In crypto everybody pay high tx fee, no matter rich or poor people

qwertyup23

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.

In stock market, poor people pay the highest trading fee, where rich people pay low trading fee, 401k probably paid zero trading fee because they own the brokering market, yup, stock market benefit rich people and punish poor people on trading fee alone.

I think this is a misconception on your part to assume that there is a standardization of denomination of transaction fees.

In BTC, regardless of the value that you transact/send, the transaction fees will always remain the same depending on the price of BTC. In addition, if you want to make your transactions faster, there are services that offer additional payment for faster confirmation, just like in ETH. So it does not follow that if you transact a large amount of ETH or BTC, the fees would be proportional to such.

zanezane

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You don't have to pay them though, you can wait it out so that you will be able to save yourself from spending too much in transaction fees. That's the goal of crypto, to make the playing field level and equal.

Pejoh Asu

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When I know bitcoin from several wallets like Xapo and Coinbase at that time the transaction fee was not more than $ 1 even when many wallets provided free shipping services, but after 2017 when the market soared I once sent bitcoins with a fee of more than $ 100, now the transaction fee around $4 for normal and still expensive in my opinion, I hope the bitcoin transfer fee is no more than $2.

TerryTale

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Spend 5.8 eth 5.818454 Ether ($18,802.39) on a failed transaction that never can be recoverable.

Very expensive, would do it again!

A failed transaction at minting a Stoner Cat NFT resulting in 5.8 ETH "lit on fire", inspiring a song NFT that was itself subsequently sold for 5.8 ETH!

Link
https://etherscan.io/tx/0x3fa19306a5dfc227537fdaf90b6883104dd0458cf9fbe3410a3254e5ca0e3618

TerryTale

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Spend 7,676.619078292762408538 to send ($100,000.00) Tether USD (USDT)
Value:
0 Ether ($0.00)
Transaction Fee:
7,676.619078292762408538 Ether

Link
https://cn.etherscan.com/tx/0x2c9931793876db33b1a9aad123ad4921dfb9cd5e59dbb78ce78f277759587115

The Sceptical Chymist

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Quote from: bitmover on February 12, 2021, 06:20:20 AM

This is false.

Pretty much all of what OP wrote is false, and not just the part about ETH transaction fees. In the stock market nowadays if you're using an online broker like TD Ameritrade or Robinhood, there are NO trading fees--and that's a huge change from the way it used to be. I remember having to pay $8/trade about 16 years ago, and way before that traders had to pay a percentage of the amount they were trading--and that could end up being a ton of money and definitely did not discriminate against the poor.

Get your facts straight, OP.

matchi2011

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Quote from: jrrsparkles on March 05, 2021, 09:41:36 AM

Cryptocurrencies are currency and you can set uo your own fee but if you are willing to make the transaction fadter then you need to pay the fee required by the network. But OP is saying there is no partiality in cryptocurrency space which is absolutely true, your money so you are the real owner no middle men too.

It's your money so you are in control every details are being explained and if you are not such a hurry you can avoid this
high transaction fees.

You can select your fees and wait till miners process your request, it will take some time unlike with those fast transactions
where you need to pay what the miners are requiring you.

ven7net

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.

In stock market, poor people pay the highest trading fee, where rich people pay low trading fee, 401k probably paid zero trading fee because they own the brokering market, yup, stock market benefit rich people and punish poor people on trading fee alone.

To some extent, you are right. Probably the rich, due to high commissions, limit the participation of the poor, for example, in trading in both the stock and crypto markets. But even if the so-called poor appear there, they lose their main earnings on commissions. I also drew attention to this and believe that the rich deliberately, through high commission prices, limit the access of people with less money to trading markets where they can make good money or even limit the ability to buy a particular asset. All this tells us that the rich already have a plan to get their hands on the crypto market and all the promising and trending crypto assets.

jrrsparkles

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Cryptocurrencies are currency and you can set uo your own fee but if you are willing to make the transaction fadter then you need to pay the fee required by the network. But OP is saying there is no partiality in cryptocurrency space which is absolutely true, your money so you are the real owner no middle men too.

CaVO32

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Quote from: Cling18 on March 05, 2021, 09:04:01 AM

I guess you still lack knowledge about crypto transactions and their fees. There is no certain or exact amount to pay and we could actually set it on our own base on the speed of the transaction that we want. You could set lower gas fees if that's bothering you. It isn't like 10% of every transaction that we make.

I don't know if the OP is just inexperienced with eth network because his analogy was not right. And I hope by now, he realized what he stated was wrong. And take a look at the useful links provided by some users here. I understand that if you don't have the actual experience in using eth network, you will have wrong approach in terms of gas fees. And right now, a lot of eth users are still complaining about gas fees. I have had eth transactions a long time ago, so I don't have recent experience that I can share it with here.

Cling18

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I guess you still lack knowledge about crypto transactions and their fees. There is no certain or exact amount to pay and we could actually set it on our own base on the speed of the transaction that we want. You could set lower gas fees if that's bothering you. It isn't like 10% of every transaction that we make.

MRKLYE

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I mean... If you look at fee-less chains like HIVE or something then this doesn't stand up at all..

The classic popular cryptos are getting expensive and bloaty.. But some of the latest and last generation networks solved this a while back.

Ewox

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I think you’re wrong or maybe you lack knowledge when it cones to the cryptocurrencies transaction fees, it does not necessarily be that high when you can set your transaction fees to the lowest price but of course it’s not thr fastest and will take some time for you to receive it.

jaysabi

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.

In stock market, poor people pay the highest trading fee, where rich people pay low trading fee, 401k probably paid zero trading fee because they own the brokering market, yup, stock market benefit rich people and punish poor people on trading fee alone.

This isn't even close to being true. Trading fees are set by brokerages and it's not dependent on wealth or income. Most major brokers don't even charge trading fees anymore. If you're trying to make an argument that trading fees more negatively affect less wealthy investors, that's potentially true, but then that's no different than crypto either in your example. So you've completely failed to make a coherent point here.

Stedsm

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.

Smells like you were talking about a possible HYIP here? Grin

I believe that the ETH gas fee will still remain high because it is now the most highly used smart-chain on which almost 80% of tokens work. Such tokens show in their Roadmap that they'll be creating their own Blockchain soon, but that hardly happens and they continue to use Ethereum chain, which is why they'll need to pay the fee in ETH. Why not demand these token makers to start making a different Blockchain of their own? They'll need miners to mine their blocks is all they're worried about, probably?

Now, about sending ETH payments in batches, I believe I know a few services which do allow such type of payments, but I hardly know about the fee structure they use in order to move the tokens ahead. I saw multisender app was used recently by AME distribution address to send those tokens through multisender app and they paid more than 0.09 ETH but I believe they must have saved some fees on that transaction for sure.

skarais

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It is highly unlikely that people will be able to make ERC20 transaction if they can only cover transaction fee. Today's high fee are ridiculous and hard to accept. $20+ for a transaction with an estimated time of under 30 minute, something ERC20 fans didn't expect.

Although we are free to set our own fee but about fee, who is to blame for this increase in transaction fee, whether we blame the ethereum CEO or should we blame ERC20 trader or users who want to make transaction with high fee ?

SirLancelot

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Quote from: Broly46 on February 12, 2021, 06:07:33 AM

If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.

Firstly, you don't pay any fees to "own" Ethereum or any crypto. Yeah to transact Ethereum you have to pay fees and the fees is completely dependent on fast and urgent you need the transaction to confirm.

By the way if you transact 10 ethereum or 100 ethereum you pay the same fees almost and that is one reason why people prefer to make bigger transactions specially given how costly the transactions are on ERC-20 right now.

I don't know if its possible but with Bitcoins people used to send mass payment to avoid higher fees, is that possible in Ethereum I really don't know but it saves a lot of fees.

Amejoaquim

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In my opinion what are you say is wrong, i think you should know better about ethgasstation.

You can set your own gas price, from "Cheap" to "Fastest" if your not in a hurry then you just need to pick Cheap for the gas limit.

TimeTeller

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Quote from: Kovinskii on February 17, 2021, 05:47:51 PM

Quote from: bitmover on February 12, 2021, 06:20:20 AM

Quote from: Broly46 on February 12, 2021, 06:07:33 AM

If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.

This is false.
Ethereum transactions fees are not a % of your transaction.
The user set the Gas Price according to his needs (fastest, fast or slow).
I made a brief guide how on how transaction fees work in ethereum:
Paying low fees in Ethereum - Gas Limit, Gas Price and Gwei
If you are sending 1000, 100 or 0.1 Eth the fee is the same.

I agree, Ethereum doesn’t have fixed percentage fee for the transaction, but sometimes when you give not enough Gas your transaction returns but your coins vanish. You just read an announcement that there was not enough Gas for transaction, that’s it.

I think by now the OP already realized that he made a mistake with his statement regarding eth fees.
Seems that he is still a newbie in eth platform. But anyway, he will understand it better once he actually does an eth transaction.
As it depends on the activity of the network, it is always best to check the eth gas tracker sites before you make your tx like https://ethgasstation.info/.

Kovinskii

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Quote from: bitmover on February 12, 2021, 06:20:20 AM

Quote from: Broly46 on February 12, 2021, 06:07:33 AM

If you own 1000 ETH, you pay 10 ETH in fee for fast speed transaction, if you own 100 ETH you pay 1 ETH fee, if you own 10 ETH you pay 0.1 ETH.

This is false.
Ethereum transactions fees are not a % of your transaction.
The user set the Gas Price according to his needs (fastest, fast or slow).
I made a brief guide how on how transaction fees work in ethereum:
Paying low fees in Ethereum - Gas Limit, Gas Price and Gwei
If you are sending 1000, 100 or 0.1 Eth the fee is the same.

I agree, Ethereum doesn’t have fixed percentage fee for the transaction, but sometimes when you give not enough Gas your transaction returns but your coins vanish. You just read an announcement that there was not enough Gas for transaction, that’s it.

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