High gas fee for sending token is still a problem - page 8.

darewaller

hero member

Activity: 2926

Merit: 640

Quote from: MIner1448 on April 10, 2023, 03:47:18 AM

You are right, the high gas fees for transactions on Ethereum has become a problem for users, especially those trying to send ERC-20 tokens. This is due to the growth in demand for the Ethereum network and its bandwidth limitations, which lead to the fact that users are forced to compete for access to network capacity.
Luckily, there are several ways to fix this problem. First, you can try to send a transaction during a period of low demand on the network, such as at night or on weekends. Secondly, you can use networks that are not based on Ethereum to send tokens, such as Binance Smart Chain or Polygon (Matic). These networks have lower fees and process transactions faster. Third, you can use gas pools such as GasNow to determine the optimal gas fee for your transaction.

It is a problem if you are a poor person and you are transacting small amounts. You will feel that the fees are already close to what you are going to sell or maybe more than that sometimes, when the network is fully loaded. For the rich and whale users, they can disregard the surge in fees.

I remember there's even one whale who send a small amount but the transaction fee is valued at a million dollar, damn. It was like they are playing with their money. You gave good tips there on how to lessen the fees. I've tried all of them but I am currently doing the second option because I'm impatient and can't wait any longer when doing a transaction.

poodle63

hero member

Activity: 2702

Merit: 510

Leading Crypto Sports Betting & Casino Platform

Quote from: daenarys_stormborn on April 13, 2023, 12:43:50 PM

I always use the BSC network in crypto transactions because the gas fee is much cheaper than Ethereum, but it is undeniable that Ethereum still integrates more with other altcoins, so the role of the ethereum network is still very important, especially during a bull market, the ethereum gas fee will be very high

there's certainly reasons why layer 2 is always famous whenever there's release, it's because they offered solution to this problem and different with binance and even matic, their native coin that's being used for paying the gas fee is ethereum, so basically you'll have more leeway of using the blockchain without ever worrying you don't have the native token to pay for gas fee.

daenarys_stormborn

full member

Activity: 756

Merit: 100

I always use the BSC network in crypto transactions because the gas fee is much cheaper than Ethereum, but it is undeniable that Ethereum still integrates more with other altcoins, so the role of the ethereum network is still very important, especially during a bull market, the ethereum gas fee will be very high

Cadaver20

sr. member

Activity: 1582

Merit: 264

Next Generation Web3 Casino

The gas fee of Ethereum blockchain is higher than the gas fee of all other blockchains. Due to this high gas fee I am not able to send some small value tokens from my wallet to the market. Due to the high gas fee of the Ethereum network, I have stopped trading the tokens of this network.
If you want, you can keep your tokens on exchange so that you don't have to pay extra gas fee during bullrun.

Kelvinid

sr. member

Activity: 2828

Merit: 344

win lambo...

Quote from: shinratensei_ on April 10, 2023, 05:34:18 PM

Ethereum gas fee will always be a big problem, it's also the reason so few project nowadays are actually building something in ethereum blockchain instead many just ditch this blockchain and using some other alternative like matic, moreover, the presence of many layer 2 like arbitrum, and optimism seem didn't really help that much, I'd say if ethereum wanted to get that share of new project capitalization to their coin, they should really take care of their gas, but here's the thing, even though the gwei required seem relatively small for many, consideirng the value of ethereum that's quite high compared with its initial appearanace, they gonna be having hard time solving this problem, their only option is through layer 2. but even then the bridging cost of layer 2 also quite tremendous but at least speaking from my experience, you could save hundred dollars just from swapping, even many layer 2 platform are using this advantage for marketing purpose.

It is a big problem that is why I don't think about it, instead, I look for a solution to save fees. But unfortunately, I didn't find any solution other than paying high fees just to move ERC20 tokens from my wallet to the exchanges, otherwise, they only stuck in my wallet forever. Yet, there is a way to cut some costs and that is to wait until the fees drop a little bit and take that opportunity. Yes, it was very small but at least, we save some cents.
Honestly, most of us are complaining but I think that we don't have any option other than accept the reality as ETH gas fee is difficult to lowered down when the network congestion remain high.

lovergirl52

newbie

Activity: 1

Merit: 0

Thank you for the useful information

justdimin

hero member

Activity: 3164

Merit: 675

www.Crypto.Games: Multiple coins, multiple games

Quote from: JayTrain on April 10, 2023, 03:46:38 PM

An eye on gas fees and plan their transactions accordingly.This may involve waiting for lower gas prices during periods of lower network activity, or exploring other options such as layer 2 solutions or other networks with lower fees. As the crypto space continues to evolve, we may see new solutions emerge to address the issue of high gas fees on the Ethereum network.

Exploring other options are our rights and we can do that. Some people did and layer 2 options got a lot more attention, and layer one alternatives got a lot of investment too. Look at the top 20 and you will see alternatives to high transactions everywhere there, all those projects were created as an alternative to current situation and that should be as good as it gets.

It is not going to be a troublesome thing but as long as we believe that we will be able to have our options open, that means high transaction fee can't go on forever. Because if ETH goes high, we will go to sol, avax, matic whatever and as a response to that ETH will not have as many transactions and the fee will drop as well.

shinratensei_

legendary

Activity: 3276

Merit: 1029

Leading Crypto Sports Betting & Casino Platform

Ethereum gas fee will always be a big problem, it's also the reason so few project nowadays are actually building something in ethereum blockchain instead many just ditch this blockchain and using some other alternative like matic, moreover, the presence of many layer 2 like arbitrum, and optimism seem didn't really help that much, I'd say if ethereum wanted to get that share of new project capitalization to their coin, they should really take care of their gas, but here's the thing, even though the gwei required seem relatively small for many, consideirng the value of ethereum that's quite high compared with its initial appearanace, they gonna be having hard time solving this problem, their only option is through layer 2. but even then the bridging cost of layer 2 also quite tremendous but at least speaking from my experience, you could save hundred dollars just from swapping, even many layer 2 platform are using this advantage for marketing purpose.

coinerer

hero member

Activity: 1456

Merit: 608

Vave.com - Crypto Casino

Quote from: Natalim on April 10, 2023, 04:51:33 PM

Quote from: yazher on April 10, 2023, 08:47:53 AM

Quote from: coinerer on April 10, 2023, 05:47:03 AM

Yes, high gas fees have always been a problem. This becomes a bigger problem when someone holds a small value token in their personal wallet and wants to sell it for some reason, as gas becomes more expensive than the value of their token. And this is why many people refrained from trading Erc-20 tokens due to Ethereum's high gas fees. And new projects started to build their tokens on Bep-20 by skipping Erc-20. But Ethereum's gas fees have dropped significantly in recent times

Yeah! unlike before, gas fees are the main problem and the reason why my altcoins in my bounty ETH wallet are stuck until now because back then when you want to sell them, you cannot unless you sent some huge amount of gas fees in your wallet and it's not really worth it because you only get few returns from the bounty rewards you get minus the gas fees you spent. That's based on my personal experience and also you cannot rush to sell your altcoins whenever the gas fees are high.

Most of us are getting affected by this. Imagines moving $20 worth of token and then paying 10$ as a gas fee due to network congestion, you can never find that it is worth it, we ended up not sending any more. That is why many bounty and airdrop hunters are too disappointed but can't help it anymore because it was already a long issue and never had any solutions. I think we need to embrace that this is gonna happen in ERC20 tokens and ETH. We can never expect that to turn back low but rather think it increases.

And because of this, Erc-20 tokens are seen to create very few new projects. Although now the amount of gas fee has come down. These high gas fees were especially a big problem for bounty and airdrop hunters. Investors always invest a potential amount so gas fee is not always a big problem for them. Many believe that ETH 2.0 will solve this problem. But how much it will really work is questionable.

poodle63

hero member

Activity: 2702

Merit: 510

Leading Crypto Sports Betting & Casino Platform

Quote from: ije07 on April 10, 2023, 09:19:54 AM

The cost of gasoline today is said to be cheaper because the services provided currently range from 25-29 gwei and are estimated to cost $1 for transactions from wallet to wallet. which is very crowded with the transactions and usually occurs at the time of the bull market, so to overcome this, it is best to transact during hours outside of busy hours so that Gwei gets relatively low, or you can also manually change the Gwei to one that is lower and be patient when doing the translation.

I'm gonna consider 29 gwei to be ridiculously expensive considering the fact that usually executing smart contract requires tremendous gas and it might take $10 just for smart contract interaction which is very ridiculous if you compare it with some other blockchain that usually only takes 1/100 of what ethereum requires you to pay, it's just ridiculous that the scalability in ethereum is really bad and it seems it'd just stay like this for other decades into the future.

Natalim

hero member

Activity: 3094

Merit: 606

BTC to the MOON in 2019

Quote from: yazher on April 10, 2023, 08:47:53 AM

Quote from: coinerer on April 10, 2023, 05:47:03 AM

Yes, high gas fees have always been a problem. This becomes a bigger problem when someone holds a small value token in their personal wallet and wants to sell it for some reason, as gas becomes more expensive than the value of their token. And this is why many people refrained from trading Erc-20 tokens due to Ethereum's high gas fees. And new projects started to build their tokens on Bep-20 by skipping Erc-20. But Ethereum's gas fees have dropped significantly in recent times

Yeah! unlike before, gas fees are the main problem and the reason why my altcoins in my bounty ETH wallet are stuck until now because back then when you want to sell them, you cannot unless you sent some huge amount of gas fees in your wallet and it's not really worth it because you only get few returns from the bounty rewards you get minus the gas fees you spent. That's based on my personal experience and also you cannot rush to sell your altcoins whenever the gas fees are high.

Most of us are getting affected by this. Imagines moving $20 worth of token and then paying 10$ as a gas fee due to network congestion, you can never find that it is worth it, we ended up not sending any more. That is why many bounty and airdrop hunters are too disappointed but can't help it anymore because it was already a long issue and never had any solutions. I think we need to embrace that this is gonna happen in ERC20 tokens and ETH. We can never expect that to turn back low but rather think it increases.

JayTrain

full member

Activity: 1092

Merit: 105

Sugars.zone | DatingFi - Earn for Posting

An eye on gas fees and plan their transactions accordingly.This may involve waiting for lower gas prices during periods of lower network activity, or exploring other options such as layer 2 solutions or other networks with lower fees. As the crypto space continues to evolve, we may see new solutions emerge to address the issue of high gas fees on the Ethereum network.

podluznyj

member

Activity: 378

Merit: 44

Quote from: ije07 on April 10, 2023, 09:19:54 AM

The cost of gasoline today is said to be cheaper because the services provided currently range from 25-29 gwei and are estimated to cost $1 for transactions from wallet to wallet. which is very crowded with the transactions and usually occurs at the time of the bull market, so to overcome this, it is best to transact during hours outside of busy hours so that Gwei gets relatively low, or you can also manually change the Gwei to one that is lower and be patient when doing the translation.

it is very long if you manually change Gwei because the withdrawal is very long and you can wait for an indefinite period of time, now gas is very expensive and it’s not worth making any unconsidered transactions. only if necessary. I do this.I make transactions only when selling altcoins

ije07

sr. member

Activity: 1435

Merit: 250

PredX - AI-Powered Prediction Market

The cost of gasoline today is said to be cheaper because the services provided currently range from 25-29 gwei and are estimated to cost $1 for transactions from wallet to wallet. which is very crowded with the transactions and usually occurs at the time of the bull market, so to overcome this, it is best to transact during hours outside of busy hours so that Gwei gets relatively low, or you can also manually change the Gwei to one that is lower and be patient when doing the translation.

yazher

hero member

Activity: 2268

Merit: 588

You own the pen

Quote from: coinerer on April 10, 2023, 05:47:03 AM

Yes, high gas fees have always been a problem. This becomes a bigger problem when someone holds a small value token in their personal wallet and wants to sell it for some reason, as gas becomes more expensive than the value of their token. And this is why many people refrained from trading Erc-20 tokens due to Ethereum's high gas fees. And new projects started to build their tokens on Bep-20 by skipping Erc-20. But Ethereum's gas fees have dropped significantly in recent times

Yeah! unlike before, gas fees are the main problem and the reason why my altcoins in my bounty ETH wallet are stuck until now because back then when you want to sell them, you cannot unless you sent some huge amount of gas fees in your wallet and it's not really worth it because you only get few returns from the bounty rewards you get minus the gas fees you spent. That's based on my personal experience and also you cannot rush to sell your altcoins whenever the gas fees are high.

ElmedoRator

full member

Activity: 826

Merit: 104

Choosing an altcoin to invest in is an important decision and needs to be carefully evaluated. On the cryptocurrency market today, most of them are linked to the Ethereum chain and many projects are developing on similar chains. So, for those interested in investing in altcoins, the willingness to pay high gas fees is a matter of concern to avoid unnecessary risk. To prepare for a bull market, you should consider evaluating altcoin projects thoroughly before investing. You should research projects with stability and reliability, and determine the risk ratio and potential return of each project. If you are interested in avoiding high gas fees, you might consider looking for newer projects or contributing to new developing projects on other project platforms like BSC or Matic. Finally, remember that investing in cryptocurrencies is a personal decision and is always risky, so make sure you have a clear understanding of what you are doing before making an investment decision.

coinerer

hero member

Activity: 1456

Merit: 608

Vave.com - Crypto Casino

Quote from: fvb on April 10, 2023, 12:47:43 AM

This happens all the time. And many of my tokens have just been sitting in my wallet for a long time. Because the gas price is high and it makes no sense to transfer tokens to exchanges. So let them be in the wallet, but for now I use other networks

Yes, high gas fees have always been a problem. This becomes a bigger problem when someone holds a small value token in their personal wallet and wants to sell it for some reason, as gas becomes more expensive than the value of their token. And this is why many people refrained from trading Erc-20 tokens due to Ethereum's high gas fees. And new projects started to build their tokens on Bep-20 by skipping Erc-20. But Ethereum's gas fees have dropped significantly in recent times

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: MIner1448 on April 10, 2023, 03:47:18 AM

You are right, the high gas fees for transactions on Ethereum has become a problem for users, especially those trying to send ERC-20 tokens. This is due to the growth in demand for the Ethereum network and its bandwidth limitations, which lead to the fact that users are forced to compete for access to network capacity.
Luckily, there are several ways to fix this problem. First, you can try to send a transaction during a period of low demand on the network, such as at night or on weekends. Secondly, you can use networks that are not based on Ethereum to send tokens, such as Binance Smart Chain or Polygon (Matic). These networks have lower fees and process transactions faster. Third, you can use gas pools such as GasNow to determine the optimal gas fee for your transaction.

The suggestions are not bad, but at the same time I think the very first one is very difficult for most people to implement.

If the network is congested the most likely reason for this to be the case is that there is an important movement on the price of ethereum and people are either buying or selling desperately, and a trader cannot miss those moments, so there is no room for waiting until things calm down because if you do by the time you can pay a low fee for the transaction the movement is over and you left a lot of money on the table, so during those moments you have no other choice but to join everyone and pay a high price for the transaction fee.

MIner1448

member

Activity: 938

Merit: 13

Tontogether | Save Smart & Win Big

You are right, the high gas fees for transactions on Ethereum has become a problem for users, especially those trying to send ERC-20 tokens. This is due to the growth in demand for the Ethereum network and its bandwidth limitations, which lead to the fact that users are forced to compete for access to network capacity.
Luckily, there are several ways to fix this problem. First, you can try to send a transaction during a period of low demand on the network, such as at night or on weekends. Secondly, you can use networks that are not based on Ethereum to send tokens, such as Binance Smart Chain or Polygon (Matic). These networks have lower fees and process transactions faster. Third, you can use gas pools such as GasNow to determine the optimal gas fee for your transaction.

Farma

legendary

Activity: 2492

Merit: 1001

Leading Crypto Sports Betting & Casino Platform

well, the only way to minimize expenses is to wait for the gas to go down. it might happen at certain times. however, if the traffic is heavy, it is likely that the fee you pay will be higher. however, it is still one of the drawbacks of ERC-20, which is why coins like BNB are also creating their own chains to compete with ERC-20. So, if you want to make a transaction with a fee that isn't that big, then you need to check your gas in stages.

Topic: High gas fee for sending token is still a problem - page 8. (Read 1328 times)