Paying ETH fees? | Bitcointalksearch.org

Sayeds56

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Quote from: JamesDaniel90 on October 02, 2023, 04:21:07 AM

2024 / 2025 (hopefully) will be my first bull run and the majority of my crypto is currently on cold storage and I am wondering if I should get some ETH ready now to pay for fees when it comes to selling or if I should wait till next year when I actually do sell - is there any difference?

I do not hold Ethereum but do have a few tokens that will require me to pay fees so wondering what is best to do have it ready now or if it doesn't matter and just wait till it actually comes to selling and pay then but obviously the price of Ethereum will be a lot higher next year then it is now so thinking is it best to buy now whilst cheaper?

While the decision to buy and when to make investment choices solely rests on individuals preferences, however such an important decision should be taken after through research, keeping view your financial limits and risk tolerance level.

However, current crypto currencies market seems to be experiencing a mini bull run which hopefully will continue for sometimes until ETFs are formally approved. From my perspective, top 20 currencies listed on coinmarketcap present promising opportunities for long term investment.

Regarding Ethereum transaction fees, it is likely to come down after the network upgrade, expected to be completed by the end of 2023.

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Quote from: JamesDaniel90 on October 02, 2023, 04:21:07 AM

2024 / 2025 (hopefully) will be my first bull run and the majority of my crypto is currently on cold storage and I am wondering if I should get some ETH ready now to pay for fees when it comes to selling or if I should wait till next year when I actually do sell - is there any difference?

I do not hold Ethereum but do have a few tokens that will require me to pay fees so wondering what is best to do have it ready now or if it doesn't matter and just wait till it actually comes to selling and pay then but obviously the price of Ethereum will be a lot higher next year then it is now so thinking is it best to buy now whilst cheaper?

It is better for you to buy now while the price is cheap so that you can earn more profits if you are able to buy low and hold through when the price of Bitcoin is skyrocketing. Bitcoin controls must of the Crypto market also having influence on Ethereum too. Since you have coins that needed Ethereum for gas fee, then it is better you buy enough Ethereum you can hold and also keep for profits. The bull market might commence early 2024 or late depending on how the market want to bullishly move.

Rehan Zakir

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Paying right ETH fees is a very big issue. In 2021 Bull run when Ethereum prices touches 5,000$. Then sometimes we pay more than 100$ fees to execute a single transaction. It's too much expensive. Then the layer2 concept introduced. There are lot of project on Layer2. such as optimism, arbitrum, zksync and Matic. They help to lower down the fees.
But i suggest everyone that execute a transaction on saturday and sunday, when the GWEI is low.
You can check GWEI through this link https://etherscan.io/gastracker

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Quote from: JamesDaniel90 on October 02, 2023, 04:21:07 AM

2024 / 2025 (hopefully) will be my first bull run and the majority of my crypto is currently on cold storage and I am wondering if I should get some ETH ready now to pay for fees when it comes to selling or if I should wait till next year when I actually do sell - is there any difference?

I do not hold Ethereum but do have a few tokens that will require me to pay fees so wondering what is best to do have it ready now or if it doesn't matter and just wait till it actually comes to selling and pay then but obviously the price of Ethereum will be a lot higher next year then it is now so thinking is it best to buy now whilst cheaper?

of course people will look for the best time to buy, because it will provide profits when eth rises, and people are very confident that that year will be the next round.
and of course there will be many projects preparing for this, as currently I see many projects will release their projects after postponing them during the bear market.

batang_bitcoin

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Quote from: bastian466 on November 15, 2023, 07:39:41 AM

Quote from: batang_bitcoin on November 14, 2023, 10:11:50 PM

Quote from: bastian466 on November 14, 2023, 02:52:40 PM

In conclusion, if your wallet is hacked by a thief, if there is no ethereum in it, then the hacker must top up ethereum first to empty your wallet. because it requires transaction fees

But you won't get hacked if you don't expose your private keys everywhere and you don't connect and agree to smart contracts everywhere too. That only means that you need to be careful upon accessing websites.

Better prevention. There are many other things that can happen, just take safety precautions. because we often participate in various projects which now always connect our wallet to the website.

Those that are always participating in various projects need to be careful, all of you must be aware that you need not to join all of them at once when DYOR.

Quote from: bastian466 on November 15, 2023, 07:39:41 AM

I had this problem when I connected and my ethereum was reduced

You're lucky that it's just reduced and not entirely swept. Because if it's for hackers, they're not going to leave any amount there. Maybe what happened to you is just a product of high fees when you transacted in the past.

bastian466

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Quote from: batang_bitcoin on November 14, 2023, 10:11:50 PM

Quote from: bastian466 on November 14, 2023, 02:52:40 PM

It's better to prepare now, but my suggestion is to keep it in another wallet to be safer to avoid unwanted incidents.

What can be the unwanted incidents that can happen if you have got an ETH together with the tokens? About being hacked and signing with the smart contracts from websites?

Quote from: bastian466 on November 14, 2023, 02:52:40 PM

In conclusion, if your wallet is hacked by a thief, if there is no ethereum in it, then the hacker must top up ethereum first to empty your wallet. because it requires transaction fees

But you won't get hacked if you don't expose your private keys everywhere and you don't connect and agree to smart contracts everywhere too. That only means that you need to be careful upon accessing websites.

Better prevention. There are many other things that can happen, just take safety precautions. because we often participate in various projects which now always connect our wallet to the website. I had this problem when I connected and my ethereum was reduced

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Quote from: AliMan on October 06, 2023, 01:32:12 PM

Quote from: JamesDaniel90 on October 02, 2023, 04:21:07 AM

2024 / 2025 (hopefully) will be my first bull run and the majority of my crypto is currently on cold storage and I am wondering if I should get some ETH ready now to pay for fees when it comes to selling or if I should wait till next year when I actually do sell - is there any difference?

I do not hold Ethereum but do have a few tokens that will require me to pay fees so wondering what is best to do have it ready now or if it doesn't matter and just wait till it actually comes to selling and pay then but obviously the price of Ethereum will be a lot higher next year then it is now so thinking is it best to buy now whilst cheaper?

If I think Ethereum price compared 5 years ago, maybe that the definition of cheap price if we compared to latest modern price. The old days is the top opportunity to say that eth brought us a comfortable life in terms of cryptocurrency, same with erc20 platform tokens. My advice to old token holders is to monitor the community where it belongs with, and if there's no future then dump it while there's certain value.

changes in ethereum gas fees are increasing very quickly in an instant, I understand that because the ethereum network platform is very busy confirming billions of wallets, it is different from 5 years ago and the effect of ethereum price changes 5 years ago and now is very different, making many people think it is expensive. It is possible that before the bull season there will be more coins born from the Ethereum network which could increase costs even more.

jrrsparkles

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Acquiring ETH only to pay gas fees while moving erc20 tokens then now is the best time, cause once the bull run gets go on, almost every coin will start to skyrocket and Ethereum is one of the coin will users hold in their portfolio if they are having altcoins so just buy as soon as possible.

batang_bitcoin

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Quote from: bastian466 on November 14, 2023, 02:52:40 PM

It's better to prepare now, but my suggestion is to keep it in another wallet to be safer to avoid unwanted incidents.

What can be the unwanted incidents that can happen if you have got an ETH together with the tokens? About being hacked and signing with the smart contracts from websites?

Quote from: bastian466 on November 14, 2023, 02:52:40 PM

In conclusion, if your wallet is hacked by a thief, if there is no ethereum in it, then the hacker must top up ethereum first to empty your wallet. because it requires transaction fees

But you won't get hacked if you don't expose your private keys everywhere and you don't connect and agree to smart contracts everywhere too. That only means that you need to be careful upon accessing websites.

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Quote from: nimogsm on November 14, 2023, 09:30:18 AM

Indeed, one of the best tips here was to transfer tokens to another network if there is such an opportunity. Commissions on the Ethereum network can be simply crazy and withdrawing your tokens can be expensive. If this is not possible, then it is better to keep some Ethereum in reserve for transactions.

even bridging requires tremendous fee imagine $100 for just bridging, i'm sure many won't afford to move around their asset into other blockchain not to mention the fact that some token might not be deployed in L2 therefore bridiging with the purpose of saving fee instead becomes wasting fee just for nothing.
its the main thing that really holds back ethereum, I guess the fact that everything requires transaction in ethereum blockchain is the main culprit as to why the blockchain is always clogged whenever something hypes are appearing. there's no solution even after few years, their so called solution that is the sharding even nowhere to be seen.

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Quote from: shinratensei_ on November 12, 2023, 06:46:40 PM

Quote from: batang_bitcoin on November 12, 2023, 06:16:48 PM

I will take a guess that the ETH ecosystem won't be clogged anymore and that is because of many tokens that has also been available to other ecosystems or networks too.
That makes the fee for those token transfers cheaper and made a wider way for the transactions to come in and out of the ETH chain. Just for your preparation, not just the ETH for fees you prepare but also your mind that you won't be surprise if some surge happens.

I think its not the fact that other token deployed in other ecosystem such as matic even the L2 but because in bullish so many coin deploying in ethereum because its the most crowded blockchain that means more liquidity and more investors, I think regardless the team should be really trying to solve this problem. i know they have soma plan up their sleeves to solve this problem.

meanwhile I think we will see how effective the L2 gonna be in overcoming these bullruns where the transactions amount would multiply than when it is in bearish.
but i would expect that it will just be the same like when L2 was hyping back then, the batch submitter of each L2 instead polluting the main blockchain but its indeed could increase the transactions amount processed by getting the weight off ethereum.
at least we should be prepared to have some massive gwei increase.

Reputation and demand is something that main reason on despite on having those huge network fees but the overall volume and liquidity on which ETH do really get is really that still high on which means that
there's really indeed a strong support in the community or simply with having those investors back up on which means that there's no doubt that it would really be having that long time sitting on top of the ranks.
Now, i do have some ETH in my stash and with some coins that have that smart contract or simply using up ETH chain which cant really be denied that high fees were that in main issue wayback even up to now.
Dont know on when they would be getting resolved considering that it is really that a burden to many specially into those small time investors who are really that tending to buy some parts.

Have some option? Yes, aside from dealing with those DEX or direct transactions you could eventually make purchase on exchangers but pulling it out on exchangers
would definitely be still costing you but not really that much or lesser basing up on experience.

bastian466

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It's better to prepare now, but my suggestion is to keep it in another wallet to be safer to avoid unwanted incidents. In conclusion, if your wallet is hacked by a thief, if there is no ethereum in it, then the hacker must top up ethereum first to empty your wallet. because it requires transaction fees

nimogsm

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Indeed, one of the best tips here was to transfer tokens to another network if there is such an opportunity. Commissions on the Ethereum network can be simply crazy and withdrawing your tokens can be expensive. If this is not possible, then it is better to keep some Ethereum in reserve for transactions.

batang_bitcoin

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Quote from: Yamifoud on November 13, 2023, 06:09:49 AM

Quote from: batang_bitcoin on November 12, 2023, 06:16:48 PM

I will take a guess that the ETH ecosystem won't be clogged anymore and that is because of many tokens that has also been available to other ecosystems or networks too.
That makes the fee for those token transfers cheaper and made a wider way for the transactions to come in and out of the ETH chain. Just for your preparation, not just the ETH for fees you prepare but also your mind that you won't be surprise if some surge happens.

Having multiple options makes the network easier to process transfers and that will be the time I think that we can see the ETH gas fee back low like a few years ago. However, we can still expect the volatile movement of fees but not as high as compared to these days. We can really feel the burden of traders/investors who are paying huge fees and it was not reasonable enough to move $50 worth of tokens while paying $10 (or more). That is why a lot of people are hoping for this to come and to have them breathe from long years of suffering high fees.

With the other supported networks, the fees won't be that much and that's one good reason for someone who has the option to do so. But usually, these transactions are available to be done in the exchanges where they will allow you to pick which network you want to withdraw with that token.

Quote from: shinratensei_ on November 12, 2023, 06:46:40 PM

I think its not the fact that other token deployed in other ecosystem such as matic even the L2 but because in bullish so many coin deploying in ethereum because its the most crowded blockchain that means more liquidity and more investors, I think regardless the team should be really trying to solve this problem. i know they have soma plan up their sleeves to solve this problem.

meanwhile I think we will see how effective the L2 gonna be in overcoming these bullruns where the transactions amount would multiply than when it is in bearish.
but i would expect that it will just be the same like when L2 was hyping back then, the batch submitter of each L2 instead polluting the main blockchain but its indeed could increase the transactions amount processed by getting the weight off ethereum.
at least we should be prepared to have some massive gwei increase.

Yes and that's the main reason why it's good to have those tokens that are also supported in other networks. Because if it seems crowded in the Eth chain, you can do transactions in other supported networks that has lesser fee.

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Quote from: JamesDaniel90 on October 02, 2023, 04:21:07 AM

2024 / 2025 (hopefully) will be my first bull run and the majority of my crypto is currently on cold storage and I am wondering if I should get some ETH ready now to pay for fees when it comes to selling or if I should wait till next year when I actually do sell - is there any difference?

I do not hold Ethereum but do have a few tokens that will require me to pay fees so wondering what is best to do have it ready now or if it doesn't matter and just wait till it actually comes to selling and pay then but obviously the price of Ethereum will be a lot higher next year then it is now so thinking is it best to buy now whilst cheaper?

op As you say ethereum will go up in price in 2 or 1 year so you are thinking of buying. I sold my ethereum a few days ago for a fairly good price. So I think if you buy ethereum right now for a year or two I don't think it's going to be very profitable. Currently the value of ethereum is very high so who knows how much it will be profitable to leave it for two years.

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If you think the price of ETH is cheap right now and you have all the means to buy it, you can always go ahead and think positively about the outcome. Right now, everyone is recommended to buy as many cryptocurrencies as they can in order to earn as much as possible when the bull run comes. But they just need to keep it mind that they cannot overhype themselves when it comes to their total budget because this is just an investment and there is no total guarantee with it especially with the crypto market not being stable all the time.

Publictalk792

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It is important to note that the price of Ethereum may be higher next year compared to now. If you believe that the price will significantly increase it might be beneficial to buy Ethereum now as it is cheaper. This way you can potentially save on fees in the future.
And keep in mind that if the Ethereum will go up so due much transactions the Ethereum fee also go up.
By the way that's great if you have stored your coins in a Cold wallet.

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Quote from: batang_bitcoin on November 12, 2023, 06:16:48 PM

I will take a guess that the ETH ecosystem won't be clogged anymore and that is because of many tokens that has also been available to other ecosystems or networks too.
That makes the fee for those token transfers cheaper and made a wider way for the transactions to come in and out of the ETH chain. Just for your preparation, not just the ETH for fees you prepare but also your mind that you won't be surprise if some surge happens.

Having multiple options makes the network easier to process transfers and that will be the time I think that we can see the ETH gas fee back low like a few years ago. However, we can still expect the volatile movement of fees but not as high as compared to these days. We can really feel the burden of traders/investors who are paying huge fees and it was not reasonable enough to move $50 worth of tokens while paying $10 (or more). That is why a lot of people are hoping for this to come and to have them breathe from long years of suffering high fees.

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Quote from: batang_bitcoin on November 12, 2023, 06:16:48 PM

I will take a guess that the ETH ecosystem won't be clogged anymore and that is because of many tokens that has also been available to other ecosystems or networks too.
That makes the fee for those token transfers cheaper and made a wider way for the transactions to come in and out of the ETH chain. Just for your preparation, not just the ETH for fees you prepare but also your mind that you won't be surprise if some surge happens.

I think its not the fact that other token deployed in other ecosystem such as matic even the L2 but because in bullish so many coin deploying in ethereum because its the most crowded blockchain that means more liquidity and more investors, I think regardless the team should be really trying to solve this problem. i know they have soma plan up their sleeves to solve this problem.

meanwhile I think we will see how effective the L2 gonna be in overcoming these bullruns where the transactions amount would multiply than when it is in bearish.
but i would expect that it will just be the same like when L2 was hyping back then, the batch submitter of each L2 instead polluting the main blockchain but its indeed could increase the transactions amount processed by getting the weight off ethereum.
at least we should be prepared to have some massive gwei increase.

batang_bitcoin

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I will take a guess that the ETH ecosystem won't be clogged anymore and that is because of many tokens that has also been available to other ecosystems or networks too.
That makes the fee for those token transfers cheaper and made a wider way for the transactions to come in and out of the ETH chain. Just for your preparation, not just the ETH for fees you prepare but also your mind that you won't be surprise if some surge happens.

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