I can't keep up with the High gas fees - page 4.

ryzaadit

legendary

Activity: 2450

Merit: 1225

IDK why, each time I see this type of post. I'm to worried @OP will answer by shilling his product Grin

High gas fee during the busy time is always a problem for most user because they face a few things like (Network issue, time, and cost-transaction). I believe each product from various platform are still trying to fix these even we all know for the current alt-coin can handle so many TX/daily-time comparing old-time.

Do you know, there has some technology while the coin actually send without any fee. Example like (NANO), If some of new coin can combine these tech to other (I'm sure, in the future we can have zero-fee transaction smoothly).

@sriyan

member

Activity: 469

Merit: 13

Quote from: Macoach on September 21, 2023, 02:36:01 PM

I'm an average person with some tech knowledge, and after facing the challenges of inflation, I ventured into the world of cryptocurrency this past year. I'd like to raise what I see as a significant contradiction. I believe it's quite disconnected for many individuals in this community to advocate for self-custody and crypto adoption while simultaneously expecting the average person to tolerate exorbitant gas fees.

When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?

What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?

I have the same problem. I am doing the transactions on Saturday or Sunday morning. So you can pay less amount of gas fees. Otherwise, I have to pay a higher gas fee for every transaction. Also, I am trying to use the layer 2 networks and try to avoid Ethereum(Layer 1) transactions.

Solutions:
1. Select the time for the lowest gas fees
2. Use Layer 2 networks

zasad@

legendary

Activity: 1876

Merit: 4532

Quote from: Macoach on September 21, 2023, 02:36:01 PM

I'm an average person with some tech knowledge, and after facing the challenges of inflation, I ventured into the world of cryptocurrency this past year. I'd like to raise what I see as a significant contradiction. I believe it's quite disconnected for many individuals in this community to advocate for self-custody and crypto adoption while simultaneously expecting the average person to tolerate exorbitant gas fees.

When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?

What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?

When the transaction amount is 3-5 thousand dollars, then paying 50 dollars for a commission will not be large, because my profit is at least 300-500 dollars. It's expensive, but no one except you manages your coins and tokens.
In L2 solutions the commission is much lower.

Apocollapse

hero member

Activity: 1078

Merit: 774

For everyday transactions, the user need to learn to use lightning network if he want to send Bitcoin, the fee is really small compared to the on chain network. Someone can use altcoins in centralized/small network, but the security is low and I don't recommend to use it.

You must use non custodial wallet too, don't use custodial wallet because the fee is fixed and they sometime charge higher than the reality.

Stalker22

legendary

Activity: 1526

Merit: 1359

Quote from: Macoach on September 21, 2023, 02:36:01 PM

When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?

What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?

When you mentioned "high gas fees," I assume you are referring to the altcoins network, right? In that case, I think you need to move this topic to Altcoins discussions.

Anyway, this is what I found regarding current transaction fees:

That does not seem too bad. What are the current fees for credit card transactions?

albert0bsd

hero member

Activity: 862

Merit: 662

You are saying that you get to crypto because of the high inflation rate that mosts countries are facing nowadays right?

Your complaint is against the Fees on alt-chains like ethereum etc...

Actually bitcoin fees are also kind of high because of some congested network.

If you ask me, I see the fees as some kind of tax, if you see the current percentage that every government is charging you per each spent, you will see the current network fees on all the chains as the cheaper option regardless if currently the fee is high or not.

For example for a single transaction of 100 USD the government tax is like 10 to 20 USD (This depend of the country that you are), that is near 10 to 20 %

On the other hand for a 377000 satoshi transaction (0.00377 btc) the fee right now is like 3400 sat, less than 1% of the original amount.

I don’t know much about the calculator in another chains, but I see bitcoin fees cheapest than government taxes.

Macoach

member

Activity: 64

Merit: 32

I'm an average person with some tech knowledge, and after facing the challenges of inflation, I ventured into the world of cryptocurrency this past year. I'd like to raise what I see as a significant contradiction. I believe it's quite disconnected for many individuals in this community to advocate for self-custody and crypto adoption while simultaneously expecting the average person to tolerate exorbitant gas fees.

When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?

What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?

Topic: I can't keep up with the High gas fees - page 4. (Read 550 times)