Topic: The cost of transferring money on the Ethereum network is too high - page 2. (Read 615 times)
August 28, 2020, 05:37:11 PM
Yes, it's really annoying. It's taking too much trx fees to make a confirmation. better to use ltc or other cryptos which takes low fees. Also, I used low fees though in USD price was more than 1$ it takes more than 24 hours to make the trx confirmation. And I am quitting ETH until the fee cost reduction.
August 28, 2020, 05:53:31 AM
This is actually something im very concerned about since most of my coins use ETH to trade. Not many coins offer to trade on other trading blockchain. I just hope they could find a way around this or atleast the coins would consider using other ways for gas.
August 28, 2020, 02:24:42 AM
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I have sent ethereum 3x with gas 58 gwei, 78 gwei and 86 gwei all transactions pending I was a little frustrating at the time
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I have sent ethereum 3x with gas 58 gwei, 78 gwei and 86 gwei all transactions pending I was a little frustrating at the time
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My advice, before making a transaction on Ethereum Blockchain, firstly you must be checking how many gas for regular transaction at http://ethgasstation.info
Now
Quote
Recommended Gas Prices in Gwei
67 I FAST< 2m
59 I STANDARD< 5m
48 I SAFE LOW< 30m
67 I FAST< 2m
59 I STANDARD< 5m
48 I SAFE LOW< 30m
August 28, 2020, 02:21:59 AM
https://ethgasstation.info/index.php
gas costs are much better now below around 70 is not above 200 like before, you might be able to make transactions now even though it doesn't look cheap yet, I like doing erc20 ethereum token transactions when gas costs are around 2 or 10, I will probably do transactions when the gas is below 10 again like before
gas costs are much better now below around 70 is not above 200 like before, you might be able to make transactions now even though it doesn't look cheap yet, I like doing erc20 ethereum token transactions when gas costs are around 2 or 10, I will probably do transactions when the gas is below 10 again like before
August 28, 2020, 01:41:02 AM
That is what happens when something gets popular, it is not as high as few weeks ago for example, you want to know why? Because ethereum got popular and the transaction costs went up super high and after a while that hype died down and now it is still higher than it used to be but lower than what it was a couple weeks ago. Do not really worry that it happened, be happy that it happens.
Because when that happens it means that there are tons of people exchanging ethereum, there are actually sooooo many people doing that it actually causes the blockchain to be clogged and you need to pay a ton more in order to get your transaction passed. That means there are people who like it and use it, that is what we want right? We want the whole world to use it, so blockchain being clogged is a popularity thing and we should be happy about it.
Because when that happens it means that there are tons of people exchanging ethereum, there are actually sooooo many people doing that it actually causes the blockchain to be clogged and you need to pay a ton more in order to get your transaction passed. That means there are people who like it and use it, that is what we want right? We want the whole world to use it, so blockchain being clogged is a popularity thing and we should be happy about it.
August 28, 2020, 01:06:54 AM
very disappointing now network ethereum really bad gas rises and even make a transaction the longer on Thursday, I have sent ethereum 3x with gas 58 gwei, 78 gwei and 86 gwei all transactions pending I was a little frustrating at the time because I really need the money very eth bad network at this time to create a transaction that is really not so good anymore.
I just sent my Ethereum yesterday and the average fees was 114 gwei for the transaction and that also took more than 2 to 3 minutes to get one confirmation on the network. I believe that this wasn't the case before DeFi trend started on the ethereum network and was way better and cheaper to send the transactions to others in ethereum rather than using bitcoins for sending the payments which were way more costly than the ethereum network and also bitcoin transactions were slower as compared to etherum network. 
August 28, 2020, 12:48:40 AM
very disappointing now network ethereum really bad gas rises and even make a transaction the longer on Thursday, I have sent ethereum 3x with gas 58 gwei, 78 gwei and 86 gwei all transactions pending I was a little frustrating at the time because I really need the money very eth bad network at this time to create a transaction that is really not so good anymore.
August 28, 2020, 12:19:48 AM
yes, Ethereum's network has been having trouble in recent days. My friend spent over 20 $ to bring 0.5 ETH to Binance exchange and it was crazy. Ethereum has had a lot of network problems lately, it seems that is why they have to upgrade it to 2.0. Hopefully in the near future the development team will complete it soon. That will help a lot for users as well as keep those loyal to the Ethereum network.
August 27, 2020, 11:43:06 PM
maybe you can use a token which has a lower transaction fee than ethereum, if you realize transactions using other altcoins have a high speed and very low fees, such as for example payment using EOS, try using EOS which has low fees and stable price movements.
I prefer to use more centralized exchanges and to avoid the cost of transferring money between centralized exchanges I choose low transaction cost cryptocurrencies such as XRP, XLM, EOS, TRX to execute transactions. this translation. The price volatility of these cryptocurrencies is within permissible and I am comfortable using them. August 27, 2020, 06:15:17 PM
i guess with the DEFI hype the ETH Gas cost will further go up as ETH price also climbs up. If you want to move the ETH or swap it do it fast and opting for slow confirmation helps to reduce a bit cost , if you have time.
The high fees are always the issue in eth when price increase the fees does. Op could opt to choose other coins which are lower fees or opt to send with low fees but it takes time to send the transaction. A lot of people complaining about the network fees but that's what we can do during this time. 
August 27, 2020, 03:29:59 PM
i guess with the DEFI hype the ETH Gas cost will further go up as ETH price also climbs up. If you want to move the ETH or swap it do it fast and opting for slow confirmation helps to reduce a bit cost , if you have time.
August 27, 2020, 03:23:50 PM
It's very annoying, I tried to send 3$ worth of token to kucoin this morning and the gas fee won't go down more than 2.6$, it doesn't make any sense to sell low valued tokens right now, other blockchain like Tron or litecoin and ripple are the best alternative
You should calculate all costs and expenses before performing any operations. In recent months, the cost of gas in the Ethereum network is really very high, this was further compounded by the increase in the price of Ethereum, which further increased the cost of commissions in terms of dollars.
If this transaction fee price is high for you, you should wait until it becomes cheaper.
August 27, 2020, 09:40:07 AM
Recently, I've noticed that the ethereum network has an oddly high fee. I was involved in buying some cryptocurrency on Uniswap and it cost $ 2-6 last week and $ 10-20 for trading today for transactions of $ 100 and up. There are some larger transactions and there are much higher transaction costs. In addition to the high cost, I have to wait up to 10 minutes to complete my transaction. If I continue to bear such high costs, I could go bankrupt before paying back my investment on Uniswap.
Brother, please note that transaction fee and time seems to have settled now to pre-congestion time so there is not much issue at the moment but being the most loved and used network ethereum needs to find longterm solutions, I know eth 2.0 is coming up but even before that there should be solutions. August 27, 2020, 09:37:28 AM
This issue always exist, whenever there is a lot of transactions on the ethereum network, it becomes crowded ,slowed and transaction fees rise. There's no good solution right now, i think you have to get used to it, and reducing number of transactions, this is only advice i can give you.
Well, every time the number of transactions increases, ETH fees also increase a lot, now each ETH transaction will cost about $ 1.5 to be able to send smoothly. Before fees went up to over $ 5 earlier because of investors' need to join Defi, and it really confused me. August 27, 2020, 09:33:02 AM
It's very annoying, I tried to send 3$ worth of token to kucoin this morning and the gas fee won't go down more than 2.6$, it doesn't make any sense to sell low valued tokens right now, other blockchain like Tron or litecoin and ripple are the best alternative
That is why you should not buy shitcoins just only because it is available for cheap price.And why $3 to kucoin? What you are going to do with such small amount !!!Few months back people yelled bitcoin because ethereum transactions are faster and cheaper but now they are the one crying, I agree that bitcoin fee also getting increased due to network congestion but with ethereum it just created because of all those shit tokens.
August 27, 2020, 09:12:50 AM
This issue always exist, whenever there is a lot of transactions on the ethereum network, it becomes crowded ,slowed and transaction fees rise. There's no good solution right now, i think you have to get used to it, and reducing number of transactions, this is only advice i can give you.
August 27, 2020, 08:56:25 AM
The cost of gas has always been high lately. Especially for transactions on uniswap, if you only sell tokens with est $ 10. it is better not to do it, there is no gain or even a possible loss. Therefore I always try to do transactions in the morning local time. because the cost of gas is slightly lower.
Uniswap itself was also contributing for the increase of the tx fees on ethereum network. I always using binance coin as an alternative coin to do a transaction to the local or another big exchange sites. it cost only 20 cents for each transaction and it's worth compared with ethereum that i must pay up to $5 to create a transaction.
August 27, 2020, 06:42:00 AM
Had you considered the recent pump of the Ethereum value?
Before we don't feel it and that is because it is just $230 per piece.
$1-2 per transaction is better than using money transfer services which takes like 5-10 percent of the money you will transfer.
Recently I also made a transaction at an average speed. I think it was $4-5 when converted.
But here is the thing if you don't convert it to USD, is it still the same amount of ETH which you will be spending? I do.
If you did, that means nothing changed.
Before we don't feel it and that is because it is just $230 per piece.
$1-2 per transaction is better than using money transfer services which takes like 5-10 percent of the money you will transfer.
Recently I also made a transaction at an average speed. I think it was $4-5 when converted.
But here is the thing if you don't convert it to USD, is it still the same amount of ETH which you will be spending? I do.
If you did, that means nothing changed.
August 27, 2020, 06:15:16 AM
I think that such high commissions in the Ethereum network will continue until the full launch of Ethereum 2.0. Since I think that this will happen faster than the hype around DeFi will subside, which served to increase the volume of transactions, and therefore increase the commission in the network.
Yes, if there is a higher demand for the service of the miners then it will surely affect their commission fee services to which it will went high too. This is the reason for high transaction fee for eth and bitcoin. Others too that are increasing gas fee for the transaction to be prioritize which will then make miners fee services get so high. Anyway, I think it is better to be that way so that others will not tempt to sell their bitcoin and instead will hold it until such we can see other hype for bitcoin to bullish.
August 27, 2020, 06:08:20 AM
Totally agree with you. I recently changed ERC20 tokens to ETH using a decentralized swapping site. It charged mit almost $10 in fee for the contract. This is ridiculous, even for large swapping volumes, and shows how far Ethereum and others are still away from mass suitability.
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