The BNB gas fee will increase as price keep appreciating

Naficopa

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Quote from: Adbitco on November 10, 2021, 08:09:07 PM

Quote from: Naficopa on October 11, 2021, 05:51:40 PM

I think you are looking the wrong way. BSC network has a low fee because it was done in a good way and the number of users is very small. I don't think anyone is manipulating the price (I don't think it is possible). BSC entered the market at a time when Ethereum was at its peak of popularity and almost all projects were built on this network. Thats why fees have been skyrocketing. BSC made great use of this and built its community. However, the king of smart contracts is Ethereum and after the introduction of ETH 2.0 everything will change and investors will start packing money into ETH. This is how I see it.

You don't seems to understand what my point of statement i don't say any false news about Ethereum nor BSC. i m trying to make something clear to we all concerning BSC network; there will be a time were we would still complained about transactions fees if the price of BNB kept increase so it's when Ethereum was launched, we were using 0.01$ worth ETH to move token then but today we spend $10 and above for just transaction fees.

I missed this discussion ..

Then we think the same. Of course, transaction fees will increase along with the popularity of BSC, just as it happened with Ethereum. Popularity, price, and fees go hand in hand. The more projects choose the Binance network as their platform, the more transactions there will be, and the more transactions = higher fee. Ethereum is a step further than Binance and if all goes well Ethereum 2.0 will start to regain its advantage in the market again.

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Quote from: Adbitco on November 22, 2021, 10:52:03 AM

Quote from: Anonylz on November 14, 2021, 10:38:06 AM

It is highly unlikely that bnb tx fees will ever be as high as eth gas fees, remember bsc was launched at the time eth was over the roof and the crypto community were desperately looking for an alternative, I believe bsc was design in a way that even if bnb prise increases the tx fees will still remain low, so I wouldn't worry about that.

Do you recently see the transaction fee increased?
As the price increase so the txt do increased.

Indeed, but I see the point where the value of fees will not go as high as what happened to both Bitcoin and ETH,

BSC was designed to be a good alternative for those developers and investors who wanted to continue working with their assets, the logic is there that once the actual amount of the coin increase the fees will also increase, so far it's still far from how much ERC charging us when using the chain.

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Quote from: Anonylz on November 14, 2021, 10:38:06 AM

It is highly unlikely that bnb tx fees will ever be as high as eth gas fees, remember bsc was launched at the time eth was over the roof and the crypto community were desperately looking for an alternative, I believe bsc was design in a way that even if bnb prise increases the tx fees will still remain low, so I wouldn't worry about that.

Do you recently see the transaction fee increased?
As the price increase so the txt do increased.

Rabi3

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Quote from: Bitcoin_Arena on October 08, 2021, 06:59:08 PM

It's why I will never fall for the BNB or centralized shitcoin lies and hype. Eventually you will all realize that Bitcoin is king.

While Ether is still struggling with the gas problem. If the other so-called "Ethereum killers" ended up with the traffic that Ethereum has or even slightly more, you are going to see a spike in fees in their networks as well.

definitely, even Polygon had troubles when aot of users joined in and the gas fee even though it's still very low, but it did increase, and Arbitrum is another example, it's supposed to be a layer 2 solution, but it had troubles and they had to do some maintenance after a lot of people started using as well, it seems like we'll still have the same problem for quite some time.

Anonylz

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It is highly unlikely that bnb tx fees will ever be as high as eth gas fees, remember bsc was launched at the time eth was over the roof and the crypto community were desperately looking for an alternative, I believe bsc was design in a way that even if bnb prise increases the tx fees will still remain low, so I wouldn't worry about that.

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Everyone will stop thinking that the gas fee is increasing on BSC as the value of BNB increases when we don't measure it in fiat value. The gas price dropped from 10 gwei to 5 gwei and it stayed there for months already. I don't think you should be that bothered since it's not impossible that it could become as low as 1 gwei if BNB soars to thousands. We all understand it's not that decentralized.

riskthebiscuit

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I think you will get a mixture of things. You will get a higher bnb fee base price for sure. But that doesn't mean it won't succeed. Solana is heavily centralized as it is and thats why they can offer such cheap transactions and speeds. Sometimes decentralization isn't everything, and the market seems to think that too. In the end, I hope they figure it out because really only Bitcoin is worth holding long term at this moment.

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Quote from: peter0425 on November 11, 2021, 02:25:01 AM

Quote from: ZaraCB on November 10, 2021, 10:47:43 PM

I also notice that Gas fee of Binance Smart Chain is gradually increasing. The gas fee that used to be in a transaction is now double. Also Binance Smart Chain network is now saturated. This is probably why many projects are now being launched on the polygon network.

Because binance value is really increasing and will go Up High sooner, there is similar situation in Ethereum recently when the Gas fee really increased as almost the same in Bitcoin transaction fee.
so yes BNB may experience losses of users as we are all concern in Fees when transacting .

One of the most common problem on where we do face on whenever a certain coin did really make out some popularity or famous on where transactions cant really be handled out or simply with scability problem of a certain coin which do really sucks.

We dont know if BNB would have some specific solution for this problem or would have some fork or something like that to resolve current fee issues or just simply wait
for the network traffic to subside.

For now it would be just wise on not to make out unneccessary transactions specially now that fees is quite high.

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Quote from: peter0425 on November 11, 2021, 02:25:01 AM

Quote from: ZaraCB on November 10, 2021, 10:47:43 PM

I also notice that Gas fee of Binance Smart Chain is gradually increasing. The gas fee that used to be in a transaction is now double. Also Binance Smart Chain network is now saturated. This is probably why many projects are now being launched on the polygon network.

Because binance value is really increasing and will go Up High sooner, there is similar situation in Ethereum recently when the Gas fee really increased as almost the same in Bitcoin transaction fee.
so yes BNB may experience losses of users as we are all concern in Fees when transacting .

The price increase has an effect on transaction costs, so many will not experience the same thing if the token goes up high, actually, I don't really understand about gas costs and increases but what I have noticed is almost the same as BNB and Ethereum go up on every transaction.

For me, there is no loss from users because their network still has more transactions, including the Ethereum network, which has high gas, and there are still many users.

Polygon still has fewer users than BNB and Ethereum.

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Quote from: ZaraCB on November 10, 2021, 10:47:43 PM

I also notice that Gas fee of Binance Smart Chain is gradually increasing. The gas fee that used to be in a transaction is now double. Also Binance Smart Chain network is now saturated. This is probably why many projects are now being launched on the polygon network.

Because binance value is really increasing and will go Up High sooner, there is similar situation in Ethereum recently when the Gas fee really increased as almost the same in Bitcoin transaction fee.
so yes BNB may experience losses of users as we are all concern in Fees when transacting .

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I also notice that Gas fee of Binance Smart Chain is gradually increasing. The gas fee that used to be in a transaction is now double. Also Binance Smart Chain network is now saturated. This is probably why many projects are now being launched on the polygon network.

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Quote from: Naficopa on October 11, 2021, 05:51:40 PM

I think you are looking the wrong way. BSC network has a low fee because it was done in a good way and the number of users is very small. I don't think anyone is manipulating the price (I don't think it is possible). BSC entered the market at a time when Ethereum was at its peak of popularity and almost all projects were built on this network. Thats why fees have been skyrocketing. BSC made great use of this and built its community. However, the king of smart contracts is Ethereum and after the introduction of ETH 2.0 everything will change and investors will start packing money into ETH. This is how I see it.

You don't seems to understand what my point of statement i don't say any false news about Ethereum nor BSC. i m trying to make something clear to we all concerning BSC network; there will be a time were we would still complained about transactions fees if the price of BNB kept increase so it's when Ethereum was launched, we were using 0.01$ worth ETH to move token then but today we spend $10 and above for just transaction fees.

ivankoh

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Let's compare layer 1 blockchains. The fact that BNB (BSC) still has a lot of advantages thanks to low gas, while ADA still doesn't fully support defi yet, BSC still has more than a degree of private choice. trust. I love using BNB on its defi platforms, a cheap and easy familiarity. Of course, they chose performance over security. However, BNB is investing large sums of money in developing its ecosystem. I think BNB will grow more and more and have the next ATH at the end of the year.

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Quote from: Adbitco on October 08, 2021, 04:41:03 PM

My Question is at this point do you still love the network or what else would you do?

Everyone is freely to discuss here and to share your thought about it.

expect that to happen when the price increased highly like what Ethereum does this year alone, imagine having fee almost same as high as bitcoin?
though binance might not have that same increase yet the hype in transaction fee is normal once congestion take place so better to expect this early or be shocked when thing happens.

Quote from: Oceat on October 12, 2021, 06:58:49 PM

It's always expected if Bitcoin price continues to grow then most of the altcoins will continue to grow too therefore, making more trades and having more transactions which will cost a lot of transaction fees if the price is too high. Well, if BSC under BNB have had many transaction it's obvious that their network will get congested in no time. Thus, making it just the same as ETH acquiring more gas fees in able to send some funds. So it's up to the user whether they want to use them or not it's their choice since almost everyone consider it as bottleneck when there's a bull run.

that's it, when the transactions come here and there then fee will increase , that is 1+1 situation .

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Quote from: Adbitco on October 08, 2021, 04:41:03 PM

so to me it will also function as the same were the fee will as well increase after the price appreciates to 1k or 3k per BNB then it will be worrisome to middlemen to transact with the network Undecided

.

You can't compare Binance chain with ethereum. Ethereum is still having scalability problems while binance can easily fixed it. Remember that binance chain didn't have a lot of nodes and that will be easy if binance chain wanna did a hardfork to increase its blocksize.

Quote from: Adbitco on October 08, 2021, 04:41:03 PM

My Question is at this point do you still love the network or what else would you do?

I still love it and why not? as long as you know how network works today and you will be feeling fine. There was an alternative way just like wrapped token.

Oceat

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It's always expected if Bitcoin price continues to grow then most of the altcoins will continue to grow too therefore, making more trades and having more transactions which will cost a lot of transaction fees if the price is too high. Well, if BSC under BNB have had many transaction it's obvious that their network will get congested in no time. Thus, making it just the same as ETH acquiring more gas fees in able to send some funds. So it's up to the user whether they want to use them or not it's their choice since almost everyone consider it as bottleneck when there's a bull run.

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Quote from: Findingnemo on October 11, 2021, 02:30:56 PM

Quote from: sunsilk on October 11, 2021, 02:21:53 PM

Quote from: Findingnemo on October 11, 2021, 12:41:39 PM

It will increase as long as more transactions are made on tgat chain but I don't know that it will spike like what happened with ethereum because the BSC is centralized so they are having the control and can eliminate the attacks as well if there is any but the stoppage of transaction fee increase is literally not possible.

And that will make the hypothesis that every chain is only cheap when there's not that much transaction at the beginning. After being flocked by people for transactions because they're cheap, then it will be the time where it will start to increase in fees.

The same thing happened to Ethereum and no matter how they solve it, there's too much fees on it and they're still dealing with it to solve it despite having a lot of proposals for its solution that's not yet done.

That is the nature of the blockchain confirmation because more the transactions then queue will get longer so we have to pay more to get into the front but they do have solutions like pushing the TPS to high numbers which is possible on centralized chains but it voids the decentralization there.

But the thing about those projects and other chains that are putting that much higher TPS. Soon, when they become bombarded with transactions and get that much traffic and clogs the network then that makes them the same as the first projects that have told to be quick at first.

All of them should already scale before that happens so that they already have the solution and doesn't have to wait until that time and situation happens to them.

Naficopa

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Quote from: Adbitco on October 08, 2021, 04:41:03 PM

I smells something different from BNB which will likely affect us as well.
now this is how it goes; When ETH was recently launched the gas fee then was very low even as low as $0.001 or even less @ $50 per ETH and people were using it freely without complain the network seems to be very fast then. Today with the development in ETH and many project has been built under the network and it's price has greatly increased in value causing the ETH gas fee to be higher leaving people to be scared about using the network for transactions.

To solve the problem of high gas fee we now have BNB called Binance Smart Chain as BSC making many project to migrate, built-in their project and taping from it. so to me it will also function as the same were the fee will as well increase after the price appreciates to 1k or 3k per BNB then it will be worrisome to middlemen to transact with the network Undecided

.
My Question is at this point do you still love the network or what else would you do?

Everyone is freely to discuss here and to share your thought about it.

I think you are looking the wrong way. BSC network has a low fee because it was done in a good way and the number of users is very small. I don't think anyone is manipulating the price (I don't think it is possible). BSC entered the market at a time when Ethereum was at its peak of popularity and almost all projects were built on this network. Thats why fees have been skyrocketing. BSC made great use of this and built its community. However, the king of smart contracts is Ethereum and after the introduction of ETH 2.0 everything will change and investors will start packing money into ETH. This is how I see it.

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Quote from: Findingnemo on October 11, 2021, 02:30:56 PM

Quote from: sunsilk on October 11, 2021, 02:21:53 PM

Quote from: Findingnemo on October 11, 2021, 12:41:39 PM

It will increase as long as more transactions are made on tgat chain but I don't know that it will spike like what happened with ethereum because the BSC is centralized so they are having the control and can eliminate the attacks as well if there is any but the stoppage of transaction fee increase is literally not possible.

And that will make the hypothesis that every chain is only cheap when there's not that much transaction at the beginning. After being flocked by people for transactions because they're cheap, then it will be the time where it will start to increase in fees.

The same thing happened to Ethereum and no matter how they solve it, there's too much fees on it and they're still dealing with it to solve it despite having a lot of proposals for its solution that's not yet done.

That is the nature of the blockchain confirmation because more the transactions then queue will get longer so we have to pay more to get into the front but they do have solutions like pushing the TPS to high numbers which is possible on centralized chains but it voids the decentralization there.

Just remember into those days on where erc20(ETH) did really have a cheap transactions fee and almost instant and on the time on where the volume and recognition had risen up then this is where

things becomes bad or worst on where fees or gas is way too high and people had recognized binance chain which is almost on the same situation and now we are seeing gradually
that it is really ending up on the same situation.

Expect for these things to happen same goes to those possible coins that would be famous in the future.

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Quote from: sunsilk on October 11, 2021, 02:21:53 PM

Quote from: Findingnemo on October 11, 2021, 12:41:39 PM

It will increase as long as more transactions are made on tgat chain but I don't know that it will spike like what happened with ethereum because the BSC is centralized so they are having the control and can eliminate the attacks as well if there is any but the stoppage of transaction fee increase is literally not possible.

And that will make the hypothesis that every chain is only cheap when there's not that much transaction at the beginning. After being flocked by people for transactions because they're cheap, then it will be the time where it will start to increase in fees.

The same thing happened to Ethereum and no matter how they solve it, there's too much fees on it and they're still dealing with it to solve it despite having a lot of proposals for its solution that's not yet done.

That is the nature of the blockchain confirmation because more the transactions then queue will get longer so we have to pay more to get into the front but they do have solutions like pushing the TPS to high numbers which is possible on centralized chains but it voids the decentralization there.

sunsilk

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Quote from: Findingnemo on October 11, 2021, 12:41:39 PM

It will increase as long as more transactions are made on tgat chain but I don't know that it will spike like what happened with ethereum because the BSC is centralized so they are having the control and can eliminate the attacks as well if there is any but the stoppage of transaction fee increase is literally not possible.

And that will make the hypothesis that every chain is only cheap when there's not that much transaction at the beginning. After being flocked by people for transactions because they're cheap, then it will be the time where it will start to increase in fees.

The same thing happened to Ethereum and no matter how they solve it, there's too much fees on it and they're still dealing with it to solve it despite having a lot of proposals for its solution that's not yet done.

Findingnemo

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It will increase as long as more transactions are made on tgat chain but I don't know that it will spike like what happened with ethereum because the BSC is centralized so they are having the control and can eliminate the attacks as well if there is any but the stoppage of transaction fee increase is literally not possible.

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Quote from: Bitcoin_Arena on October 08, 2021, 06:59:08 PM

While Ether is still struggling with the gas problem. If the other so-called "Ethereum killers" ended up with the traffic that Ethereum has or even slightly more, you are going to see a spike in fees in their networks as well.

Thats actually right. Many have claimed of their so called eth killers, yes their scaling is good but if they reached transactions same with eth thats the competition begins. If those projects can surpass that then they can be crowned as best. So far Im rooting for fantom to do that, but still far from it. They already surpasses the TVL on avax and polygon. When they get closer to eth, and retain their scaling and gas fee low. Then surely this will be the next eth or more beat them.

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Quote from: o48o on October 09, 2021, 03:14:26 PM

Quote from: Bitcoin_Arena on October 08, 2021, 06:59:08 PM

It's why I will never fall for the BNB or centralized shitcoin lies and hype. Eventually you will all realize that Bitcoin is king.

Bitcoin and eth are build for completely different things. Bitcoin is the king in terms of marketcap. But just saying "bitcoin is king" doesn't really mean anything when you are comparing apples and oranges. Maximalism is just dividing the space even more and it often comes from pure ignorance.

I don't really think if your contribution correlate with the post, we are talking on how the gas will definitely increased in the near future and what are the solution to it. And same way the so called ETH started but today it's outrageous and many seems to be worrisome about the happenings.
Maybe you should understand what the post is all about before making comment.

Quote from: coin-investor on October 09, 2021, 06:10:22 AM

I still love it it's still cheap just made a transaction for a few cents, it's still great and we are worrying about something that is not yet happening, Binance smart chain was created as an alternative to Ethereum they cannot be an alternative anymore if the gas fee goes up just like what happened to Ethereum, they know this and I'm sure they are looking for that scenario and how to counter that if that happens another coin will come up to be a better alternative, it will just become a vicious cycle.

Hehe

Not that worried but there should be a solution to it..
this was how it all started then, so presently i m seeing stellar taking place Undecided

[moderator's note: consecutive posts merged]

Jawhead999

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BNB ≠ BSC, BNB is a coin while BSC is a Binance chain.

As we already know BSC is using a same source code from Ethereum blockchain, just take a look between BSC and ETH address... does it's same? Yes, does the seed pharse is same? Yes.

BSC will just follow a similar path like ETH when the gas fee is high, just like ETH implemented ETH 2.0

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Quote from: o48o on October 09, 2021, 03:14:26 PM

Bitcoin and eth are build for completely different things. Bitcoin is the king in terms of marketcap. But just saying "bitcoin is king" doesn't really mean anything when you are comparing apples and oranges. Maximalism is just dividing the space even more and it often comes from pure ignorance.

"In terms of Marketcap"!!! How stupid of you!

I didn't even mention anything to do with Bitcoin maximalism, but it goes to show how low your level of reasoning is.

Well, let me just rub it intentionally into your fresh wound. Bitcoin is king and there's nothing you can do about it. So, deal the fuck with it.

o48o

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Quote from: Bitcoin_Arena on October 08, 2021, 06:59:08 PM

It's why I will never fall for the BNB or centralized shitcoin lies and hype. Eventually you will all realize that Bitcoin is king.

Bitcoin and eth are build for completely different things. Bitcoin is the king in terms of marketcap. But just saying "bitcoin is king" doesn't really mean anything when you are comparing apples and oranges. Maximalism is just dividing the space even more and it often comes from pure ignorance.

blockman

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It is true before the fees were not that really high for Ethereum and it's always been suggested to be the altcoin to be used for having a low fee and a very quick transaction.
But because of the demand, the network is becoming congested, there's a change and that happens because there's an increase in the number of users. And the same is happening to BNB/BSC and might also be the same for other emerging networks.

joniboini

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They already has the mechanism to solve that, if you don't mind about the security of the network. The network is not that decentralized and you can easily cast a vote to reduce minimum/maximum or standard fee. I believe it already happened once. It allows them to make 5 sats the new standard for transaction. I believe they can easily reduce it again if the demand is quite high.

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I still love it it's still cheap just made a transaction for a few cents, it's still great and we are worrying about something that is not yet happening, Binance smart chain was created as an alternative to Ethereum they cannot be an alternative anymore if the gas fee goes up just like what happened to Ethereum, they know this and I'm sure they are looking for that scenario and how to counter that if that happens another coin will come up to be a better alternative, it will just become a vicious cycle.

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It's why I will never fall for the BNB or centralized shitcoin lies and hype. Eventually you will all realize that Bitcoin is king.

While Ether is still struggling with the gas problem. If the other so-called "Ethereum killers" ended up with the traffic that Ethereum has or even slightly more, you are going to see a spike in fees in their networks as well.

Adbitco

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I smells something different from BNB which will likely affect us as well.
now this is how it goes; When ETH was recently launched the gas fee then was very low even as low as $0.001 or even less @ $50 per ETH and people were using it freely without complain the network seems to be very fast then. Today with the development in ETH and many project has been built under the network and it's price has greatly increased in value causing the ETH gas fee to be higher leaving people to be scared about using the network for transactions.

To solve the problem of high gas fee we now have BNB called Binance Smart Chain as BSC making many project to migrate, built-in their project and taping from it. so to me it will also function as the same were the fee will as well increase after the price appreciates to 1k or 3k per BNB then it will be worrisome to middlemen to transact with the network Undecided

.
My Question is at this point do you still love the network or what else would you do?

Everyone is freely to discuss here and to share your thought about it.

Topic: The BNB gas fee will increase as price keep appreciating (Read 225 times)