Seriously? | Bitcointalksearch.org

Bttzed03

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Quote from: cryptojoew on March 07, 2021, 03:01:27 PM

~ Another wallet? Other coins? Can someone help me?

How about another platform? Rarible only accepts ETH which means you have to wait for EIP 1559 before you can buy there with lower fees. You can try WAXP and buy collectibles on atomichub.io. It's a pretty big platform for NFTs.

Create wallet at https://on.wax.io/wax-io/

libert19

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Apparently not, there are l2 solutions but for that too you will have to make a migrate transaction which will cost the same amount of transaction fees. We don't have choice except until ethereum scales itself.

cryptoaddictchie

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Quote from: cryptojoew on March 07, 2021, 03:01:27 PM

I wanted to pay with ETH and buy a NFT at rarible for about $1.75 but my MEW wallet showed up a fee of $77.29.
I guess there must be a slightly better way to pay small amounts. Another wallet? Other coins? Can someone help me?

The problem here is the lack of other platform besides eth to have an nft. I dont know if there are other platforms that are now engaged in nft that don't rely on eth network. Its the ethereum who has problem with their blockchain and not the app or dapp that works on nft. Nft is becoming a trend now and I'm sure many will device or innovate a platform to solve this kind of issue.

lozovenkop

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It's not about the wallet, but in the Ethereum network, at the moment it is very overloaded and really will have to pay a big amount.
You have to pay a large commission, or wait for Ethereum 2.0, which can solve the problem with the load on the network.

hosseinimr93

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Quote from: JeromeTash on March 07, 2021, 04:09:58 PM

The fee is probably much higher because OP is trading using smart contracts. So in one trade, there could be 3 to 4 contract calls which require ETH gas for each to be executed thus the higher amount.

As OP was referring to MEW, I thought that he is trying to deposit ethereum to an exchange using Myetherwallet
I just visited the website OP is referring to. You are right. OP probably connected myetherwallet to that website and is trying to use smart contracts.

JeromeTash

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Quote from: hosseinimr93 on March 07, 2021, 03:59:17 PM

77 dollar equals to 0.047 ETH.
Although ethereum network is so busy, the required fee shouldn't be that high.

The transaction fee can be calculated as follows.
Fee = Used gas * gas price

For an ethereum transaction (a transaction in which no token is involved), 21,000 unit of gas is taken. So, the fee equals to 21,000 * gas price

Paying 0.047 ETH as transaction fee means that the gas price had been set to 0.000002238 = 2238 Gwei.

According to ETH Gas Station, current required gas price for a fast confirmation is 150 Gwei.

The fee is probably much higher because OP is trading using smart contracts. So in one trade, there could be 3 to 4 contract calls which require ETH gas for each to be executed thus the higher amount.

Sometimes the smart contracts require a specific gas fee for them to be executed. Once OP tries to lower the suggested fee, The trade may not be executed.

Also remember, the gas limit of the token OP is buying maybe over 10 times higher than 21,000

hosseinimr93

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77 dollar equals to 0.047 ETH.
Although ethereum network is so busy, the required fee shouldn't be that high.

The transaction fee can be calculated as follows.
Fee = Used gas * gas price

For an ethereum transaction (a transaction in which no token is involved), 21,000 unit of gas is taken. So, the fee equals to 21,000 * gas price

Paying 0.047 ETH as transaction fee means that the gas price had been set to 0.000002238 = 2238 Gwei.

According to ETH Gas Station, current required gas price for a fast confirmation is 150 Gwei.

Edit:
As stated in the post below by JeromeTash, due to using smart contracts, the fee you have to pay is much higher than what I calculated above.

Rikafip

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Quote from: cryptojoew on March 07, 2021, 03:44:05 PM

Ok, thanks. Adjusting the gas manually has to be supported by the wallet, right?

Exactly. MEW also has that option. In the top right corner click "Settings", then "Transaction Speed" and then you will get an option to set it manually, as seen on the screenshot below. Imho, Metamask is easier, safer and more convenient for everyday use, I suggest that you check that one.

Bitcoin_Arena

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Quote from: cryptojoew on March 07, 2021, 03:44:05 PM

Ok, thanks. Adjusting the gas manually has to be supported by the wallet, right?

Most wallet support adjusting of gas fees manually but if you lower the fee. Chances are that your transaction will remain unconfirmed. it's better to use the recommended fee of which the sad reality is that the fees are very high.

I don't know which NFT you want to buy but try using Binance smart chain. I think Pancakeswap and 1inch support BSC.

cryptojoew

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Ok, thanks. Adjusting the gas manually has to be supported by the wallet, right?

Upgrade00

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Quote from: cryptojoew on March 07, 2021, 03:01:27 PM

Another wallet? Other coins? Can someone help me?

Some cryptocurrencies are designed to have low fees such as TRON (disclaimer I barely use it, so do your own research)
When using such coins, you should consider if it's a pair of the currency you want to exchange it for, or if it is accepted by merchants.
You should also consider the fundamentals behind it, if you plan on holding inorder to effect such small transactions regularly.

There are equally ways to reduce the fees paid on transactions on the different crypto networks such as consolidating small inputs.

Rikafip

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Unfortunately that's the reality of transactions on Ethereum blockchain, using other wallet won't help you. What you can though is to manually set the gas. You can use https://ethgasstation.info/ to see the current gas situation and adjust it accordingly to pay as minimum as possible, although that comes with the danger of failed transaction.

cryptojoew

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I wanted to pay with ETH and buy a NFT at rarible for about $1.75 but my MEW wallet showed up a fee of $77.29.
I guess there must be a slightly better way to pay small amounts. Another wallet? Other coins? Can someone help me?

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