The cost of transferring money on the Ethereum network is too high - page 4.

leea-1334

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Stop using Ethereum then;) If the demand goes away, then the fees go down. Everybody is jumping on board the Defi hype like they were jumping on the ICO hype and gambling Dapps hype earlier. Same story, different chapter.

Quote from: Warkop on August 25, 2020, 07:34:47 AM

In my opinion, problems like this will not be resolved if those who transact very often and continuously do it so that the transaction process is faster, therefore they deliberately add gas so that transactions are not hampered and can be processed quickly. So for that the real problem is that many people deliberately transact continuously so that transactions become more pile up and fuel costs continue to increase.

Dude,,, I have no idea what you are talking about and you just sound like you are adding a lot of words that mean nothing. Can you not just add nonsense?

reza7777

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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

bgaf

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Quote from: JCviggen on August 25, 2020, 07:37:00 AM

This is a Uniswap problem. If you use this platform, then you will have a very high commission. I do not know why the commission is so high, but on other platforms, they are lower

The only expensive there is the fee when you will convert some tokens. But if you are gonna transferred from wallet to wallet its fine and gotta say considerable since the network has been used too much.

Uniswap activity is the problem most of the users have been using it and I must say that the one benefited well here are the liquidity providers.

Ceyflix-Rez

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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

Genemind

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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.

yazher

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Quote from: ilovealtcoins on August 25, 2020, 04:15:41 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.

This is normal on the Ethereum network, guess they need to update this nonsense payment if they want investors to stick on their company or else they gonna driven them out with these high payment transaction fees. I mean who's gonna use your network when you have some nice options to choose to? we have a variety of solid top coins that can be used for an alternative on ETH. I guess they didn't count it and it will make their sales in vain. The price will never reach at $500, let alone recording a new all time high this year if they don't fix it.

PerfectCircle

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I'm stuck with few tokens in my wallet that have present price from 6$ to 20$ because I can't send them to exchange for trading because of high gas fee, I don't see how this will end soon and if Ethereum keeps growing the gas fee will keep going up too, I hope Buterin find a solution to this problem soon

piebeyb

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Quote from: ilovealtcoins on August 25, 2020, 04:15:41 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.

You may see by now that ETH is currently for the rich and not for the lower middle class, where all transaction fees are thrown away for miners, they burn their money to the miners too for quick confirmation, so they use high fees, I speculate that fees high transactions such as miners' interference also to seek more profit, but again, I don't even do transactions anymore, not only uniswap, other DEX exchanges that use smart contracts certainly use high fees, so stop making transactions for now

Coin_trader

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Quote from: ilovealtcoins on August 25, 2020, 06:04:21 PM

Thanks for the article, they are complete and easy to understand. By the way, I want to know do you use forkdelta for trading or not? I have left some money on this exchange and I want to withdraw them to my wallet after being forgotten for a while. I see several affiliate transactions between forkdelta and 1inch.

I used it before but it was a very long time ago. Forkdelta is very slow and laggy. The only thing you need to do is to transfer back your token from Forkdelta to your ETH wallet address then used Metamask as your main wallet so that you can connect on any DEX without any hassle. Forkdelta needs you to transfer your balance to there internal wallet address while the DeFi exchange doesn't require you that shit procedure. There is only few liquidity on FD right now, you should move out your asset to that site, Maybe they will be shut down soon. GL brother!

Debonaire217

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Quote from: Psynthax on August 25, 2020, 09:59:28 PM

the cause of gas increase is simply the network being too overcrowded and peolpe are racing to get their transaction confirmed first by increasing the gas. whether the traffic comes from defi or another source it doesn't matter the most important think is that ethereum need to implement some new things to prevent gas increase when the network become overcrowded because tbh if they dont, Im not gonna expect it to grow larger and have bigger userbase.

The same with Bitcoin, most of the people wants faster confirmation because they might be reaching out to buy a huge amount so they don't care about its fee, their goal in mind is to get the specific token since they believe it could be profitable very soon. The result, the small buyers or investors get eaten by the transaction fees.

What I can suggest is if we aren't rushing to buy the token, we can lower the gas fee, it could still be confirmed but will take a significantly higher time.

Psynthax

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Quote from: ilovealtcoins on August 25, 2020, 04:15:41 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.

Gas has dropped a lot since last week, last weekend I moved $ 150 and had to pay more than $ 8 for gas fees. That's really a huge fee for using ETH. Luckily the gas has dropped and now we can comfortably move tokens or ETH. Btw I think the gas increased because investors need to use ETH and they need to participate in Defi projects.

the cause of gas increase is simply the network being too overcrowded and peolpe are racing to get their transaction confirmed first by increasing the gas. whether the traffic comes from defi or another source it doesn't matter the most important think is that ethereum need to implement some new things to prevent gas increase when the network become overcrowded because tbh if they dont, Im not gonna expect it to grow larger and have bigger userbase.

meanwords

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That's the reason why I use centralized exchange to buy DeFi projects because of this absurdly high fee. With the ongoing run of Ethereum and Bitcoin, I doubt that the price would subside to a tolerable level, though the gas price has gone down as of now. We might have to feel this for another month or so. If you can't handle the fees in trading, better hold on another project.

jambul_kribo

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Quote from: aprilnot on August 25, 2020, 08:13:50 PM

The ethereum network is currently in trouble. who knows how long this continues, this is very detrimental. imagine just to send tokens / ethereum we have to pay above 2-3$. This is far from claiming that Ethereum is a cheap platform. this could let ethereum users go and use another platform.

its always trouble when ethereum network traffic full. its be main problem for ethereum network now and core developers must solved this problem in their new version. meanwhile in other platform only low fee required, and now many project migrating to other platform that have better network scalability.

aprilnot

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The ethereum network is currently in trouble. who knows how long this continues, this is very detrimental. imagine just to send tokens / ethereum we have to pay above 2-3$. This is far from claiming that Ethereum is a cheap platform. this could let ethereum users go and use another platform.

kawetsriyanto

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I also experienced it and it is very annoying. I am a bit surprised why the cost can increase very significantly. I think there should be a limitation for the maximum price for transaction fees on the Ethereum networks. If it is possible, it should be very helpful for Ethereum holders. You know, because of the increase in transaction fees of Ethereum, I delay sending my Ethereum to exchange wallets for some days.

ilovealtcoins

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Quote from: lobo13hf on August 25, 2020, 05:31:10 AM

The problem is uniswap was also contributing the increase for the ethereum gas fees too. https://ethgasstation.info/

Look at the leader board

Due to popularity of DeFi Projects in the last few months, the transactions of DeFi trading brings too much traffic in ethereum platform that produces too high in transaction fees. We see how DeFi projects became too hype and adds into some transactions that are usually use even before in ethereum projects. All we can do is to try other platforms if we have a choice if we are only about to transfer smaller amount to not feel the hassle of too high gas fees.

Part of the DEFI projects raise prices, but there is another factor that tokens on the ethereum network are being created out of control. I recently came across the new tokens on uniswap and noticed a lot of junk on this exchange. Those are scam projects. I think listing a token on Uniswap is too easy.

Quote from: Coin_trader on August 25, 2020, 05:40:22 AM

Better to leave uniswap and try 1inch exchange. You can use $CHI token to reduce transaction and they offer the best price offer in all DEX exchange including the transaction fee. They have also an accurate virtual price so that you can minimize price slippage in your trade. Never do swing trade especially if the profit percentage of your is too small enough to cover all the fees.

You can refer on my thread about DEX review here: https://bitcointalksearch.org/topic/m.55058783

There is an upcoming DEX that will kill all this current problem of DEX. You can check project serum here: https://projectserum.com/. There DEX will be launch this week.

Thanks for the article, they are complete and easy to understand. By the way, I want to know do you use forkdelta for trading or not? I have left some money on this exchange and I want to withdraw them to my wallet after being forgotten for a while. I see several affiliate transactions between forkdelta and 1inch.

pikkie

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When Ethereum shipping costs are very large it is due to the very high ethereum prices and the dense Ethereum transactions that make shipping costs soar, one other way is to use other altcoins that may provide cheaper and faster shipping costs.

Bossfidelity

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There's no doubt that the ethereum blockchain has been highly congested which has translated into increasing gas fee. In fact the ethereum gas fee hits an ATH of over 300 Gwei. It beats my imagination how the miners expects users to pay such fees especially when the value for the transactions Could be far lesser. I really do wish that something is done about this anomaly.

Kupid002

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Quote from: Kotone on August 25, 2020, 08:00:47 AM

Quote from: hrunya102 on August 25, 2020, 06:50:35 AM

To be fair, prices have dropped significantly in the last week, and transactions are usually executed very quickly if you are willing to pay.

Even so, the payment for gas fee is too much. I will never trade for a while if the gas fee ia like this. Imagine the burden to traders everytime you used uniswap with a bery huge fee. Sometime I need to pay 8$ to 15$ just to sync in my transaction and thats something is not funny. I do hope ethereum should fixed this and make it normal used again.

No idea why its happen this only started when we enter bull market And that fees is too high for me just to paid it for one transaction.whether I like or not I will not transfer any ETH or token right now because of the high fee asked for every transaction and its really hurts my balance with that high fees.

tvplus006

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Quote from: lobo13hf on August 25, 2020, 05:31:10 AM

I have faced the same problem like you too and im leaving the uniswap platform caused by i need to get an alternative place to trade that will not make me bankrupt just to pay the transaction fees.
...

This Uniswap itself sets such a high Commission and I do not understand why it is so high. Today on Binance, the transaction fee has increased slightly and now it is 0.005 ETH, but a week ago it was 0.004 ETH. But this Commission is not comparable to that charged by Uniswap. Uniswap wants to lose its customers?

Topic: The cost of transferring money on the Ethereum network is too high - page 4. (Read 648 times)