 2021, 02:18:46 PM

All eyes are on the BNB due to the increase in Ethereum's gas fee. Thinking about the beginning, it can be understood that the BNB's gas free is increasing day by day. Although I don't know the exact reason behind it, the curiosity is there.

In my opinion The reason of increasing BNB gas fee is increasing BNB price and increasing transaction day by day. Millions of transactions are forcing gas fees to rise. Many people are raising gwie to complete their transactions quickly. And it is forcing gas fees to rise

bestcoins1

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Quote from: Mehedi72 on December 10, 2021, 12:29:29 PM

True, fee is major thing and it could play important role for investors. that's the resson large number of people shift with bsc blockchain instead of ether. just use ether for transaction when don't have any option

Now that there are so many new options that can be used and investors only use Ethereum when the choice is only one and also when they use a lot of money on the Ethereum network, I think so regardless of a compulsion to use the Ethereum network.

Balmain

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A few hours ago I sent tokens at a cost of about 15 cents, compared to some time ago of course there is an increase, but I think this is still reasonable and the speed is still good compared to ETH which took up to $45 to send tokens and took up to 2 hours to get 8 confirmation.

Gas prices have increased compared to the past, I find this very normal. Formerly bsc network adaptation is getting more and more day by day. Thousands of people are just using the bsc network. I don't understand people complaining about current prices. If you are complaining, try trading on the ethereum network. Bsc network is both cheap and fast at the moment, what can be more?

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Quote from: ?? on ??

A few hours ago I sent tokens at a cost of about 15 cents, compared to some time ago of course there is an increase, but I think this is still reasonable and the speed is still good compared to ETH which took up to $45 to send tokens and took up to 2 hours to get 8 confirmation.

Fees on BNB only increased as a result of its ever-growing popularity. But it's still much cheaper and faster to use than Ethereum (ETH). 15 cents for sending tokens across the BNB blockchain is a bargain, considering how it costs upward of $30 just to transfer a token on the ETH blockchain. Polygon is even cheaper than BNB and ETH, with fees less than a cent (in USD).

Ultimately, how much you're going to pay will greatly depend on network congestion. As long as developers keep the blockchain scalable, fees will remain at their lowest. There are many alternative smart contract platforms on the market right now, so high gas fees should no longer be a concern to the end user. Just my thoughts Grin

Mehedi72

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Quote from: Pamadar on November 26, 2021, 03:48:27 PM

Or maybe CZ anticipates that and has a good way to prevent that from happening, We don't know what are the plans behind this asset. now we are experiencing growth

but it Will be hard to fine out the way to get rid of this issue. cause ether is suffering with same reason and still fail to make a way that could be a solution but of course it isn’t impossible and i'm optimistic about it

Quote

Having lesser fees is what attracts investors, especially when the coin has solid fundamentals.

True, fee is major thing and it could play important role for investors. that's the resson large number of people shift with bsc blockchain instead of ether. just use ether for transaction when don't have any option

Justin999

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Due to high Ethereum's gas fee, erc20 tokens also join with bsc as alternative blockchain. If a token is transferable on both chain, people are selecting bsc and to handle such traffic, bnb fee increase but that is still lower than Ethereum. I guess soon bnb fee also increase like Ethereum, but That might not be fact of worry cause we will use solana, matic and so others. And thus crypto industry will going Ahead

Abiky

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I think the reason is the same as that experienced on the ethereum network. The number of instant swap exchanges forces gas to continue to rise in each transaction. This also makes the BNB network more dense every day. Make higher gas to get faster transaction queues. Finally, all transactions on the BNB network went up dramatically. I wish it was nothing more than ethereum.

That's the problem. Fees rise according to network activity. Since smart contracts (dApps) require constant interaction on the Blockchain, fees will only go higher over time. The more people use the Blockchain, the higher the gas fees will be.

I think it's a bad idea to use Blockchain tech for the deployment and execution of smart contracts. Turing-completeness can not be achieved on Blockchain technology, especially when it has scalability issues. Ethereum and other smart contract platforms should let ordinary transactions to be performed on-chain, while leaving the deployment and execution part of smart contracts (dApps) on a separate layer (preferably off-chain). Only this way, fees will remain at its lowest. It'll be something like the NEM project's been doing right now, as smart contracts don't live on the Blockchain. I'm afraid BNB's fees will continue to soar until developers do the right thing.

At least, it's cheaper to use BSC than Ethereum (ETH). With various smart contract platforms available on the market, high gas fees and slow confirmation times should no longer be a concern to the average person. Just my thoughts Grin

Pamadar

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Quote from: andyou1234 on December 07, 2021, 01:37:06 PM

The current increase in BNB fees is due to the large number of instant swap exchanges taking place on the network, so the volume is increasing, I think this is a very normal thing to happen, after all, the increase is only a few cents, when compared to the network else Binance still has very low fees at the moment, I'm sure this mechanism will apply to all networks in crypto.

Tolerable still if you want good service, paying the amount even the increase is really showing if you compare it to ERC,
you will continue using BSC.

Just alarming since the network is also gaining more transactions and the value of BNB is also increasing on it's fiat value.

Do your part researching if you can find alternative if you are hurting with few cents increase.

maartenhaha

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Quote from: andyou1234 on December 07, 2021, 01:37:06 PM

The current increase in BNB fees is due to the large number of instant swap exchanges taking place on the network, so the volume is increasing, I think this is a very normal thing to happen, after all, the increase is only a few cents, when compared to the network else Binance still has very low fees at the moment, I'm sure this mechanism will apply to all networks in crypto.

The binance network has provided transaction fee convenience, although in the end it has increased by only a few cents, so far we have no problems with binance gas but really hope there will be no transaction traffic congestion so that the stability of gas fees does not increase significantly.

andyou1234

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The current increase in BNB fees is due to the large number of instant swap exchanges taking place on the network, so the volume is increasing, I think this is a very normal thing to happen, after all, the increase is only a few cents, when compared to the network else Binance still has very low fees at the moment, I'm sure this mechanism will apply to all networks in crypto.

Jose Mourinho

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in the last few days the cost of BNB gas has increased, I think that the increase is a very reasonable thing because the price of BNB has also increased, but another factor causing gas costs to rise is because of the large number of instant swap exchanges resulting in the BNB network getting congested so that gas costs continue to increase every transactions, this also applies to the ethereum network, but I really hope that the binance gas fee does not rising too high like the ethereum gas fee, because right now there are so many assets that I have to transfer using the binance network...

RiskySanchez

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if the gas fee mechanism between Binance and Etherum is the same, if at the same time there are thousands of transactions in the blockchain network, then the resources needed to process and validate these transactions are also more and cause gas fees to be expensive. all networks also experience the same thing if they are overloaded but Binance still makes a sense if compared with etherum

tsaroz

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The good thing about BNB is it's backed by binance and the team is quick and effective in making and implementing new decisions. For a few weeks, I have seen the BSC network to be much stable in fees and the fees are still decently cheaper than many of it's competitors. I even saw/paid fees on BSC chain below 50 cents while polygon above 10 cents in last few days. It seems, the fees on any network could be a trouble when the volume of transaction increases and BNB is itself one of the largest utility token by transaction volume.

Sweetbtc

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Bnb fee is still very low if we compare to Etherium. I think bnb gas fee is same but due to increase in price the $ amount is increased. In future uf more people will adopt it price will increase and will affect directly gas fee.
When Bnb price was 43$ its gas fee was approximately 0.02$ and now 0.1$ for transferring

ninabobo

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That's how ethereum started with such low gas fees nd fast transaction. But when it's network got conjested we started seeing insane gas fees and traction finality time getting slow, same thing might happen to BSC, the more it's network gets loaded, the more it's transaction fees will keep increasing, this is more reason why sharding is very much important, no matter how fast a blockchain is, sharding is important for a blockchain which is ready for mass adoption, take the Near protocol network for example, in absence of it's low fees and fast transaction there are still launching a nightshade to boost it's network capability, this shows they are ready for mass adoption.

Ngewex Yuk

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This will happen with any project, when users and transaction volumes are small then fees will be cheap, currently Polygon transaction fees are less than 5 cents, but I'm sure if one day Polygon is large like BSC then transaction fees will be expensive, and as long as it increases still affordable, of course, is natural, and in contrast to ethereum which is no longer reasonable and more expensive than sending money via bank transfer.

chaser15

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Gas fees are really moving. If it moved by a cents only, there's nothing to worry about.

BSC fees are still the cheapest and fastest compared to any chain. Also used by most platforms now making it more convenient. There will be a time that we might face high fees in BSC so for now, enjoy it while you can.

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