Gas Fee Of BNB Is Increasing - page 5.

Blawpaw

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Quote from: Rana590 on August 27, 2021, 01:18:46 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.

BNB is centralized but it has a big community and its ecosystem is growing exponentially. The real issue with eth as well as with BNB is that neither of them solves the scalability problem and as such the tendency will be for BNB to have an increase in the fees cost while its ecosystem and project demand is growing

mdzahed134

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Quote from: superman184 on November 09, 2021, 01:40:49 PM

Quote from: Rana590 on August 27, 2021, 01:18:46 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.

And if in the end the fees are going to be as high as on the ETH chain, then I'm sure there will be other blockchains that will take this opportunity and fill the gap.

You're right, because when people can't afford with crazy fee on Etherum Network than they will go to migrate on BSC. And definitely fee will be increase in BSC due to grow BNB price also increasing this blockchain users. Still i have seen a several network fee is too much cheap as Solana and Polygon chain.

Godday

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From the price we can judge that the price increases, of course gas will also increase, bnb transaction costs are still relatively low compared to ethereum, now we can focus on ethereum gas but there are still others that don't get people's attention, I think that's a natural thing with increasing gas then the coin that is exchanged will have a high value too

superman184

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Quote from: Rana590 on August 27, 2021, 01:18:46 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.

I've seen a huge increase from projects built on the BSC network, it's not hard to predict how things will turn out in the next few years if BNB won't quit all the regulatory issues they've been having lately. And if in the end the fees are going to be as high as on the ETH chain, then I'm sure there will be other blockchains that will take this opportunity and fill the gap.

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Quote from: Moeda on October 28, 2021, 01:52:04 PM

The Binance blockchain transaction fees are not free, they are just cheaper than the Ethereum blockchain transaction fees. BSC blockchain transactions only cost 5 to 7 gwei, or the equivalent of 0.0001. However, if we use the Binance Chain extension wallet, the fee that must be paid is 0.001 BNB for token transactions. That is, the fee is equivalent to the cost of the previous Ethereum blockchain.

Everything comes at a cost. Fees are only there to help prevent transaction spamming on the Blockchain. The higher the network load, the higher the fees will be. Despite gas fees rising in BSC, it's still a lot cheaper to use than ETH. Developers are going to need to improve the blockchain's transaction capacity in order to keep fees as low as possible. With so many alternative blockchain networks available today, high gas fees and slow transaction confirmation times are no longer an issue. Crypto is all about usability these days. As long as it's useful, nothing else matters. Just my thoughts Grin

GaxviiBuss

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Yes, I felt the more people are using it the more it increases due to the hike in ethereum gas fee, but one thing I observe is that rise is Bsc is not alarming that people really noticed like that, in just hope it will not get of hand sometimes

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Quote from: masulum on October 28, 2021, 12:53:12 PM

Quote from: Jaered on October 28, 2021, 12:43:41 PM

Everyone and his dog is piling into BSC because of the crazy Ethereum gas fee, and there would be only one outcome: steadily increasing price. It's just throws of demand and supply. And people are paying higher fees because they want faster transactions

It's true what you said, the more projects developed on the BSC network, the more token choices there will be. The demand for new tokens that arises because of the hype and the mindset that new tokens will experience a pump is what will continue to increase network usage which will ultimately increase costs. In addition, tokens currently impose a buy and sell transaction tax which will also make the fees more expensive. So, pay attention when you are going to buy tokens, if you don't want to lose $2-3 costs per transaction

You need to analyze and check if you don't want to lose some penny from doing the transactions, it's not expensive compared with ETH but with the high demands the chance to see more increase might happen.. Roll Eyes

Keep in mind that ETH and BTC came out the same, but due to the demands and the increased from fiat value, now investors and traders are crying out because of the amount of fees that they need to pay in order to use the service.

For now, a good alternative and hope competitions will continue for more adjustment from those major assets in terms of transactions fees.

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Quote from: Rana590 on August 27, 2021, 01:18:46 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.

The Binance blockchain transaction fees are not free, they are just cheaper than the Ethereum blockchain transaction fees. BSC blockchain transactions only cost 5 to 7 gwei, or the equivalent of 0.0001. However, if we use the Binance Chain extension wallet, the fee that must be paid is 0.001 BNB for token transactions. That is, the fee is equivalent to the cost of the previous Ethereum blockchain.

masulum

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hmph..

Quote from: Jaered on October 28, 2021, 12:43:41 PM

Everyone and his dog is piling into BSC because of the crazy Ethereum gas fee, and there would be only one outcome: steadily increasing price. It's just throws of demand and supply. And people are paying higher fees because they want faster transactions

It's true what you said, the more projects developed on the BSC network, the more token choices there will be. The demand for new tokens that arises because of the hype and the mindset that new tokens will experience a pump is what will continue to increase network usage which will ultimately increase costs. In addition, tokens currently impose a buy and sell transaction tax which will also make the fees more expensive. So, pay attention when you are going to buy tokens, if you don't want to lose $2-3 costs per transaction

Jaered

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Everyone and his dog is piling into BSC because of the crazy Ethereum gas fee, and there would be only one outcome: steadily increasing price. It's just throws of demand and supply. And people are paying higher fees because they want faster transactions

Abiky

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Quote from: HyunBin on October 27, 2021, 08:21:57 PM

I think what's happening to BNB gas fee is just like the same scenario with ethereum gas fee that when it get more popularity from the crypto-space and many crypto enthusiasts are using the blockchain it gets crowder and gets more traffic that makes its gas fee high. I think now that BSC is now getting more attraction and getting plenty of projects' interest it will also begin to have traffic that makes its gas fee to be higher as well.

Of course. The more popular a blockchain network becomes, the more the network load will be. This translates into higher fees and slower transaction confirmation times. It's up to developers themselves to help scale the blockchain in question for fees to remain as low as possible. I think BNB shouldn't have a problem with fees in the long run, since it's scalable by design. Considering that Binance controls most of the network, it should be easy enough to introduce a network upgrade that would keep fees as low as possible.

While gas fees on BNB are increasing, they're certainly much lower than those on ETH. I guess BNB still has an advantage over ETH in this regard. There are many other smart contract platforms on the market right now, so high fees and slow confirmation times shouldn't be a concern for people. If both BNB and ETH get clogged up, there's always the choice of TRX, EOS, ADA, among others. What matters is decentralization. As long as projects focus on being decentralized, they will stand the test of time no matter what. Just my thoughts Grin

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I don't even know about the increase in the gas fee bsc, maybe you are too calculating with what you get from it. Most of us find that the fee to pay for using on BSC is negligible, so I have no problem and can accept it.

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I have mostly avoided Ethereum network for it's tremendous fees for transactions, swap using any DEX, or staking, claiming. I have migrated to BSC but it's now a matter of concern that gas fees in BSC is increasing rapidly. It needs 0.002 to 0.01 BNB per transaction, claim, swap which is 3x higher than last few months ago.

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Quote from: riskarcher on September 22, 2021, 02:17:22 PM

at least the BNB gas fee is still more worth it compared to the ETH gas fee which I think doesn't make sense and because this is between crypto competitors, it's only natural that there will be price increases and better platform updates

But it shouldn't become like Ethereum in the future hopefully, the gas price of ETH was also cheap back then and it's around the same price of BNB gas but as the time goes it becoming expensive to the point where it's becoming unbearable anymore. If the direction of BNB growth is leading its gas price to be the same as ETH of now in the future it will become the next ETH with expensive gas price but maybe BNB will scale better than ETH.

Quote from: arditiyan on October 27, 2021, 06:36:01 PM

Quote from: Rana590 on August 27, 2021, 01:18:46 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 principle the higher the price of a token, the higher the gas fee and that is normal. but for BNB at this time it is still said to be low compared to others, the increase in BNB costs is also very low but in the future it is also impossible to predict that if BNB is more expensive, the price may also be higher, even 3 - 5x the current gas fee.

Yeah it seems the gas fee for BNB looks a lot cheaper compared to ETH when the price was around $500 maybe even if the price of BNB reached the same price as ETH it will still have significantly cheaper gas fee because it seems BNB designed for cheaper gas price even if its crowded compared to ETH.

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Quote from: Rana590 on August 27, 2021, 01:18:46 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.

I think what's happening to BNB gas fee is just like the same scenario with ethereum gas fee that when it get more popularity from the crypto-space and many crypto enthusiasts are using the blockchain it gets crowder and gets more traffic that makes its gas fee high. I think now that BSC is now getting more attraction and getting plenty of projects' interest it will also begin to have traffic that makes its gas fee to be higher as well.

arditiyan

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Quote from: Rana590 on August 27, 2021, 01:18:46 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 principle the higher the price of a token, the higher the gas fee and that is normal. but for BNB at this time it is still said to be low compared to others, the increase in BNB costs is also very low but in the future it is also impossible to predict that if BNB is more expensive, the price may also be higher, even 3 - 5x the current gas fee.

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Quote from: magnum cyber on September 09, 2021, 02:10:46 PM

Quote from: nicolas1979 on September 09, 2021, 01:35:44 PM

Quote from: Rana590 on August 27, 2021, 01:18:46 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.

From the start the BNB blockchain transaction fees were not free. It's just lower than Ethereum blockchain transaction fees. However I don't know which platform you are using so argue that the BNB blockchain transaction fee is free. The increase in BNB transaction fees increases with the increase in BNB prices. As with previous Ethereum blockchain transaction fees.

other factors are usually caused by transaction density, I mean the more people make transactions on the coin (BSC) or on the BSC network can affect the transaction fees as well. but for me personally gas cost in BSC is still cheap compared to Ethereum Network. if you are interested then you can use the solana blockchain, matic or fanthom. gas cost on their platform is also cheap

Yes. It is possible that the effect of using the blockchain is lower so that transaction costs and block confirmation times are also faster than Ethereum. I think the fees will continue to change, as the previous ethereum transaction fees were also very low. The effect of the current high ethereum transaction fees is also due to the high price of ethereum.

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Quote from: Rana590 on August 27, 2021, 01:18:46 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.

Now that we've kept this in mind and included it in the Binance Smart Chain, it can be seen that launching projects easily leads to an increasing number of these projects on their network, and this is growing. gradually leading to increasing gas fees. Although the current BNB price is not very high, it is possible that the network is really congested and makes miners work twice as long. I think BSC won't face the same problem with ETH network, hope a better solution will be come up to solve this problem. But generally BSC standard gas is 5 Gwei to 7 Gwei it's still not Called too expensive compared to the current ETH price.

Abiky

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Quote from: letyouearn on August 27, 2021, 01:41:21 PM

The number of users increases, thus the number of transactions is constantly growing. So, the blockchain becomes overloaded and the fees have to grow in this situation.

Fees will inevitably increase due to high network load. It's all part of a cryptocurrency's level of mainstream adoption. The more people join the craze, the more the Blockchain will become congested. For fees to stay low, the blockchain needs to increase its transaction capacity. This is either done through an on-chain (like increasing the block size) or an off-chain scaling solution (eg: The Lightning Network).

Binance Chain is already scalable by design with a BFT consensus mechanism. Despite the increasing gas fees, it's still much cheaper to transact on BNB than it's the case on ETH these days. In the event fees go sky high, developers can simply resort to other means in order to keep the blockchain as scalable as possible. People can choose another smart contract platform if gas fees are too high on BNB. High gas fees or not, it seems to me that BNB will be here to stay for a long, long time. Just my thoughts Grin

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Quote from: Rana590 on August 27, 2021, 01:18:46 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.

Isn't bsc not so bad at everything about the blockchain ecosystem? for me, most of my (assets) created using erc20 network can be bridged on bsc & matic network. On the one hand, I have also invested in bnb & matic for a long time because it really helps me to trade at a low cost. I started leaving the token (erc20) and moving it to the bsc & matic network. but not with eth, I'm still holding onto eth for the long haul.

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