Gas Fee Of BNB Is Increasing - page 9.

Koutami

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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.

When the chain is full of users and busy with transaction, the gas demand will be increased and then the transaction fee will be increased. But CZ claims that the spike of transaction fee will be maintaned well and will not become so high as Ethereum.

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Quote from: Xxmodded on September 05, 2021, 02:15:57 PM

Quote from: manok jepang on September 05, 2021, 01:27:01 PM

Binance transaction fees are currently increasing, maybe because binance prices are also getting higher, but I think binance gas fees are still very affordable, when compared to etherem fees, I personally don't feel panic about this situation because I think these fees are still very normal.

Depend with binance coin price, if BNB coin up gas fees of bnb is creasing but when bnb coin down gas will dump, I think still not expensive fees pay by trader because still under $0.2 for each transaction when sell coin on pancake swap. For ethereum now raise most expensive and you need more than 40$ for fees if swap on uniswap, still lucky we have bnb network for selling coin or sent to other wallet.

The fee is still affordable compared to Ethereum but if BNB keep burning its coin and reducing its total supply I think it can make the price of gas near to Ethereum in the future because the price of BNB will also increase, maybe by then BSC will already found a solution, if not BSC will have the chance having the same fate as ETH because the fee getting too high and people choose to leave it.
But for BNB fee to reach the same price as ETH isn't likely because BNB was created to be cheaper than ETH maybe this increase in fee is only for a moment.

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Quote from: Cornia on September 06, 2021, 02:13:21 PM

Increasing demand of BSC network and many projects to launch in this network, network fee has increased slightly. However, this additional fee is negligible compared to other networks. So I don't think it's time to worry about fees. Instead I would like to thank CZ for creating BSC.

If compared to Ethereum yes its a better option, but for compared to other networks its still a bit expensive for massive transactions.

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I think it's only natural for Bnb gas costs to continue to increase, this may be due to the density of transactions made through the BSC Platform, I think the reason for the increase in Bnb transaction fees is like that. As for situations like this the blockchain becomes overloaded and transaction fees continue to spike

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Quote from: manok jepang on September 05, 2021, 01:27:01 PM

Binance transaction fees are currently increasing, maybe because binance prices are also getting higher, but I think binance gas fees are still very affordable, when compared to etherem fees, I personally don't feel panic about this situation because I think these fees are still very normal.

Depend with binance coin price, if BNB coin up gas fees of bnb is creasing but when bnb coin down gas will dump, I think still not expensive fees pay by trader because still under $0.2 for each transaction when sell coin on pancake swap. For ethereum now raise most expensive and you need more than 40$ for fees if swap on uniswap, still lucky we have bnb network for selling coin or sent to other wallet.

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Quote from: Cornia on September 06, 2021, 02:13:21 PM

Increasing demand of BSC network and many projects to launch in this network, network fee has increased slightly. However, this additional fee is negligible compared to other networks. So I don't think it's time to worry about fees. Instead I would like to thank CZ for creating BSC.

You need to thank CZ for literally copying everything and creating his own, i would like to see something authentic from him Tongue

. Have you tried Polygon (Matic) the fees are really low. I am not having complaints about the fees in BSC network compared to Ethereum and how stupid the fees are and yet the price keeps on moving higher which i really cannot understand the logic.

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Binance transaction fees are currently increasing, maybe because binance prices are also getting higher, but I think binance gas fees are still very affordable, when compared to etherem fees, I personally don't feel panic about this situation because I think these fees are still very normal.

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Increasing demand of BSC network and many projects to launch in this network, network fee has increased slightly. However, this additional fee is negligible compared to other networks. So I don't think it's time to worry about fees. Instead I would like to thank CZ for creating BSC.

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

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.

Fees at the BNB transaction are fine, but the fees have been increased slightly in Binance Smart Chain. Gas fees were lower in the Ethereum blockchain in the early days, but as the number of users increased now Ethereum blockchain is overloaded, so did the gas fees. For higher gas fees in the Ethereum blockchain, new projects are being launched in the Binance Smart Chain. In a very short time, BSC has made a huge splash in the altcoin world. At the same time, the rising price of BNB is also the reason for the high gas fees. The transaction fee in BSC is very low now but it is normal that the fee will gradually increase with the increase in users.

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Quote from: Kocret02 on September 06, 2021, 12:03:33 AM

this seems to be the most realistic, users are increasing their transaction traffic, and it is natural for BNB to experience an increase in gas fees. but BNB's gas fee is still affordable and still lower than ethereum.

That's the main reason why fees increases.

When there's more people using the coin, there will be a demand and fees increases as the network becomes congested.

True to that the it can still be endured with bsc fees unlike eth's.

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Quote from: crzy on September 05, 2021, 10:57:35 AM

Quote from: Bazlur on September 05, 2021, 09:44:34 AM

I myself have noticed that the transaction fee of BSC network is increasing day by day. However, even if the transaction fee increases, it is still tolerable. Because every transaction on ETH network costs about $10-15. The transaction fee of BSC network is much less than that.

How I wish I can send $10 - $15 for ETH fees, because I've been spending for almost $55 just to proceed my transactions on Metamask. Anyway, the fees increase on BSC Network is still cheap, BNB network still cheap compare to ETH these two are great network with a great project, even if the fees is expensive if you think you are investing on a good project, you can get it back. Fees increases because of the traffic on the network, I guess it happens on every network.

It is certainly a huge huge problem in ETH network, without that being fixed there will always be competition for ETH that will try to replicate whatever ETH is doing, if it is DeFi then there will be other chains that does Defi, if it is NFT gaming then there will be NFT gaming, basically whatever ETH is doing just because it is losing a lot of money for people who spends their money on fee's and the entry point is very expensive, we will keep having the same problem over and over again.

BNB is great just because of that, the other day I paid 62 cents to send money to my binance account, 62 CENTS, I do not remember the last time ETH had anything under 1 dollar, which is the biggest problem. Don't get me wrong I do agree that it is used a lot but it should find a way to be cheap and fast while being used a lot.

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Many people were quick to say many things about the Ethereum blockchain and its increasing gas fees all because BSC network offers low gas fees, but they failed to understand that the high gas fee seen in Ethereum is both as a result of the increasing number of projects on its network as well as the price.
Nowadays, ETH high gas fees has given BSC network the ability to grow and as more projects are coming in the BNB gas fee is increasing, but the question is, what will BSC team do to remedy the situation, because ETH team are already working on theirs in the forthcoming Ethereum upgrade.
Also, it is pertinent to add that, more projects are now leveraging the Polygon (Matic) chain as the gas fee is cheaper than that of BSC chain, this I would say means that, more competition between Polygon and BSC network will soon set in; moreover some projects are already moving from BSC to Polygon.

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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.

When looking at transactions, the biggest spike occurred towards the end of July 2021 and has since dropped, implying that more and more transactions on Binance Smart Chain are automatically increasing BNB demand since paying gas costs at BSC requires BNB, thus demand rises and BNB price rises.

If the transaction volume falls, the BNB demand lowers, and the BNB price declines, as the law of supply and demand dictates. You can see this in action here: https://bscscan.com/chart/tx

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Quote from: rmhuntley on August 27, 2021, 04:08:08 PM

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.

Depend with coin do you buy or sell, if you try with shit coin you need pay more gas about 1$ until 3$ but if stable and higher coin you only take few cent to swap on pancake or sending to other wallet, I have faced this problem because when I buy shit coin need to pay higher BNB fees and take slippage about 10% and more until 20%, better if you try buy with shit BSC coin have to know the risk.

Also i see that token sending fees is always low on BSC network but swaping fees is always high than transaction fee and it is true that Shitcoin transaction fees are always high becouse i paid more than 1 usd only for one swaping on BSC network.

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Where Ethereum's gas fee is adequate, the BNB platform's gas fee is much lower than that. However, the gas fee for the BNB platform has increased a little. However, the gas fee from the Ethereum platform to the Binans smart chain platform is much lower. And nowadays most people are creating projects on this platform.

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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.

I didn't notice the increase. Still cheap as usual.

Can you post a series of transactions that fees are increasing even slightly?

But in the future, in the event that the Binance SmartChain network will be congested, we can't avoid the possibility of paying an increased fee but not the same gas amount that we are facing in the Ethereum Network. That's for sure.

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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.

This is the same thing that happened with Ethereum. In the early days, Ethereum gas fees used to be cheap. I'm saying it because I used to heavily interact with ethereum at that now but things got back when the network started growing faster than its infrastructure. Binance chain followed a similar path. As a sidechain running on eth, there's only so much the chain can do to scale so everything we're seeing now is as expected.

Instead of patronizing this sidechains like BSC and polygon which would eventually get congested, I'm taking advantage of near protocol right now simply because they have one of the best (if not the best) technology available in the crypto space. Their ecosystem is still young though. That's one thing to keep in mind but it's quickly evolving and becoming robust with so many new projects launching from defi to nft to app chains, etc.

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number of users is increasing thus making the blockchain network congested and that's the reason why fees will also increase, but I think BSC fees are still very cheap compared to ethereum

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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.

If the price of BNB increases, the transaction costs also increase. Because transaction fees are basically BNB, so every change in BNB price will also change the transaction fee. But if we convert to dollars.
Likewise with Ethereum. Basically Ethereum transaction fees are the same as before, but because of the current high price of Ethereum, the transaction fees are also high if we convert it in dollars.

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Quote from: abralzain17 on September 04, 2021, 12:16:34 AM

Is the current increase in transaction costs in bnb caused by the increasing price of bNb? Or is it just because the number of Binance users continues to increase, so the number of transactions continues to grow and causes high gas fees?

This is entirely due to the increase in the price of BNB first, although there is also an influence from the increasing number of transactions on the BNB network at this time, it is actually very easy to understand this, because it is almost the same as ETH which is already very expensive and the cost of Gas is definitely expensive because of the value of the coin the main thing has increased although the amount of spending is still the same, only differs in the amount shown in dollars

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