The cost of transferring money on the Ethereum network is too high - page 3.

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Quote from: Skinny48 on August 27, 2020, 04:03:24 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

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.

qomariah95

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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.

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Quote from: Skinny48 on August 27, 2020, 04:03:24 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

bro just use other coin that's also widely accepted in many exchanges but have significantly cheaper transaction fee. no point using ETH if the fee itsels surpass the money you trying to send. this will only happen temporary and eventually the fee goes to normal but when its bullish dont expect cheap fee because everyone is sending crypto.

bobyhodob

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Quote from: Skinny48 on August 27, 2020, 04:03:24 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

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.

Skinny48

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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

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Quote from: chanc3r on August 26, 2020, 07:48:22 PM

Quote from: reza7777 on August 26, 2020, 04:29:23 AM

I'm also having problems with gas right now, some tokens are still stuck in my wallet and I don't know how long it will take, I also move some tokens because I have to sell them on an exchange and change them to other tokens as another option

You should replace it with a new transaction that contains more fees to pay the network. I think that will make your transaction will be placed on the priority block.
You can try this method because I have also tried that to replace my old tx that paid small fees with a new one.

Or he can cancel it anytime simply by sending a 0 ETH transaction to the same address he is sending the token from. He can refer to this instruction if he wanted to replace the transaction fee, but I would suggest to just cancel it for it is much more simple and easier.

Quote from: https://kb.myetherwallet.com/en/transactions/checking-or-replacing-a-tx-after-sending/

Canceling a Transaction
Canceling means generating a 0 ETH transaction to your own address with the purpose of preventing a previous transaction from “going through” / “being mined” / “being included in the blockchain” / “being stuck”.

chanc3r

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Quote from: reza7777 on August 26, 2020, 04:29:23 AM

I'm also having problems with gas right now, some tokens are still stuck in my wallet and I don't know how long it will take, I also move some tokens because I have to sell them on an exchange and change them to other tokens as another option

You should replace it with a new transaction that contains more fees to pay the network. I think that will make your transaction will be placed on the priority block.
You can try this method because I have also tried that to replace my old tx that paid small fees with a new one.

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Quote from: batang_bitcoin on August 25, 2020, 06:07:08 AM

Everyone has noticed the increase in the fee for Ethereum and it's very annoying for those who are transferring smaller amounts. It is annoying because the fee is more than what you're trying to send.
And if you don't pay the right and recommended fee or you adjusted it based on what you think is justifiable, you can get stuck with your transaction with a day or two. If you can't take the cost of the fee, change into other altcoins that have lower fees but if it's no avail and your transfer should be ETH, you have no choice but to adjust it.

It is much more annoying to those who actually does not trade ETH but trading the ERC20 token because it is way more expensive to move this token around. Currently, the normal ETH gas fee is around 0.001 to 0.002 ETH while when one is moving an ERC20 token inside, it costs for around 4x the gas. It requires me to pay 0.008 ETH to move an ERC20 token worth around $6 so I just canceled the transfer. And imagine if more and more people use ETH let us say it was mass adopted, the network will be greatly congested and if the fee system stays the same, we might end up paying $100 for a $1 transaction.

shollyen

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Quote from: Genemind on August 26, 2020, 03:58:24 AM

That's why as much as possible I avoid moving my coins from one place to another. Sometimes the transaction fees are hilarious and bot worth it if you are only sending a small volume of coins. If you are trading there are altcoins which can provide you faster and cheaper transaction fees.

Yes. If I want to transfer from one exchange to the other, most especially during arbitrage, I try as much as possible not to use Ethereum, because exchanges have also increased the transaction fee, due to Ethereum high cost of transaction, which is why I do not blame them. Some i go for coins that are highly scalable and with low cost of transaction.

Sirait

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Quote from: bitcoinst on August 26, 2020, 06:44:51 PM

As you already understood, everyone faced similar problems. Personally, I was very surprised when I saw gas prices in excess of 150.
By the way, transactions even with high gas freeze, apparently due to changes in the load in the subsequent blocks. It looks like the miners are back in their golden age.

https://etherscan.io/gastracker Currently I am always monitoring here because there are still my transactions that haven't been processed for 3 days.

You're right, lucky for the surviving miners, their heyday is back again.

bitcoinst

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As you already understood, everyone faced similar problems. Personally, I was very surprised when I saw gas prices in excess of 150.
By the way, transactions even with high gas freeze, apparently due to changes in the load in the subsequent blocks. It looks like the miners are back in their golden age.

Gozie51

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Quote from: Ceyflix-Rez on August 26, 2020, 04:02:13 AM

Lesser people will continue to use ethereum but majority will opt for other altcoins because of this ridiculous high gas fee, I hope this will be fixed with the next 2.0 ETH upgrade, it's really hard to trade with ethereum on exchanges now, to withdraw I always have to use other options like Litecoin or dogecoin

I think those coins too are good option and I won't be surprise if they start making an increase. However, the etheruem gas fee will also come back to normal maybe as the upgrade is on.

triangles

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Quote from: JungleOnion on August 26, 2020, 03:05:47 PM

Yeah the transactions are insane I don't even know how are million of dollars being traded on uniswap. This is crazy. I would rather use EOS.

I actually want to use EOS, but if I use it, I may no longer be able to get profit from trading ethereum tokens on cex market, and also at this time if you think that the project on Uniswap that you want to trade doesn't feel like you have a profit cancel the transaction and never send gas.

Chukwunonso

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There's no doubt that it takes a fortune to effect a transaction these days using the ethereum blockchain. I personally find it very difficult to send transactions when the gas fee is high, I'll rather wait for the value to drop, its a bit good, that we can see the prevailing gas fee and work accordingly to avoid failed transactions.

JungleOnion

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Yeah the transactions are insane I don't even know how are million of dollars being traded on uniswap. This is crazy. I would rather use EOS.

nutriagrigia

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Quote from: reza7777 on August 26, 2020, 04:29:23 AM

I'm also having problems with gas right now, some tokens are still stuck in my wallet and I don't know how long it will take, I also move some tokens because I have to sell them on an exchange and change them to other tokens as another option

this is the biggest problem with the ETH network. If people want to send small amounts of money, they cannot do this due to the fact that the commission is higher than the amount they want to send

batang_bitcoin

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Quote from: ilovealtcoins on August 25, 2020, 06:33:36 AM

Quote from: batang_bitcoin on August 25, 2020, 06:07:08 AM

Everyone has noticed the increase in the fee for Ethereum and it's very annoying for those who are transferring smaller amounts. It is annoying because the fee is more than what you're trying to send.
And if you don't pay the right and recommended fee or you adjusted it based on what you think is justifiable, you can get stuck with your transaction with a day or two. If you can't take the cost of the fee, change into other altcoins that have lower fees but if it's no avail and your transfer should be ETH, you have no choice but to adjust it.

Sure. The reduced costs mean my transaction in the queue will be placed in a lower priority and need to wait for miners to verify for hours. I would see ethereum as an asset class like Bitcoin.

Yes, it's becoming like that. And it will become more valuable once the POS has been implemented. As of the moment, the complains about its fees are becoming on the trend because it's really high and we can't just ignore it. But once it settles and the updates started to roll, everyone will start to notice the increase on its value and people will look at it differently because it's no longer the old ETH that we used to know. And hopefully by that time fees will be cheaper.

budi691

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for now it would be nice if I wait not to trade, and choose another option when trading, and which increased a few weeks ago is now back down and can trade even though it is still very high when selling a coin that was worth only $ 30,
I hope it will return to normal and be able to make transactions with less high fees.

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Quote from: ?? on ??

Quote from: iamaruf on August 26, 2020, 07:31:26 AM

Ethereum Network fee is lower than the previous week. I used more than 300 Gwei for fast Trx information. that was over 4$. But Now the fee is low, According to ethgasstation for fast TRX you need 78 Gwei. But if you compare with the previous TRX cost then the fee is high.

if network traffic full again , it will back to high again. i am often to see ethereum network fee suddenly rise again, but its okay now gas fee could back to normal again and no need long time to confirm. core developer must concern about this transaction fee or ethereum will replace by another platform.

yes and its awful when we have urgent need to send money to another address while traffic stuck and the price is monstrous i think eth really need to implement ethereum own version of lightning network to ease the burden in the system. eth is already used widely by many merchants i think it's really needed.

iamaruf

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Ethereum Network fee is lower than the previous week. I used more than 300 Gwei for fast Trx information. that was over 4$. But Now the fee is low, According to ethgasstation for fast TRX you need 78 Gwei. But if you compare with the previous TRX cost then the fee is high.

Topic: The cost of transferring money on the Ethereum network is too high - page 3. (Read 615 times)