Gas Fee Of BNB Is Increasing - page 6.

Almasani

full member

Activity: 854

Merit: 102

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.

Maybe we think that the current BSC gas is much lower than Ethereum for every token transaction. If we look at the total Ethereum issued now with the previous it is almost the same. Except on the use of the swap platform. Ethereum token transaction fee is 0.001 to 0.002 ETH. If we look at the transaction fees in 2019 it is also on par with now. It's just that the current price of Ethereum is much higher than in 2019. While the transaction fees on the BSC blockchain are 0.0005 to 0.001 BNB. If the price of BNB is equivalent to Ethereum, the transaction fees will also be the same. Regarding transaction speed, it is possible that the current use of the BSC blockchain is much lower than the use of the Ethereum blockchain. So that the network load and confirmation block on the BSC blockchain will be faster.

Woodie

hero member

Activity: 1792

Merit: 871

Rollbit.com ⚔️Crypto Futures

I want to believe that by now things have gone back to normal and even if the transaction (gas) fees of BNB had gone up, it's nothing compared to what we have experienced and seen with Ethereum it's biggest competition. It's possible that there was a spike in fees because market prices were going down and everyone was in a hurry to try and secure their money bag to avoid further drop in value of their coins, but with prices looking stable now fees should be back to normal way lower than that of eth.

riskarcher

full member

Activity: 672

Merit: 100

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

Fredomago

legendary

Activity: 2940

Merit: 1050

Leading Crypto Sports Betting & Casino Platform

Quote from: Wong Gendheng on September 22, 2021, 11:27:35 AM

Quote from: bixiiMaphi321 on September 22, 2021, 11:06:15 AM

It can be seen that the BNB smart chain grows with more projects, gas fees will increase. Another point is that these said gas fees depend on the price of BNB. It's part of their business, but they'll probably make it at least relatively cheaper than competitors like ETH.
On the other hand, the number of users increases, and the number of transactions is constantly increasing. So Blockhain becomes overloaded and fees have to increase.

A few hours ago I sent BNB tokens to Pancake and I didn't notice there was a significant increase in the cost of BNB gas, I think it is natural for an increase to occur, but if the increase is too large like Ethereum it will certainly make people choose other coins because now there are many alternatives to send cryptocurrencies

Unnoticeable indeed, if it happened the same way with ETH, then we will see more users to divert and use other platform, but so far just like how others are saying it's still low compared to ETH and still workable without a doubt,. Some notice slight increase but they consider it as the network congestions is being affected by many end users to transact using this chain.

Quote from: travwill on September 22, 2021, 02:40:19 PM

It seems that nothing terrible happened.
I recently made a transfer to BNB and was surprised that the commission was lower than it was when I made the transfer last time. All the same, it's great that we have such an alternative as BSC and the like.

Good for competition as we have more option now when we need to transact, unlike when ERC mostly dominates everything and investors don't have any choice but to use this chain and pay for the high fees.

superman184

full member

Activity: 658

Merit: 189

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.

What can I say about this, one of the main reasons for the increase in Ethereum gas costs is as a result of the sheer number of projects in it, all of these projects contribute to the value that ETH has today. This means that as the Binance Smart Chain grows with more projects in it, gas costs will increase. Another point is, the gas cost depends on the price of BNB, i.e. how much gas costs when BNB is $372 unlike when it is $500 or $1000. It's happening to BSC now, and it's going to happen to others like Polygon as well, except for blockchains that aren't evolving.

travwill

sr. member

Activity: 1313

Merit: 278

It seems that nothing terrible happened.
I recently made a transfer to BNB and was surprised that the commission was lower than it was when I made the transfer last time. All the same, it's great that we have such an alternative as BSC and the like.

Cryptosimar

newbie

Activity: 16

Merit: 0

What I can say on this is, one of the significant reasons Ethereum gas charge expanded was because of the immense number of ventures on it, that is, this load of activities added to the worth ETH have today. Presently having this at the rear of our brains and attracting it to the Binance Smart Chain, it tends to be seen that the simple dispatching of tasks lead to the expanding number of these undertakings on their organization, and this is slowly prompting the expanding gas expense which is being seen now, most occasions it even gets clogged.

In other words as the Binance Smart Chain develops with more activities on it, the gas expense will be expanding. Another point is, these said gas expenses relies upon the cost of BNB, that is, the thing that the gas charge will be when BNB cost is $300 isn't what it will be the point at which the cost is $500 or $1000. It is occurring to BSC now, and will likewise happen to others like Polygon, except if the blockchain isn't developing.

Wong Gendheng

sr. member

Activity: 1428

Merit: 252

Quote from: bixiiMaphi321 on September 22, 2021, 11:06:15 AM

It can be seen that the BNB smart chain grows with more projects, gas fees will increase. Another point is that these said gas fees depend on the price of BNB. It's part of their business, but they'll probably make it at least relatively cheaper than competitors like ETH.
On the other hand, the number of users increases, and the number of transactions is constantly increasing. So Blockhain becomes overloaded and fees have to increase.

A few hours ago I sent BNB tokens to Pancake and I didn't notice there was a significant increase in the cost of BNB gas, I think it is natural for an increase to occur, but if the increase is too large like Ethereum it will certainly make people choose other coins because now there are many alternatives to send cryptocurrencies

bixiiMaphi321

member

Activity: 122

Merit: 10

It can be seen that the BNB smart chain grows with more projects, gas fees will increase. Another point is that these said gas fees depend on the price of BNB. It's part of their business, but they'll probably make it at least relatively cheaper than competitors like ETH.
On the other hand, the number of users increases, and the number of transactions is constantly increasing. So Blockhain becomes overloaded and fees have to increase.

ogundowotoby01

jr. member

Activity: 117

Merit: 5

The gas fees of BNB and BSC based tokens increasing shouldn't come as a surprise to people because ETH gas fees were once very low too, but with more adoption and more projects using the blockchain, there are more transaction blocks for the miners to mine and with that, the transactions with tge highest fees will be prioritized above the others so this is bound to make the transactions of cryptocurrencies on any specific blockchain considerably slower

Cadaver20

sr. member

Activity: 1414

Merit: 264

The Gas fee of BSC is slightly increased but it is very low than Ethereum network. I think the demand for BSC network is increasing day by day. Many projects are now being launched on this network. However, the gas fee of this network will not increase much because some other networks are slowly becoming popular where the gas fee is less.

kram31

full member

Activity: 791

Merit: 139

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.

I don't feel the gas fee of BNB is increase to tell you honestly, Because almost everyday I made a transaction with BNB but as I noticed
there's nothing change with the gas fee. Then if ever the gas fee increase that is because the transaction using bnb is flooding as far as I know dude. Or it could be when the [rice increase in the market the gas fee as well goes up.

kram31

full member

Activity: 791

Merit: 139

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.

Perhaps, the team of binance is now doing everything to fix this thing or it has been solved now.
In know that BSC will not be like ETH did before where until now the cost of charge in ETH is too high at the
moment. Also the BSC transaction fee so far for me is fine as well. And the reason perhaps is that a lot of new projects
arise now in crypto space is being crowded were it lead to increase the charge in my own opinion only.

raidarksword

member

Activity: 2044

Merit: 16

It is imminent to increase the gas fees because more people will use it that's what happened to ethereum it became more congested but BSC ecosystem is way more cheaper that Ethereum so I don't think this is a big issue. I am sure developers are aware of it so nothing to be fear of hence BSC is still stable and offering cheap fee transactions.

Sithara007

legendary

Activity: 3164

Merit: 1344

Leading Crypto Sports Betting & Casino Platform

Quote from: tees420mar on September 12, 2021, 09:23:01 PM

That is to say as the Binance Smart Chain grows with more projects on it, the gas fee will be increasing. Another point is, these said gas fees depends on the price of BNB, that is, what the gas fee will be when BNB price is $300 is not what it will be when the price is $500 or $1000. It is happening to BSC now, and will also happen to others like Polygon, unless the blockchain is not growing.

BNB is being developed by competent people and I am sure that they will find a solution. Transaction fee and lack of scalability was a major issue with Bitcoin previously, but after Lightning Network was introduced it got resolved. The catch is that it took some time for the users to get adjusted to the complexities of LN. But eventually the majority if the users made the move and the fee levels dropped. I guess the same will happen with other alts as well (except ADA, which is already scalable).

Rabi3

full member

Activity: 1204

Merit: 100

Quote from: leea-1334 on August 30, 2021, 09:08:24 AM

Remember when everyone was pointing at ETH and saying how cheap it was to transact compared to BTC? Oh wow,,, only a few cents and instant confirmation unlike BTC network.

Then ETH got popular and smart contracts got more expensive.

BNB/BSC is going down the same path.

it could probably go that direction and people would try to find other solutions to gas fees and will choose other networks and so on, but i don't think so, BSC has already a lot of users right now and gas fees are quite cheap, the only way it could go as high as ethereum gas fees is if a lot of people who are using ETH network right now would switch to BSC, but that won't happen because fees were way higher on Ethereum and nothing too big happened, they will keep using it no matter what and especially if gas fees are fixed and became lower.

tees420mar

jr. member

Activity: 322

Merit: 1

That is to say as the Binance Smart Chain grows with more projects on it, the gas fee will be increasing. Another point is, these said gas fees depends on the price of BNB, that is, what the gas fee will be when BNB price is $300 is not what it will be when the price is $500 or $1000. It is happening to BSC now, and will also happen to others like Polygon, unless the blockchain is not growing.

Koutami

member

Activity: 155

Merit: 13

Quote from: CaVO32 on September 11, 2021, 07:53:34 PM

Quote from: Koutami on September 11, 2021, 07:50:45 PM

Quote from: Ever-young on September 11, 2021, 02:49:17 AM

Bsc transaction have noticed that it’s increasing but it’s depends on the token which you are transferring, my recent transactions cost me less, but when I was sending hip.life and Goma token, the price increased to 3.4$ worth of bnb.

Basically its not because of the token that u trying to send, since any token transaction should be same fees.
Its would only have difference if you trying to interact with Smart-Contract since its need more resource to execute the contract on the chain.

It also depends on the congestion of the network. So for those who want to prioritize their transactions, they are willing to pay above normal gas fees. But, let us see if BSC can address this possible bottleneck later on. Because if the fees are almost the same with eth network, people will choose the cheaper of the networks available. BSC should look into things that might change the mind of their users right now.

Its difference problem mate, the 3.4$ worth of BNB transactions is not a normal transaction. It should be smart-contract transaction, the various gas fee due to the congestion of the network never reach that high.

nhaila

sr. member

Activity: 993

Merit: 250

Moonbet.io

Gas fee basically depends on the market value, if the transaction type and the slippages more settings then gas fee would be also more. Today gas fee more than 50 CNET with standard (5 gwe) ... Normally it's seems to me little bit more than before.

CaVO32

full member

Activity: 1848

Merit: 158

Quote from: Koutami on September 11, 2021, 07:50:45 PM

Quote from: Ever-young on September 11, 2021, 02:49:17 AM

Bsc transaction have noticed that it’s increasing but it’s depends on the token which you are transferring, my recent transactions cost me less, but when I was sending hip.life and Goma token, the price increased to 3.4$ worth of bnb.

Basically its not because of the token that u trying to send, since any token transaction should be same fees.
Its would only have difference if you trying to interact with Smart-Contract since its need more resource to execute the contract on the chain.

It also depends on the congestion of the network. So for those who want to prioritize their transactions, they are willing to pay above normal gas fees. But, let us see if BSC can address this possible bottleneck later on. Because if the fees are almost the same with eth network, people will choose the cheaper of the networks available. BSC should look into things that might change the mind of their users right now.

Topic: Gas Fee Of BNB Is Increasing - page 6. (Read 1753 times)