WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH? - page 2.

Pejoh Asu

sr. member

Activity: 1484

Merit: 254

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

ETH transaction fees are very expensive because they reason that miners need very large fees, besides that the number of ETH transactions is very large, although transaction fees are very expensive but the thing that I don't like is the very bad speed.

JeffBrad12

hero member

Activity: 2954

Merit: 533

Leading Crypto Sports Betting & Casino Platform

Quote from: ?? on ??

The high cost of ethereum gas there are several factors causing it, especially the increase in bitcoin and followed by the rise of ethereum which is very influential in ethereum chain transactions,

Wrong, that depends on the block. As you can see that bitcoin has segwit and it's making the bitcoin transaction consumes less than $1 for a single transaction and that's different with ethereum that is still cost you more than $40 for a single transaction. that proves that if the price didn't become the main aspect that was affecting the transaction fees as long as it has a fast and big block that can perform high TPS and it will be fine. The only problem is ethereum developers only think about their pocket.
Just look at the failed implementation of EIP and you can compare it with how long was needed by bitcoin to fix its problem. that's clear that ethereum core developers didn't even make a solution for the problem that faced by their network.

Quote from: ?? on ??

this year in selling any coin we have to use another network if there is an option for lower costs, in 2017 I used ethereum network in coin transactions now I switch to bsc and matic.

Switching to another chain was the best idea at this moment. Complaining about the high fees in ethereum blockchain will never change the average fees on ethereum blockchain. TBH ethereum core developers are so garbage by giving a useless updates.

Jawhead999

legendary

Activity: 1820

Merit: 1207

Quote from: ?? on ??

The high cost of ethereum gas there are several factors causing it, especially the increase in bitcoin and followed by the rise of ethereum which is very influential in ethereum chain transactions, this year in selling any coin we have to use another network if there is an option for lower costs, in 2017 I used ethereum network in coin transactions now I switch to bsc and matic.

There's no relation between Bitcoin price increase with Ethereum gas fee! You're talking about 2 different thing here, just like does shitcoin can survive for long time? Yes since Bitcoin is already 13 years old Grin

while the truth shitcoin will become a deadcoin soon.

Selling with another chain actually that's no longer a real coin, since it's a wrapped or a another version from the another chain itself. Don't forget a coin on x chain, y chain, or z chain have different address, so you should be careful with that.

Kyraishi

hero member

Activity: 952

Merit: 513

There is always a trade-off between decentralization and speed/transaction costs.

ETH is obviously the most decentralized altcoin out there and as a result, the amount of transactions and dApps running on the network has congested it quite substantially.

Doesn't help when there are NFT transactions left right and centre every 2 seconds either.

StarKay

member

Activity: 756

Merit: 16

We All Can Make It

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

Ethereum developers probably did not expect ETH to be as successful as it is today otherwise they would have made it easy to solve the txs fees problem. Increase I number of txs and increase in price of ETH resulted in the high txs fees that is being experienced today. Let's see if it can be resolved in the upcoming year.

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

Is this normal or was the platform dubious?

I don't know the amount the platform charged you for service fees so I can not really tell if it is dubious or not since there is no basis for comparison.

TastyChillySauce00

legendary

Activity: 3010

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

ETH fee is high because ETH itself is quite expensive these days. Back then 0.001 ETH is nothing and to pay fee at that price is really normal however right now each ETH is already more than $4000
If you don’t really like how the fee is really high you should simply just use BSC or MATIC because these two are created to solve the problem about high fee that ETH has and MATIC itself is like second layer for ETH.
Other than that, there’s an advice to wait for the fee to go down it could happen at any moment and the fee itself is also rather fluctuative however thats not suitable for traders, etc who need to make decision fast to get profit from margin as an example.
Also, don’t expect the fee to go down anytime soon because it won’t. It will get worse when ETH is having another bullrun.

Teraboy

hero member

Activity: 2282

Merit: 505

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

It caused by the ethereum block can't handle so many transactions and that was forcing people to add more ethereum to pay the block. You must learn about the mechanism of ethereum gas fees which was determined by the average gas that from all of transactions. Once people are massively putting more transaction fees and this will give the result increasing the demand of the transaction.

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.

wait untilt the gas price to decrease. No eta but you have no way other than this or you will never able to send money from your wallet to the exchange site to withdraw your money. This is the disadvantage when you're using ethereum blockchain. Keep in your mind to use another blockchain in the future.

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

Is this normal or was the platform dubious?

It's normal and you can even check it on etherscan or ethplorer

whiteblue

sr. member

Activity: 1246

Merit: 250

Quote from: PhucS on December 19, 2021, 11:57:48 AM

Many people have switched to using other networks, especially BSC because the transaction costs are quite cheap and the speed is fast. As you said, transactions on Ethereum are really crazy, every time we make a transaction, we need to spend a huge amount of gas fees, especially when swapping on Uniswap. I am also looking forward to the upcoming ETH 2.0 upgrades that can solve this problem

There will be no solution to the problem of fees through ETH 2.0 because it is not impossible for the developers to create on Ethereum, but maybe they don't want to make it for now because basically when Ethereum is getting more expensive, then the impact on the amount of transaction fees that must be paid issued it will be bigger

fullhdpixel

hero member

Activity: 2828

Merit: 611

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

I have to say this is becoming old news at this point and ETH is still the second biggest coin by rank and it still has billions of dollars worth of moves going around each day. Which is a proof that it is not actually "high", I mean sure it is high compared to many other things, bank transfers, other coins, payment processors like paypal, compared to all of them ETH is super high. However, we have to realize is that demand is the reason why it is high, which means that there is enough demand to keep it this way.

If people didn't really like it, well nobody really likes it but at least accepted it, then we would not be able to keep the gas fee this high, people would left or stopped because it is high. Since the price is not going down and the gas fee is not going down neither, it means that people have accepted the fact that what ETH provides worth paying this much gas fee.

PhucS

sr. member

Activity: 742

Merit: 250

Quote from: RiskySanchez on December 19, 2021, 10:55:40 AM

There have been many threads discussing this problem and the best solution to solve gas fee is to use other networks besides ETH such as BSC, POLYGON and SOL. In my opinion, transactions on etherum have gonna be crazy now. I failed 3 times using fast transactions but still failed to spend 150$, what we to do just need to wait for update ETH 2.0 to solve gas fee of network etherum

Many people have switched to using other networks, especially BSC because the transaction costs are quite cheap and the speed is fast. As you said, transactions on Ethereum are really crazy, every time we make a transaction, we need to spend a huge amount of gas fees, especially when swapping on Uniswap. I am also looking forward to the upcoming ETH 2.0 upgrades that can solve this problem

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

Maybe we should ask VB, the fees are highly rediculious and absolutely unreasonable, we've complained and complained and complained, but seems nothing is been done about it, people said ETH 2.0 was gonna put an end to the high fees but till date, nothing reasonable is been said about its release.

I personally have alot of erc20 tokens which are worth a few hundreds of dollars which I've been holding for a long time, I should have sold them earlier this year, but the fees to sell each of them on uniswap are way higher than the worth of the tokens respectively.

Am just hoping that Ethereum one day takes back its glory of being one of the best blockchains with the lowest fees.

mindrust

legendary

Activity: 3276

Merit: 2442

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

Ethereum is like Monaco.

Everybody wants to live in there but there simply isn't space so living in Monaco is ridiculously expensive. Everybody wants to use Eth. But there isn't room on the blocks to counter that demand. Because of that, Eth is as expensive as living in Monaco.

If you want to use Eth, you should be able to afford the price.

poodle63

hero member

Activity: 2702

Merit: 510

Leading Crypto Sports Betting & Casino Platform

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

Horrible blockchain with low blocksize to meet high demand combined with impatience users. That makes the fas fees was so high but i can't deny that the last update is the thing that makes ethereum has ridiculous fees compared with another blockchain. You can wait 1 or 2 years to see what things that will come soon to the ethereum.
I guess that the fees will stay at this rate in the future as problem is not yet solving by the EIP that gets implemented.

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

It's normal and that's ethereum. Just let your money stay in your wallet. The only chance waiting for the gas price to go down. You have no choice other than sending your money when the gas price gets down a lot. This may come anytime but no ETA.

Leonardo7

member

Activity: 686

Merit: 15

In 2017 and 2018 and partly 2019, ethereum fees was relatively cheap, but immediately the rush for Defi started, the ethereum network couldn't handle the volume of it users because it can only process 15/TPS. It could have even been worst than we are seeing if not for offchain transactions and other blockchains handling defis, NFT, gaming and the newest the Metaverse. In the future Eth should be able to migrate from POW to POS, then we should start enjoying low fee again.

Uang_kartal

full member

Activity: 378

Merit: 167

betfury

ethereum gas has always been slightly superior to the other chains. Try putting a link for me to check the project you mean first.

try to do a morning swap/between air traffic not too long in the queue.
at least if you manage to issue just a few eth for this. I hope your withdrawal is successful
how long have you kept the project to withdraw?

RiskySanchez

full member

Activity: 588

Merit: 100

There have been many threads discussing this problem and the best solution to solve gas fee is to use other networks besides ETH such as BSC, POLYGON and SOL. In my opinion, transactions on etherum have gonna be crazy now. I failed 3 times using fast transactions but still failed to spend 150$, what we to do just need to wait for update ETH 2.0 to solve gas fee of network etherum

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

For the past several month, high fees are a normal in the ETH platform. There was a time when Vitalik Buterin used to mock the transaction fees of BTCitcoin when the transaction fees crossed $10 and how it wont scale and his magic net will change everything and now anyone who invested in the ETH network are stuck because they do not want to spent $100 of dollars to make a transaction and multiple hundreds for minting using the ETH network, how ridiculous things can be in a short period of time Cheesy

.

Teknisi88

full member

Activity: 1050

Merit: 104

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

Simply put, gas fees are fees you have to pay if you want to make transactions on the Ethereum network. More precisely, it is a fee paid to miners as compensation for completing transactions on the Ethereum network. The more calculations (calculations) are required to complete the transaction, the more gas is required to complete the transaction.

ansarose1

member

Activity: 784

Merit: 10

That's how network is all about, from a very low value network it only requires a low gas fee transactions as it's value is only low yet, but when time comes it becomes valuable in the market for it's supply and demand and it's price continuously getting very high, then expect for it to have as well a very high gas fee for it's transactions. Even the Binance Smart Chain when it gets valuable in crypto market, it also require the high gas fee in the future for sure.

Fundamentals Of

sr. member

Activity: 2380

Merit: 366

Quote from: TravelMug on December 17, 2021, 09:45:07 PM

Quote from: Fundamentals Of on December 17, 2021, 09:25:24 PM

This is happening. And this this getting normal by the day. The Ethereum network is so clogged. Just like you and the rest of us in the crypto community who had to transact with ETH and other tokens built on Ethereum, I don't like what is happening. But this is what looks like if a blockchain such as Ethereum's is so full of projects. This is success in a way for the project but this is a failure to many of us who suffered the consequences of a network with so heavy a traffic. We all know that the fads and craze of crypto are mostly built on Ethereum. But this is hopefully being addressed.

It's not just being clogged, I think the gas fees is somewhat control by the validators now. And this is one drawback for the design of new ETH as it gives them more power and now its investors are suffering and they are the one making huge profits in my opinion.

Although there will be a next phase release, not sure if it will really solved the gas fees issues or not. So we will have to wait for the next iteration.

No, I don't think the gas fee of Ethereum is determined by the validators. I think the reason really is the number of transactions that have to be validated. If the queue is long enough, meaning the demand for validation is high, it is expected that the competition among the transactions is also high. If that happens, prioritization becomes a thing. And we all know that prioritization means the higher the fee one pays, the earlier his transaction will be validated. That is the same with the Bitcoin network.

Topic: WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH? - page 2. (Read 406 times)