I'm scared of ethereum gas fee - page 7.

Silberman

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Quote from: Cryptoababe on September 19, 2020, 04:26:25 PM

What if ether price goes up to more than $2000 dollars.. How will people or new cryptocurrency users be able to cope with the gas fee. As I can see so far, the current gas price has been giving people tough time. I remember when we used to use 2 gwei for gas price.
I don't think the Ethereum network congestion can reduce with time.

First of all there is no point in worrying for something that is not going to happen anytime soon, ETH may reach that price in a few years but it will not happen now, second there is no point to panic either since that does not help you to find solutions, however when it happens we need to be honest the fee is going to be way higher than what it is now, but that is also normal and the only way to deal with this is to increase the size of your investments so your transactions costs are not higher than the amount of money you want to move.

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Quote from: Cryptoababe on September 19, 2020, 04:26:25 PM

What if ether price goes up to more than $2000 dollars.. How will people or new cryptocurrency users be able to cope with the gas fee. As I can see so far, the current gas price has been giving people tough time. I remember when we used to use 2 gwei for gas price.
I don't think the Ethereum network congestion can reduce with time.

Due to the congested network of ethereum, many coins wanted to beat it. Many coins such as elrond can cater a transaction similar to ethereum with low cost. It is really scary to see how much ethereum gas we need just to transact our eth or other ERC coins. In fact, it is more high when there is an increase with ethereum price. But when ethereum changes their gas fee or even lowered it. Many people would love to transact using eth.

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Quote from: forexandcryptoauditor on September 23, 2020, 10:23:31 AM

I read somewhere that with new updates the congestion problem will be solved within ethereum network. People are suggesting using other alts to get rid of it but what about transfers that are required for ERC-20 tokens? I have may transfers on hold due to the current gas fee. Hope the situation will be normal soon.

Where did you read that with the new update the congestion problem will be resolved in ethereum networks? Can you give the reference link here so that other people can read it too, because I'm sure everyone will want the gas costs from the ERC-20 platform to be normal like in the past.

forexandcryptoauditor

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I read somewhere that with new updates the congestion problem will be solved within ethereum network. People are suggesting using other alts to get rid of it but what about transfers that are required for ERC-20 tokens? I have may transfers on hold due to the current gas fee. Hope the situation will be normal soon.

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Quote from: Genemind on September 23, 2020, 01:52:13 AM

The current DeFi hype made the fees ridiculously high. I've seen some posts were a lot of posts where transactions fail and you will have to set a high gas price for your transactions to go through. I avoid transacting in Eth platforms whenever the network is clogged. Small traders are suffering due to this high transaction cost.

in fact, for the time being, I do consider the circumstances before making the transaction. however, the fee paid is really quite expensive. I am afraid that this fee could be higher, and only certain people can make transactions without thinking about fees. however, I really hope that the fees come back down.

People who transact will certainly think about fee transactions because if not in the end they will lose in the calculation. Transaction fees have skyrocketed recently, in my opinion, because of the high traffic on the ethereum network which is dominated by transactions at Uniswap or other Dex. In my opinion, high transaction fees will make ethereum prices slightly increase because people who want to transact on Dex or Uniswap will continue to buy.

This is what's exactly happening in Ethereum network Traders and normal people who transact using the ethereum network are being cautious about the gas price because it is still sky rocketing, This is mostly the trade off between having a hyped platform like uniswap. Small traders can't really do a thing because their small volume of ethereum can be just eaten by the gas fee.

I think the gas fee woudn't rise up to $2000 in value, I'm sure I'm gonna wonder who will spend that much on a gas fee Roll Eyes

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Quote from: Cryptoababe on September 19, 2020, 04:26:25 PM

What if ether price goes up to more than $2000 dollars.. How will people or new cryptocurrency users be able to cope with the gas fee. As I can see so far, the current gas price has been giving people tough time. I remember when we used to use 2 gwei for gas price.
I don't think the Ethereum network congestion can reduce with time.

Looking on the current situation we have now I don't think the gas will go back to normal and it is annoying that you will pay high fees for a single transaction. Consequently, I am now not making any transaction that use ETH network as much as possible. In hope that everything will go better as soon as ETH 2.0 release.

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Quote from: NoG-NoG on September 23, 2020, 08:10:07 AM

I think it will not happen that it will ballooned its gas fee into 2000 usd knowing that once it happens many of their hodlers and crypto-enthusiasts whose using their blockchain platform will definitely boycott them and will definitely change or go to a much cheaper gas fee platform and if that will happens it will definitely a big lost for the developer of ethereum.

That's why they need to develop a solution on that or else there will be too many they'll be losing. The only thing that getting happy in this scenario is surely Uniswap and those who are on the liquidity pools since mostly Uniswap is used in it.

The investors either migrate to another DEX like Uniswap or they migrate to another blockchain that has low fees and has faster transactions.

NoG-NoG

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I think it will not happen that it will ballooned its gas fee into 2000 usd knowing that once it happens many of their hodlers and crypto-enthusiasts whose using their blockchain platform will definitely boycott them and will definitely change or go to a much cheaper gas fee platform and if that will happens it will definitely a big lost for the developer of ethereum.

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ETH is getting too volatile. Uniswap really set the bar too high for gas fees and even DeFi. Uniswap is known for higher gas fees but better trading, too much people have been using the ETH network therefore the demand for higher gas fees.

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Quote from: Genemind on September 23, 2020, 01:52:13 AM

The current DeFi hype made the fees ridiculously high. I've seen some posts were a lot of posts where transactions fail and you will have to set a high gas price for your transactions to go through. I avoid transacting in Eth platforms whenever the network is clogged. Small traders are suffering due to this high transaction cost.

in fact, for the time being, I do consider the circumstances before making the transaction. however, the fee paid is really quite expensive. I am afraid that this fee could be higher, and only certain people can make transactions without thinking about fees. however, I really hope that the fees come back down.

I think the high cost of this transaction is due to the influence of the large number of people who use the Uniswap exchange so that the transaction becomes very congested, if you expect the cost to go down I think it may not be significant because more and more people are using Uniswap exchanges to trade and make profits.

shoreno

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Quote from: sayam on September 22, 2020, 01:17:17 PM

At first, I thought maybe the fee would get back to the normal position very soon. But now I've figured out that soon it's not going to be normal like before.

everyone have the same thought as you but when you say soon , there is no designated time and date for that . if you cant wait and think that soon is supposed to happen now or already happened , well you will notice that nothing have changed .

dont get affected to what they say that this is now the new normal because we can return to the old normal if we will believe and wait .

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Quote from: Strongkored on September 21, 2020, 09:41:36 PM

As long as the DeFi project still has a lot of demands, I think it's difficult to see ethereum gas fees drop (gas fee on weekends are lower than weekdays), ethereum developers should be able to fix this problem immediately.

Eventually Ethereum devs team will come up with a solution to this problem but it might be difficult, definitely take more than "immediately" and so many people also stimulating the growth of Defi projects and Dapps which uses Ethereum blockchain meaning the scalability issue will always exist even in the future ethereum upgrade. If ethereum could solve this fee issue then Ethereum itself already immune against overwhelming scalability issue.

bitcoinaldis

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i'm paying $25 for ETH transaction, and $5 for bitcoin transaction
while i pay just $0.003 for BCH transaction and $0.005 for LTC transaction.

most people follow trending (ETH, Defi) then fall in fomo, and avoid great coins as like Litecoin and BitcoinCash.

Genemind

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The current DeFi hype made the fees ridiculously high. I've seen some posts were a lot of posts where transactions fail and you will have to set a high gas price for your transactions to go through. I avoid transacting in Eth platforms whenever the network is clogged. Small traders are suffering due to this high transaction cost.

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it's literally unusable for people who has small amount of erc20 token lying around and to transfer it to exchange is the same as burning your coin because of fee.
for the meantime it's really not recommended to transfer anything using eth maybe waiting for the hype of defi platform to go down first.

Quote from: Strongkored on September 21, 2020, 09:41:36 PM

As long as the DeFi project still has a lot of demands, I think it's difficult to see ethereum gas fees drop (gas fee on weekends are lower than weekdays), ethereum developers should be able to fix this problem immediately.

that's true if eth developer willingly to fix this problem they could come up with some kind of solution to this but maybe they are too busy with eth 2.0

sayam

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At first, I thought maybe the fee would get back to the normal position very soon. But now I've figured out that soon it's not going to be normal like before. Due to this high fee, I'm not able to do many small transactions.

inanilujimi

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Leave ETH and look for altcoins that have lower transaction fees, don't expect more from ETH, if your asset value exceeds the transaction fee.

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As a crypto enthusiast / investor / trader dont only relied on something that troubles on you, there are many other alternatives that we can use. When we only depend on the ETH network, of course it will end up making it difficult for us, therefore it's good to always follow the development of other platforms for another options

No question with that but the trend of DeFi still moving forward and there's no other option if you are following such projects. You'll be finding yourself ignoring the fees just to take your chances to ride with the flow.

this unavoidable due to network congestions with how traders and investors played with available opportunities around DeFi
expect that it will continue to be in this phase.

Quote

As long as the DeFi project still has a lot of demands, I think it's difficult to see ethereum gas fees drop (gas fee on weekends are lower than weekdays), ethereum developers should be able to fix this problem immediately.

That's what I'm also seeing from this current situation, ETH fees still being affected by projects being help inside DeFi
and more and more people / investors are supporting the chain and continue
accepting this high fees.

Strongkored

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As long as the DeFi project still has a lot of demands, I think it's difficult to see ethereum gas fees drop (gas fee on weekends are lower than weekdays), ethereum developers should be able to fix this problem immediately.

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Quote from: Cryptoababe on September 19, 2020, 04:26:25 PM

~

I like the optimism that you are thinking that Ethereum will reach $2000 in the future Cheesy

On the other hand, I don't think that focusing on Ethereum when it comes to transacting to other people is a good thing.

There are other alternative coins out there which has very low fees compare to Ethereum's fees. Right now the lowest gwei recommended is 73 gwei and that is lower already compare to its fees weeks ago which is at its peak. The congestion of Ethereum network is because of the DeFi projects that are appearing and being created one by one under the network and its obvious already. When they aren't around the fees are good but when they come, it is already congested.

Topic: I'm scared of ethereum gas fee - page 7. (Read 1911 times)