Topic: I can't keep up with the High gas fees - page 2. (Read 563 times)

If you really like that token and you see the potential then go for it... I guess that paying high fees now can pay off one day if the token you chose to invest makes some significant rise one day. We all know it's hard to hit a gem among all those projects out there, but I still believe there are gems and some projects definitely have a nice future.

You're right. Once upon a Time there wasn't much choice, you either pay the crazy gas fees on ETH or you forget transacting. But today, there are so many cheap alt to choose from with low gas fees.
But the problem now is, what if,. for example you are buying a token and that token is only on the ETH network? There isn't much choice now, you either pay the high has fees or forget buying the token.

maybe the right solution is to use other networks such as bsc, matic and tron or you can also use the zkevm network, the network that I mentioned is very cheap than you transact with the eth network, and there are also some defi on each network that are not less interesting than the eth network.

Honestly speaking, there was a time two years back when the gas fee was so high that I waited for months to do some transactions. However, now it seems the situation has eased and the gas fee is much lower now. Doing my transactions at any time when required, I mean no concern now on it.
 But sometimes, network congestions may impact the fees structure, having said so, I don't think that it will be the same situation as previously. For the adoption of any blockchain network by Dapps, the gas fee is one of the most important thing to consider. So the lower the gas fee, more apps will be there and vice versa

Many people, especially the typical person, may be discouraged from adopting cryptocurrencies for regular transactions or even for investing because of high transaction fees.

Scalability is one of the main issues with cryptocurrencies, especially Ethereum, which is a well-liked blockchain for DEFEI applications. With Ethereum 2.0, which strives to increase network capacity and lower fees, and layer 2 solutions like Optimistic Rollups and sidechains, this issue has been addressed. Ethereum has also been working on ways to solve high petrol fees.
We can anticipate the emergence of more user-friendly applications and interfaces as the crypto ecosystem develops. These platforms will attempt to remove the customer from the technical details of petrol fees, resulting in a smoother, more user-friendly experience.
The cryptocurrency industry is really cutthroat.Additionally, a number of other blockchains and networks are emerging that provide quicker processing times and lower transaction fees. If the exorbitant fees on the current networks continue, users might begin looking at alternatives.
 Changes in regulations can have a big impact on the bitcoin industry. Petrol prices and the whole user experience may be affected if governments impose stronger rules on cryptocurrency exchanges and DeFi platforms.The problem is recognised by the cryptocurrency industry and its developers, who are working diligently to find solutions. They are aware of the necessity to increase public awareness about cryptocurrency.

High fees are the problem... that's why we have some alts and alt-chains. It's nice when we have alternatives, and I am more than happy when I can use some of them. A few years ago we had a period with crazy high fees, since that time I haven't used Ethereum and ETH tokens, and I decided to not pay high fees ever again. Now we can use different chains with really low fees & fast transactions, and that is a great thing... we just need more services to start using them, more options are always better than just one or two.

You would really appreciate the fact that these 'high gas fees' are not as high as you think especially when you doing a large volume transaction let say  greater than 1000$ and you are being charged about 12$. But it becomes a concern when you are doing a low value transaction of about $30 and the charges are about 12$.
I think that's where I have a problem.

More than anything, people will care more for their anonymity and ease of transaction than whatever they pay as transaction fee. Besides, what you think is high now is really minute if you compared what we suffered with ETH gas fees during the ICO years. It was simply crazy and so many of us couldn't get their bounty tokens or airdrops withdrawn because of exorbitant charges.

Nope, it doesn't at all.

Why would it be normal or acceptable for you to use that much money to use this? Of course you are free to not use it, but we also need to remember that all those cards charge the shop as well, you do not see it but they do.

Depending on the nation, there is a charge for it, and I am not talking about the tax, I mean the credit card, the ability to accept card payments costs the shops some money, in my nation it's 2% per transaction, could be different in some other nations. That means when you make a 1000 dollar payment, that is 20 dollars gone, and if ETH or any other coin charges less, that is profitable. Obviously for cheaper amounts, like sharing 100 dollars, cards are better, but when it grows higher? ETH is still cheaper.

agreed, these L2 gaining popularity recently not because some proper reasoning.
they are all awaited to solve the problem that ethereum is always having for many years right now, which is solving the problem of fee taking distributing the transactions across their blockchain, i don't see reason why we shouldn't use L2.

Ethereum is expensive, L2s and other chains like Solana are not, hence probably the Visa integration with Solana. Ethereum has plans in it's roadmap to lessen the gas fees, it all will come right with time.

Even the scalable l2 blockchain can sometimes be high depending on the project,  the nature of the transaction and the time, when the blockchain is highly congested expect the fees to be very high. This should be the area where solutions needs to be provided if possible. Peak or none peak period should be able to maintain same fees.

Generally speaking crypto is suppose to be an alternative and a much cheaper one to traditional currency but for some reason it is more higher than the former. Imagine making payment with btc everyday with such high gas and volatility.

I've honestly frequently used these L2 and they're just fine if you're seeking for cheaper gas fee, the only problem is that, bridging your asset to these L2, you need to pay high gas fee first, basically moving your asset from ethereum to these L2 and then after that you could have cheapest possible fee there is around only few cents but the will be another problem that you might face, be sure to check out whether the smart contract and dapps that you are interacting with which available in ethereum also available in these L2 blockchain otherwise you just gonna waste your effort.
but if its just sending ethereum or any other token like stable coin which usually also available in these L2 then you will be fine.

As long as cryptocurrencies are in the process of formation and in the initial stage of development, these problems will take place in the ordinary life of crypto users for a long time to come. The fact is that the most common cause of higher fees is transaction spam in the underlying blockchain and it is often related specifically to NFT tokens. Junk transactions of junk tokens put unnecessary strain on blockchains that have scalability issues. Until there are the right solutions or proper regulation that sharply limits the emergence of different shitcoins, this problem will not go away. The Internet didn't appear with 5G connection right away either, so everything has its time. The crypto industry is still very young.

Have you tried using L2 yourself I'm hearing bad rumors about it

I thought I'm the only one who has traumatized already by these newbies (or sometimes Jr. Members) who are asking questions blah blah, then at the middle of the thread, he will share a product that's considered new. A new way of shilling their products. 

Anyway, as for the gas fees, right now I don't see any problem. Bitcoin's current transaction fee is less than a dollar, and same goes with Ethereum. I just don't know what OP is saying. If I remember correctly, there is an increase in gas fees whenever we are in a bull run because many people are willing to pay higher fees just to sell their holdings, but with a normal day like today, gas fees aren't that high, and considered considerable if you ask me.

Can I ask you OP what coin are you pertaining with?

You are just using the wrong networks.  You can easily use crypto with little fees that are marginally lower.  The solution is in front of ypu jsur don't use that network.  And if you are trading toke s on that network just opt to trade other coins or tokens, there are zillions of projects out there.

The logical thing would be picking coins that would be less with fee and more with transaction speed. Nobody forces you to use things that have high gas fee, I mean you can if you want to but if you are complaining about it then I would suggest using something else, you are not suppose to do something that you dislike in this space, crypto was created to give you that freedom and if you are not using that freedom then you are not using it for it's full potential.

Another way would be using it less, you would be paying high gas fee but you would be paying rarely, which would mean that you are going to end up with something that would be still low on total numbers, which is a way that most people go with nowadays.

I think you might be mistaken it's not that the fees are too high. If you check on the TRC or Polygon network, you'll see that gas fees are much lower compared to Visa and Mastercard charges. Even when it comes to BTC and Ethereum, the transaction costs are slightly higher but still lower than Mastercard and Visa. However, I would like to point out that during a bull run, congestion can lead to fee increases, but they still remain lower compared to banks. Developers of the different chains should pay attention to this issue to encourage adoption and prevent future complaints related to gas fees.