Topic: I can't keep up with the High gas fees - page 3. (Read 563 times)

As a cryptocurrency investors or trader's, be it full time or part time business in the cryptocurrency industries, never reason about the high gas fee's, because I once a victim of not investing in Shiba Inu coin at early stage in uniswap dex platform and I was considering the gas fee that is high not to buy Shiba Inu in Ethereum Blockchain. That makes me regret, once make a research about a coin, take the risk to invest and stopped checking high gas fee's involved, because the cryptocurrency business is about risks taken.

In extreme cases, I do not think that any of the networks impose fees equal to or greater than the fees charged by Visa or Master. In general, there is always the possibility of choosing the network with the lowest fees at a given time, and in this way it is always possible to avoid paying relatively high fees compared to the general rate. It happened on many separate occasions that the Bitcoin blockchain network became crowded and fees rose to record levels. I do not believe that any other network can reach those levels (Ethereum in previous periods).

It is important to note that some novice users do not differentiate between network fees and fees imposed by trading platforms, since most of them use these platforms as wallets and make small transfers through them.

First, you need to specify the particular blockchain you are having problem of high fees. There are many blockchains of altcoins but over all of them that has the most high fees is the Ethereum chain, it has been like that since the launch of the project and it will remain like that because changing the fees is like rewriting every code of the Ethereum chain unless they do hard fork. There exist the hard fork already as Ethereum classic but developers don't used it the way they used Etheruem, probably because of the security reason.

I'm not sure what you are trying to in Defi but there are alternative to this, we more than 50 other layer 1 projects that are also Defi, you can literally do everything you want to on them the same way you do in Ethererum chain without comprising anything, they are fast, less fee for transaction and comfirm very fast as compare to Ethereum. There is no other way than the alternatives because it is even better now, by the time bull run start, the Ethereum fee will be a challange of an average crypto user.

Similarly, you can also use layer 2 of Ethereums that are availale but there security challenges that comes with it but you can used layer 2 and enjoy the same benefits of Ethereum chain without having to import all your funds back to another layer 1, and they have lots of liquidity, you should Arbitrum, Avanlache and Optimism.

This is have the issues for years already, if I'm remember it correctly even around 2018-2019, the Ethereum gas fees are so high. First it was due to "CryptoKitties" (remember this?)

And this is the start of the whole network congestion on Ethereum and they try to sell the Ethereum 2.0 to solved this from PoW->PoS but still the problems still exists and I don't think that it can be resolved any time soon. There were times as well that the gas fees is very expensive as compare to Bitcoin sat/vB mempool transactions.

I'm assuming you're referring to Ethereum gas fees. No, I think that's the main value proposition of these Ethereum L2s and other chains. Even long-time crypto users like me still think twice every time I'm about to make an Ethereum transaction. A simple swap costs at least $5 in ETH and that's ridiculous. That's why I always prefer to use DeFi in L2/other chain.

If there is another bull run, I think Ethereum will be even more crowded and other activities like DeFi and NFT will have to happen somewhere else. I guess this is the bull case for L2s and chains like Solana.

This only shows the cost for a simple transfer. When you are interacting with smart contracts the cost is significantly higher. Using an altcoin like Ethereum requires a lot of interacting with smart contracts. You don't just do one transfer and are done for a while like with Bitcoin. A typical ETH user might be trading multiple tokens across several DEXs, bridging tokens to different layers, buying NFTs and then listing them for a higher price. All of this activity consumes an enormous amount of gas.

Excessive transaction fees are a big problem for everyone. Those who are small investors can't trade any coins with extra transaction fees even if they want to. Those who are small investors mostly invest in bitcoins and in case of investing bitcoins they trade bitcoins in different places which makes them pay extra transaction fee from bitcoins. Bitcoin and other ALT coins also had to be transacted with high transaction fees. Transaction fees may depend a lot on Bitcoin transaction fees. If the transaction fee of Bitcoin increases, the effect may be on the transaction of other ALT coins in the market. If transaction fees were normal then maybe no one would have any objection to transact or no one would have any complaints about extra transaction fees.

More specific ?

There are many different options for you to minimize fees during the transaction process, and the stories in some of the issues you mentioned made me laugh that if you don't want to, don't try to force yourself to follow it.

As in the case of Ethereum during its congestion period, many people may have had to pay tens or even hundreds of dollars in fees per transaction, but what they got in return was worth those actions. And that is also part of the reason why many projects appear to create competition in the cryptocurrency space, instead of assuming it must make us satisfied, we should understand satisfaction and grateful what exists in this market to learn how to adapt to change.

thats really a problem right now, but you could also anticipate such thing and avoid it by simply using L2 if you happen to use ethereum, or some wrapped version of coin then I guess you could avoid the high gas fee but if your assets are already in ethereum then you pretty much are forced to pay for the gas fee thats really high.
like many have said, its quite different fee scheme if compared to mastercard or visa honestly, you really pay the same fee for whatever amount of money you're sending.
meanwhile its gonna be different with the other competition, therefore i think the comparation isn't fair, but i could understand that majority that utilises blockchain are just moving around asset which means these fee problem are indeed urgent problem needs to be solved immediately, right now the proposed change towards ethereum to contain the gas fee through various method are on their way.

Despite the fees being the same for everyone the amount you are sending will determine if the fee is cheap or not, if you just want to send a few dollars worth of ETH then without a doubt the fees are very high, but if you are sending hundreds or even thousands of dollars this is not the case anymore, now if your case is the former then you need to look for ways to save money on the fees, like sending your coins when the congestion is low or consolidate your inputs.

Choose the network that has the cheaper fee. I am sure that most of the known altcoins today are also supported in various networks which you're allowed to choose if you're going to send them to anybody or to an exchange.

They are not just high in fees but also they're slow and takes time compared to crypto transfers. But if you don't pay the necessary fee, it may take a lot of time too.

I don't understand well with OP point about high fees in cryptocurrency, for sending coins trough ERC or BSC network seems lower fees today and ethereum network only need under $2 for payment fees.  BSC have lower fees transaction and under $1 have been enough for several time making transaction. I think difference with fee or taxes have to pay when deposit fund in local exchange currency, ever I have to pay more than 1% of amount deposit cut off for taxes in local exchange. But I make another way without directly deposit trough local exchange and buy stable coins in trusted seller how to get lower fees than taxes cut off trough local exchange.

OP seems need to clarify which one side of high fees when sending coins or deposit taxes rule happening in his country.

We also felt how the cost of ethereum rose drastically yesterday and even reached tens of dollars. But will it continue to rise, of course not. It only has an impact when the ethereum network is too congested with many transactions. Normally the gass fee is only around $5 and if we switch to another chain like BSC that you suggest, it will be even cheaper, especially if we are on the Layer 2 network, it's only under $1, around $0.1xx. Of course it will be very cheap and no longer consider expensive fuel costs.

Not sure what you mean, which fees of which cryptocurrency are too high? There are multiples of such crypto. There is also a wide variety of crypto with fees so low you could spend the entire day sending your money back and forth between wallets and you would only be mere cents poorer for it. If I had to guess which crypto you mean then I would probably guess that you are talking about Ethereum, right? Despite its desperate switch to POS, the fees are much higher compared to other crypto with smart contract defi functionality. Just switch to BSC (Binance Smart Chain) if you want a popular, high volume, low fee defi experience. 

Certainly random. Its actually depend on the network usage and the particular L1 or L2 which you will be used. If you picked ethereum, ecpect its higher than others since tis the most used network and has a lot of dapps and users. Considering the fees might be crucial since its a normal routine now on defi projects. Normally if theres a certain of hype happening on such network, the fees tend to increase due to usage and thats normal well cant give an accurate day or time for that.

Well, unless these banks know how delicate it is to have a low gas fee I think what they're targeting or their market are those traditional whales who may venture into crypto. You really haven't been into the peak of this "busy periods" I guess so that tens of dollars of gas fees might go 10x in the peak periods.

Solutions are being made like off-chain transactions by Bitcoin (Lightning Network), and lot of Layer-2 scaling solutions to make these transactions cheaper than it was ever before. I prefer to use the latter considering there are many ways to do it.

I do feel it, but there is no solution for that. You can only use L1 or L2 blockchains, which have better scalability compared with the mainstream network like ethereum. I do agree with you if the mechanism of defi was not effective, especially on ethereum blockchain which any transcation will be involving very high fees. The only solution to push those developers to work on update in increasing the scalability from the blockchain. If you are willing to get cheap fees for your transaction and i can suggest you to stick with L2 blockchain.


https://l2fees.info/

You can use some like polygon, arbitrum or optimism. Using L1 non scalable blockchain like ethereum will make you only waste your money to pay the transaction fees.

Some time ago the transaction fees of other platforms including Bitcoin were very high but nowadays the transaction fees have come to a normal level. Now trading in bitcoin does not require more than one dollar transaction fee, while trading on ethereum platform requires about one dollar transaction fee and the transaction fee in other ALT coins that are available has become somewhat normal. At the current level of transaction fees, everyone can easily transact any coin. When we have to pay a transaction fee of $20 to transfer a coin or token, we can call that situation high transaction fee. Since the transaction fee is now one dollar or below one dollar, we can call this transaction fee normal.

Don't deal with crypto's having a transaction difficulty or experiencing a network congestion since you can expect that fees will soar high. But if you really want to send your alts to anywhere you want for whatever reason much better to trade your BTC or ETH to those coins which have less fees like XRP and BNB since these coins are famous in terms of dealing low fees also fast to transfer.

Just don't get stress about what you see since in crypto there's a solution on certain issue you encounter.

The high gas fee is indeed a problem in crypto transactions, especially on the Ethereum network. It has been several years since I last experienced this scenario, back when I was actively playing and making transactions every week or sometimes every few days. I had no choice but to continue with the transactions and pay the high gas fee just to get my tasks done. This doesn't only happen with gas fees; it's the same with Bitcoin transactions. So what I do is monitor the network first to see if it's congested or not. If I'm not in a hurry, I wait for the gas fee or transaction fees to go down. Sometimes, I also use an estimator.

The high gas fee is indeed a barrier for many individuals, especially those who are just starting in the world of cryptocurrency. It's challenging if this situation continues every day.